Ann: Suspension from Official Quotation, page-226

In Copter's arguments defence, I think there are two separate write downs that should be discussed here.

- Writedowns in WIP
- Writedowns in Goodwill.

One writes off the value of an asset which was never going to be collected (ie Cashflow unaffected). The other is an asset on the balance sheet reflecting the value of future earnings. Investors should fear more of a write down in Goodwill than WIP, (unless covenants are attached to WIP... like SHJ's).