I've never understood the worry about consolidation. There is no...

I've never understood the worry about consolidation. There is no difference between, for example, 10 fifty dollar notes versus 500 one dollar notes. I know you understand Tulip, so that isn't directed at you. The only sensible business reason for consolidation is if the SP gets so low that a single pip movement results in a large % change in SP. At that point, liquidity will fall, and with it the ability to perform a CR - especially if the only option is to raise funds at a big discount from traders. So if a company has consolidated so it can do a CR, and the business continues performing poorly, then the SP will follow. But blaming the consolidation for causing the SP tanking is like a rooster blaming its owner because a hawk swooped when the owner entered the hen house.