This is exactly what will happen - a sale of the profitable...

This is exactly what will happen - a sale of the profitable assets into a new company leaving the current shareholders to fight with the CA lawyers over the shell. Nobody sane is going to put money into a recapitalisation of SGH Mark I given the CA litigation and ASIC investigations to come. The banks are now in rescue mode to try and at least claw back a partial return on their loans. The one thing you can be sure of is no unsecured creditor or shareholder will get a cent unless the banks are paid in full and this now appears to be beyond SGH Mark I.

The real risk here for SGH is that things start to move rapidly. A sudden fall in the SP or a run by the unsecured creditors could cause a collapse the banks can’t control. No wonder the current board has been left in place - there is too much risk for the banks of a new board declaring SGH insolvent before they can finalise the asset sales.