To me the claims of financial dodgyness aren't very believable....

To me the claims of financial dodgyness aren't very believable. The auditors have more incentive to get that right than JCAP and better access to real details.

JCAP repeat some claims from the first report which I think wisetech answered well in their response the first time (for example the holdings of directors (RW), and how he has sold lots of stock).

JCAP do make some new claims about what is happening in the companies wisetech has purchased, and that is a worry. However I'm having trouble separating the BS coming from ex-employees (every company has some people who leave with their nose out of joint), and the claims that should be verifiable about competitors and a lack of success in purchased companies (the worries).

JCAPs claims about customers are on the face of it also a worry. However I remember 20 years ago there were people complaining about using using excel at work. However today everyone still uses excel at work. I see cargowise as more sticky than excel - even if you don't like everything about it doing without it is much harder (except for top level managers who may not know the details of how the product us used every day - and who did JCAP interview? Top level managers).

JCAPs strongest point I thought was by looking at wisetech's customer base and seeing what software they want new recruits to know how to use. If wisetech's customers aren't looking for people who know how to use wisetech then it suggests they may have small numbers of licences. Growth potential sure, but that's not the impression I got from wisetech previously.

If this was an independent report from someone without financial incentives to make the worst of everything I'd find it more believable. However because they fill their report with fluff and have definite financial incentives I'm not going to sell because of it.

IMO the less said about the "not for distribution in Australia" loophole the better. Its clearly not what the law intended, and if its how the law is enforced then it should be changed.