News: SGH Watchstone Group says received correspondence from firm of solicitors for SGH, page-103

An interesting article on Australian today. I have put the link to the full article below, but have highlighted a few points for a quick glance below.  These Australian banks are very shortsighted. I wonder why they did not just extend the loan or give a fraction of discount that they gave to hedge funds. Definitely, they are not keen on developing Australian business. It is pathetic to see these hedge funds has bought above $700 million for mere $220 million and going to make a killing in a very short time.

"Hedge fund investors who paid cents in the dollar to take effective control of law firm Slater & Gordon stand to reap huge rewards if the company prevails in a British legal action over a catastrophic corporate acquisition."

"It is also possible the claim may later be extended to take in executives at Quindell responsible for the deal, potentially cracking open troves of cash in their professional indemnity insurance."

http://www.theaustralian.com.au/bus...l/news-story/fd40d778ba62ff4b1220e07cc765fdd7