The Ambulance Chasers Are Coming?, page-37

M2 Customer Contracts, which i believe is now called SAC, carrying value

30 June 2013 = $75.5m (M2 report)
30 June 2014 = $51.1m (M2 report)
30 June 2015 = $68.4m (M2 report)

Then in the Merger documents there is this;
"increase in the fair value of customer contracts by $180,194,000 to $248,635,000"

So when M2 was operating under its own steam Customer Contracts look pretty reasonable, but during the merger process it increased by $180m, to reflect 'fair value'.

In theory that extra $180m represents a recognition of extra sunk cash costs, but in practice looking like a change in accounting policy to achieve a one off tax benefit. (which i dont know enough about to consider)

So if there was "cooking the book's", i dont think its fair to put it all on M2, its that one off merger event that involved M2 and Vocus that lead to the high SAC.