Hedge with SHJ

Or vice versa?
Has some wrinkles as a hedge. SGH probably has greater upside and downside than SHJ.
As well, even if SGH[the listed company] were to go down, it is very likely that SGH, the law firm, or large bits of its component parts, will still be there in the market place , even if the owners aren't the same.
Also, if SGH goes down, the listed legal firm space will be on the nose[in my view unfairly] , which might well impact SHJ's value.
So the upside for SHJ, if SGH goes down, may be muted.
cheers