I have a bigger short position in this stock than I have ever...

I have a bigger short position in this stock than I have ever taken in anything before.

I can't speak for why others may be short - only for myself.

My motivation relates to the position of the BAWM business in Victoria. Victoria was responsible for 80% of VET revenues in 2014.

Chatter in the industry is that this business is scrambling fast to change its business model - reduced auspicing etc - due to a government compliance crackdown. My expectation is that this could significantly damage profitability.

Following media pressure, the company has disclosed that there is indeed a government review taking place of three courses offered by BAWM, with funding currently with-held.

However, there are more changes happening in the business than just that. eg. Look at the fact that they didn't get accreditation to offer Cert 1 - Work Education this year. That course is a massive money spinner that may have contributed 20% of BAWM revenue last year. That's just for starters. Plenty of other stuff to worry about at BAWM.

My expectation is that the chickens will come home to roost before the end of the calendar year. In the meantime, VET management is working double time to diversify earnings away from the troubled BAWM.