The hedges argument completely confirmed to me that Bonitas know...

The hedges argument completely confirmed to me that Bonitas know they messed up and are grasping at straws! It was the most laughable thing I've read in a report.

You should check out the background of the people. Glaucus Research was founded by Soren Aandahl and Matthew Wiechert. They were featured in the documentary "The China Hustle". Soren has gone out on his own to set up Blue Orca and Matthew has set up Bonitas.

Its pretty obvious that the success of Glaucus was Soren. He was the brains behind the operation. Matthew's background is broking (i.e. sales). He even looks like a hippy in the documentary. He sold shitty chinese stocks to his clients. He decided to team up with Soren after finding out about the frauds and made a killing shorting them. But its pretty obvious to me that Matthew doesn't have a good foundation in finance and he made a big error in the leases as it is quite complex and many financial analysts don't have a firm grasp on operating vs capitalisation of leases.