is mac bank approaching debt covenant cancer

I was wondering does anyone know what share price roughly MQG will hit serious trouble a la Babcock style when their funding sources may look at pulling the plug on their funding/debt?

I'm guessing it will be a single digit share price and I think the possibility is increasing exponentially at this point as Mac Bank's satellite funds continue to haemorrhage money bleeding the mother ship dry of fees/earnings, which could become terminal soon.

Plus hedgies are allowed to begin shorting financials again soon are they not?

Looks like the 'trend is friend' could be key on this one. They are one of few surviving investment banks left on planet, and they are geared to the eyeballs and always have been. The fact they're still solvent is extremely impressive to me, but I cannot see how a company with their debt loads can survive these continuing plummeting world-wide asset values.

Assets (of any kind) have a lot further to fall to obtain even half reasonable valuations in this climate, and mark to market may prove the death knell for this company.

This credit contagion crisis is the black swan event that the entire finance industry could not really plan for.

But as they say in the classics, it is what it is.