In the unlikely event that the Judge makes his determinations prior to June 30, then this uncertainty will see the auditors exert enormous pressure to substantially increase the constraints figure come conclusion to FY23. That said, do remember we are trading at just 54% of the tangible book value so there is plenty of fat there.
But I come back to a previous point I made dealing with a Judges power to intervene in a commercial arrangement.
Frankly, and I say this as a person who had a Supreme Court Judge as an Uncle and as a professional accounting witness in a number of cases, you wouldn't trust them (Judges) to go to the corner shop to buy a bottle of milk, such is their disconnect from everyday commercial reality.
I mean if they were all powerful and could make sweeping decisions on all commercial matters, how the hell do we still have cigarette companies in existence. The victims past, present and future are there in their millions. And gamblimg, booze???
Sorry the wisdom of Solomon is not conferred simply because one wears a ridiculous horsehair wig.
If the Judge - playing social warrior - pulls the gun on this one, there will be major reverberations in the class action industry and future victims will suffer because there will be no one game enough to take the inherent HUGE risks over such a long, long time.
Amen, I shall get off my soap box, let it rest, and hope that commercial sanity prevails.
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