If you were a hedge fund ? What would u do ?, page-8

I don't believe you are correct with what you have said. As long as the client is still being represented correctly, it is business as usual. While it may not be ideal, business-wise, if VA does happen, the business of S&G must continue as normal.

http://www.law.unsw.edu.au/news/201...ted-law-firms-lessons-slater-gordons-troubles

Part of this states: "....the law firm, although under the control of an external administrator, continues to represent the clients. Accordingly, sufficient qualified lawyers must remain with the firm to perform work on the client's matters. Lenders would prefer such an option as it enables matters to be finalised so that the work in progress becomes revenue. In such a situation, the external administrator must be empowered to continue to trade and not be required to wind up the law firm."

Also, I don't agree with everything that @ashleywd has said - I would do it differently, as I have outlined previously on another thread. At the end of the day, the New Senior Lenders are going to do whatever will make them the most money without causing too many issues.