Financial Trolls, page-32

Rod,
The short sellers have prayed on a short term situation of integrating two large organisations and the cash negative period working out the NIHL cases. Medco and the panic of the legislative changes were a lucky break for them and unless they are friends with UK pollies I doubt they had any inkling about them. The bull case is that the cash flow negative period is behind us and the company has mostly been integrated now. Efficiencies are improving and the lag of Medco should be over. Other listed legal entities have regained the losses they sustained in November. Legal firm cash flows are known to be extremely lumpy and hence the possibility of high cash flow positive flows in this half cannot be completely excluded and flagged by management.