Ann: Suspension from Official Quotation, page-300

So I see a few people here refuting that bankers won't ever call in SGH's loans on the basis that they'll never recover their money... and actually have some new thoughts on the matter.

Bear with me, because I came to a similar conclusion some time ago, but I believe I was wrong. Why?

Because as much as SGH's balance sheet is made up of intangibles, those intangibles include individual offices which all earn the company an income. Those businesses have a very real value.

So I can visualise a situation where SGH goes into voluntary administration, an administrator is called... and those offices (including the incomes they earn) are sold.

It wouldnt recover the entire amount listed on the balance sheet, surely, as these assets would probably be sold at a discount. But it would raise significant capital for creditors, and I imagine they wouldnt have to take too much of a haircut.

Does anyone happen to have any figures for this kind of scenario?