MN discn PPR and is SGH undervalued ?, page-53

Maybe it's just me but the last time I looked Slaters still had over $300 million in net assets. That was in the company's balance sheet as at 30 June 2016. And signed off by the Board and auditors in the Annual Report dated August 29, 2016. At the AGM held in November in Melbourne the financial statements were presented for approval. They were approved. What's changed since June 30, August 29 and November 4? Should still be circa $300 million in net assets after all of the debts are paid off. So, WTF is the issue? Why all the talk of going broke? This company has only a market value of about $100 million currently. A third of its book value net assets? How the hell do you explain this?