Who's to say Anchorage can''t be dumped by SGH with some other...

Who's to say Anchorage can''t be dumped by SGH with some other "vulture" fund offering better terms than Anchorage offer.

Anchorage own the debt. The debt that is currently hanging well and truly over SGH in it's present form. If there really is so much upside in SGH then Anchorage aren't going to let it get away from them. SGH could work with another vulture fund but I would guess that the new fund would need to pay Anchorage least face value on the debt in order for Anchorage to sell it. This would be a great outcome for Anchorage, buying at 25c and selling at $1 but very unlikely.

Despite what many LT bulls are saying, SGH have very limited power right now. Even if they had the best prospects ahead of them, they are bound by debt that is owed now. There is no escaping this.

Think about it from a personal point of view. You just took out a monster loan to buy a terrible property. After you purchased it, you realise that despite your best intentions you are sitting on a worthless block of land. But this is you we are talking about. We all know you are good for the money, you just need some time.

How much bargaining power do you think you have at the negotiation table?

What has happened is due to the excessive leverage, any upside, especially since the debt was purchased by Anchorage will accrue disproportionately to debt holders first and then later, once debt is reduced and serviceable to equity holders.