Whats different from the default with SGH is no hard assets here, so the security is inherently less than usual and banks would likely be more conservative in ratios. I don't know the ratios, so am guessing, but would expect, if required, a write down 1/3-1/2 Quindell would bump into covenants.
On the Gotham report have a glance the 18 points, and I challenge you to find more than 1 they really got wrong. In fact they could write a new report with 36 points given all the mess that has come out since.
Same with VGI, challenge to find more than 1 of the 10 summary points that are inaccurate.
Both reports kind of old news now and events/issues moved on, so not worth spending too much time on debating.
SGH Price at posting:
67.0¢ Sentiment: Sell Disclosure: Not Held