You're quick to jump to the conclusion there were flaws in E&Y's financial due diligence, braintot. Surely if there had been they would not have been retained as auditors? It is highly likely E&Y would have pointed out all the material risks because the situation QPP was in was clear and PwC hadn't yet completed what was known to be a comprehensive examination of QPP's accounting systems and records going back at least 2 years. I think the most rigorous due diligence ever referred to the 8000 case files SGH selected for its own 70 qualified lawyers to review from top to bottom to gain a full understanding of how QPP (PSD) worked and what income was likely to flow. SGH took ownership of these 8000 case files, for which it paid about £13m from memory, at the same time being granted a 3 month period of exclusivity on the S&P.
One thing's certain - and AG repeatedly made this clear - he didn't take a blind bit of notice of QPP's numbers because he'd worked out his own. He and others weren't talented enough to deliver them.
Period.
SGH Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
