IMO the market has already factored in the deal not going through and thats why SDL has been around the 30 cent mark. I dont anticipate much happening at all if the deal falls through except a minor drop in share price as those hoping to profit from the deal sell out. I also dont think the hedge fund in HK will be too keen to take hanlongs money if it means they book a loss. HK's only real industry is finance and in the dog eat dog world of Hong Kong booking a (loss?) would be very unacceptable - HK also has stricter accounting and tax laws than China which in my mind makes the 'brown paper bag' theory unlikely. Dont overestimate HK peoples love for china either - almost all the HK people I know would have preferred to remain british than assimilate with 'uncivilised chinese'
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