Anchorage only kept a 20% ownership after listing so your request for half, even on an arbitrary basis, is off by $21m for starters.
How could Anchorage inflate the inventory figures when accounting standards require inventory to be recorded at lesser of cost and realisable value and the figures were audited? If anything WOW significantly undervalued the inventory if Anchorage was able to acquire the whole business, liquidate some of the inventory and used the proceeds to pay the whole asking price for the DSE business.
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Senate Inquiry into collapse of listed retailers, page-25
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