Will Myer breach debt covenants?, page-35

So "IF" MYR writedown goodwill by 2/3rds ie; more than double the rate DJ's did not including the fact it has already done some writing down only THEN would equity be in danger of breaching debt covenants and that would be excluding the fact they should pocket around $40m for the half if they cancel the dividend!
Hmmmmmm.......
Anyone see the flaw in that logic?
They can't refute the article as they will have an independent party reviewing and making the writedown decision, they can't pre-empt what that result would be otherwise it wouldn't be independent.
Dividend would have to be cancelled without a doubt, to suggest otherwise IMO would be tomfoolery.
It would downright ludicrous to suggest they will cut 2/3rds of their goodwill in one hit unless cash profits dropped by that much in one hit.
Expect circa 30% writedown and no dividend leaving a good $200m+ over the covenant IMO

Ps: also remember every month lease obligations to underperforming stores is reducing as they are getting renewed, the leases that are getting renewed are for profitable stores making them an asset and not a liability, by now the WALE would be very largely tilted towards high performing stores as this has been an area of focus for a few years now.