If they believed that would they have paid only 45 cents in the...

If they believed that would they have paid only 45 cents in the dollar for Macquarie's debt? I don't think so.

I have been reasonably bullish on SGH and believed they could turn this around, but two debt holders selling out is a big deal, even if you try and sugarcoat it.

Whoever is saying that "Ah it's only 2 mil, it's only 20 mil, they don't have the time to wait for their money they would rather take a loss now." Uh what? Do you not understand how banks make a huge chunk of their money? It's all on patience, that's why you can get a 30 year mortgage, banks are patient as hell, and they will chase people down for not paying them, take all their possessions and get every last cent. Selling at 38 cents or 45 cents per dollar means that they think that it's unlikely SGH would ever repay them that much, or with cost of loan they wouldn't receive enough over that to cover their costs to manage the debt.
In my eyes two banks that previously believed in them are positive the company is sunk.