This business is probably finished. Somewhere, someone has to take responsibility for the decisions which failed to stem the flow of blood. Toothless regulators will do nothing for the shareholders.
My heart really aches for those who've lost millions.
SGH are acting like having a baby will save the marriage. Or 'look, our house is on fire. Let's build a swimming pool'. How they draw their wage is beyond me.
Being lawyers, they'll tinker and re align and propose but at the end of the day the bosses are responsible for this monumental disaster, and the toxic climate it has produced.
I confirms in my mind that people really believe they can save themselves by adding more debt. Does nobody remember Robert Maxwell?
I know it's more complicated than that, and that something of the business may be saved, but for most it's over.
In my humble opinion, of course.
SGH Price at posting:
4.4¢ Sentiment: Sell Disclosure: Not Held