Thanks Bendigo,Hmmm - This $500M+ of factoring is one heck of a...

Thanks Bendigo,

Hmmm - This $500M+ of factoring is one heck of a lot of unsecured and very suspect debt to clean up. And I have to ponder what other things are lurking below the black water. Almost every time a corporate fesses up to massive oh-woopses and says they've now got it all out, it turns out to be not the case.

SIP reminds me of Jodie Rich's original play in the late 80s, called Imagineering. It was a giant IT distributor that the industry became very dependant on. Jodie and Brad K offered all this fancy funding and low/no margin sales too. They covered up the nasties and it worked for a while too, but eventually it all came crashing down around them. Of course the business itself went on (as Tech Pacific with new VC owners) BUT the Imagineering shareholders lost nearly everything. All the way down retail holders bought more shares, talking about "over sold" and the "coming recovery" etc. Insto holders quietly sold down while their Rsearch Deptarments put out price targets etc. etc. It happens time and time again.

Yes there will be ups and downs and money made in this one, but for me even Blackjack feels safer.

If SIP gets a new credible Board, some fresh equity and shareholders don't get to shafted to much, it could be a different story.

S