This is what you call great analysis, page-57

Rarely post but active forum reader. As background, I am a retired big 4 audit and corporate governance partner and have a significant holding in big. Have ridden out some poor corporate governance investments in the past (most recently bellamys) and came out financially lighter but wiser.
I want big to succeed but i find it difficult to conclude anything other than that the financial treatment and explanations are so convoluted that i dont think the truth or reality of the situation can be known based on current public information. Management have definitely been sneaky/tricky/insert many descriptions. Will they survive? Who knows as it could be a house of cards or just a shite financing deal for shareholders. What will i do? Not sure but if it suffers a big drop will probably park it and see what happens. If it rises or stabilises at some stage will likely lighten the load. Either way i will sleep well knowing that despite the forum comments, from the publicly available info esp cash generation this thing looked legitimate at the time my purchase decisions were made.