Harsh to say, but I don't think the APAC business has much of a...

Harsh to say, but I don't think the APAC business has much of a future unless they can pass it on to someone with the skills to turn it around. I see the headcount --- a large number of people working in that business. Having the CEO based in US can't help. I haven't looked at depreciation and will do so. Writing down everything imaginable to the max is a standard play in situations like this, is it not? You are right about Crescent's stated timetime which you can see in the 2015 offer document. But they are running well behind time. On a valuation basis this is a solid opportunity. I don't mind alerting others to it so that they can do their own research. The people on the CDD threads get that. And having contrarians like @Germantheologist challenging the investment case is not a bad thing.
Happy New Year to you.