Big and Long Club, page-111

Copter,

The SGH's problem is a"dynamic" one rather than a "Static" issue. The market is uncertain about what the next move will be:

Will there be further bad new? --- quite likely.
Will ASIC issue some request a massive account modification which will trigger the creditors making covenant change? --- unknown
Will the guidance withdrawal yesterday trigger a large scale class action against the firm ( Ironically from the lawyers of other companies) ? --- almost certain.
Will the serious reputation damage leads to the lawyers under SGH' banner flee to the exit and leave the firm less attractive?... remain to be seen.

One can easily table a list and make it longer...

Not saying SGH has no value on today's share price (it may has!), but the uncertainty under Andrew and his team with nearly zero credibility, SGH is not a clear pick as many suggested.