Ann: SP1 delisted from ASX, page-252

You're conflating the companies. ISXFEU is separate to SP1. SP1 has the court case (mostly, it isn't that black and white).

SP1 has no prospects of making $100m ever.

Even then, your "3D" model is lacking a lot of things. Like a discount rate for risk. Things might go amazingly. But you don't do a valuation based on "best case scenario". You've just projected that we'll buy a business for a quarter of its value and grow it faster than our historical stuff. Let's not forget that our growth went up, then down, then we changed some stuff and it went up again. We aren't growing at 10x per year.

Even then, the court case was almost done. If you wanted to kill it to focus on the business, the time for that was years ago. Or immediately after the demerger. Not now. Literally, we'd gone through all the statements of claim. Once we put up the cash, the next task was to set a court date, just like ASIC's case. It would've been a few months away.

What they've done is started a marathon, got to the 37km mark, according to the company be winning the race, gold medal position, and said "nah, I don't need to finish this. I want to focus on other things" rather than run the last 5km.

You can say "what about appeals and all that", but really, appeals aren't automatic, and while that could've dragged on, you'd be silly not to do the last few months, see the verdict, and then the ball's in ASX's court. Even if it drags on from there, you have the upper hand on $100m (or, as some JK fanboys insist, $500m was real and legit).

Unless of course the company didn't expect to win.