The market (particularly the big fall in BECG) is obviously...

The market (particularly the big fall in BECG) is obviously expecting bad news.

This must relate to concerns about further substantial 'impairments', and breaching of covenants that will mean that BEC will be at the mercy of its bankers.

Yet, I haven't been able to figure out exactly how this is going to come about, at least on the information publicly available.

I'm becoming less confident that we know the full story.

Any ideas?