Reality is....., page-57

I know mighty but liquidation is their river of gold and a wip book of $600m plus in slaters is a juicy client so i dont have much faith in their recommendation to the banking syndicate. Remember PWC advisor to the board also are liquidators as well amoungst other services comparable to MN.
Nevertheless i dont think SGH is in danger of liquidation (i dont know for sure but think it is unlikely)
My take now is the following.
An update even to dec cashflow should have eventuated by now so there is more concern and uncertainty to the cashflow trend.
I think what is going on now is a certain capital raising but that can only happen if it is underwritten and for a investment bank to underwrite it, they like us, need to see that it is worthy of underwriting.
Sadly MN has probably pressured the banks to say withhold the headroom facility unless they raise same capital say $100m knowing the cashflow trend is still not showing the line in sight. Hence forcing or triggering a liquidation lever.
The delay is likely a pricing/underwriting struggle. Lets say a CR at 0.30c on a 1:1 basis raising $100m (headroom amount) but it is essential it is underwritten because if not then the shorters will smash the SP down below 0.30c issue price for it to fail and then the company will be in MN hands very quickly.
I know nothing I am just hypothesing and hope I am wrong as I am long and feel the company is in a timing issue crisis for cashflow on a collectable cashflow stream but has its head in a short term noose with bankers/class action/bad market sentiment all weighing against them. The bankers would be complete idiots to force the above scenario on the coy but let's face it bankers are idiots with other peoples money.