In my opinion, after burning the majority of shareholders,...

In my opinion, after burning the majority of shareholders, Slater is probably one of the most disliked stock by retail investors, but seems to be backed by certain institutional investors, including Anchorage and Merrill who scoop up the firm during/after debt-equity swap. Its disastrous fall from market darling to near-bankruptcy is another classic case study by business school.

With such a notorious past, I think it might be interesting to come up with the counter-points (i.e. to own the stock now).
Just my personal opinion, Slater can come back, if it can execute the following points
1. Its separation from UK is successful and relieved from the guarantee for UK entity.
2. Restore trust from client and union, given its brand still has its place
3. Restore profitability by focusing on core business and client, while retaining high-caliber staffs. And cut cost (which it made some progress in the past three years, but more can be done, in terms of lowering finance, admin, consulting cost)

I think the core thesis in investing in Slater after so many debacles really come down to
1. whether you still value Slater brand and its place in law industry,
2. whether you agree with Anchorage that turnaround is possible
3. whether you believe "scale" still matters, which meant Slater could potentially be a merger or take-over target.
4. Finally whether you have the risk appetite and convictions to believe in the company

This is not an investment advise