Fair points, but it would be useful if you provided some...

Fair points, but it would be useful if you provided some numbers. What is the current EBIT and will it cover the debt payments? What is the maturity profile on the debt and what rates will it likely be refinanced at? When is the likely completion date of QWF and how will this project coming onboard change the EBIT?

SGR is eminently investment status, there are very few ASX listed companies that have such unique properties and licenses. Though your points around debt servicing, project delays and possible license losses or changes are good points. In my opinion, this is where you should be focussing for the bear case, instead of ranting about management which have just started in the job.