The media is useful when it reports facts. Citi/Macq selling debt is pretty much confirmed - so this is good info. However Macq sold to Deutche bank. Similar sort of institutions.. did Macq rip Deutche off? did Deutche get a steal from Macq?
The speculation relating to the Mcgrath report is dubious at best. The AFR article posts two quotes from the entire report:
"Insolvency firm McGrathNicol has released its report on the financial state of troubled law firm Slater & Gordon concluding that a restructure maybe required subject to further forecasts about its financial performance"
"The report says that the fundamental business is in fair shape but the capital structure needs to be reset, according to sources."
So, according to the AFR, a restructure MAYbe required, and the fundamental business is in fair shape.
That is a million miles away from saying, a debt for equity swap is immediately required and the underlying business is cactus.
I enjoy factual information from the media, but pure speculation confuses the masses and panics the everyday man. Not to mention every photo they post of AG is one where he looks like hes in pain (so to further portray doom & gloom)
SGH Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
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