Its actually a lot less pretty than that. If the financial youve...

Its actually a lot less pretty than that. If the financial youve posted are right, of one thing we can be sure. The borrowings will become payable. The receivables, well hopefully almost everyone will pay, but 2, 3, or even 5% of $1.9Bn in bad debts starts becoming real money. Another $1Bn or so tied in some warm fluffy stuff called goodwill, for which they will have vastly overpaid, and more warm fuzzy stuff called intangibles.

I hadnt looked at their financials, and didnt realise it quite this ugly. I havnt looked at the P&L, but expect collection costs are going through the roof as well as bad debts. They need to keep being able to borrow massive sums just to keep growing. As the cof goes up, their margins will shrink, and as they become more and more exposed theyre going to find it increasingly difficult to secure more money.