what has changed since sept. 08?

Lets go back to Sept. 08 just right before the GFC when HFA was trading at $1.25cps.
Today, 0.26cps.
What has changed in the company since then?

1) Global Financial Crisis (affected whole market - not HFA alone)
2) Loss about 7% to 10% in FUM & AUM (meaning a decrease in revenue about 10%)
3) Written off $600 mil of intangible assets (for the good)
4) Re-financed Westpac loan until end Nov 2011 (good)
5) Frozen a fully franked 3.5cps dividends (good, choose not to pay in this volatily market in best interest of company)
6) 1 minor director resigned, haven't appoint new director (good - cost cutting)
7) fixed cost most likely remain same, hence decrease in about 10% in profit.
8) Lighthouse doing well in America, with BOA new shareholder.

With all the above points, i think its all good for what HFA has done.

Therefore from $1.25 to 26c is a joke!!

A fair value would be about $0.85cps at this market.

Any other points i've missed?