$1 on the card-no, page-37

Hi Croasian
The current write-downs ($195 million) were for the US and Ecuadarian businesses sold.
There is still $640 million of acquisition goodwill to go (refer to note 15 of financials on page 73).
I have made my largest gains and losses in turnarounds; Burns Philp (BPC), ERG and COF are amongst those I have invested in.
Have never picked the true bottom, but have been thereabouts through dollar cost averaging.
Compared to other investments, turnarounds typically take longer to generate a return (2 years minimum), therefore for this one I will be waiting until the balance sheet is cleaner than it currently is. Not sure why Crescent Capital were prepared to invest in this company with such a large goodwill number on the balance sheet and obvious impairment in revenue when CDD integrated takeovers.
Note, Crescent Capital are likely to be the ones to call in the receivers. Would be just reward for some of the crap Private Equiteers have sold to the general public recently.
Best of Luck
Lost