MF analysis today

"The risk facing the business is very clear. As at 31 December, 2015, the bank had drawings of $783 million under the syndicated debt facility. That compares to just under $52 million of cash, a total of $664 million in current liabilities ($4 million of which is classified as short term borrowings) and total cash flows from operations of just $40.8 million during the 2015 financial year (ended 30 June, 2015).
Things aren’t looking good for Slater & Gordon’s shares. Even if the company can rearrange a new deal with its financiers, it’s still a very risky bet and one that Foolish investors should avoid".....................

.......................is this a balanced and intelligent assessment?

Well, it might be if MF hadn't forgotten to mention the little matter of WIP and debtors (they don't forget current liabilities so how come they don't remember current assets apart from cash?). Easy mistake to make. It's only a few hundred million after all.

'Foolish' or what. Listen to what they say and then do the opposite would be my assessment. Could make you a fortune