A New Dawn, page-386

What value would you put on the U.K. Operations Jim? I would guess it's a big negative value if KPMG were asked to run there ruler over it. The inside owners are wholly responsible for the UK operations now days and with the imminent changes to PIL due in Apr/May next year, SGH UK earnings will be under renewed stress.
All of the inside owners have probably been put on notice by Anchorage that an injection of fresh capital would be needed to keep the UK operations liquid and compliant. Looks like some of the inside owners are getting nervous and now one has decided to jump ship. Those hedge funds will never turn a profit from the UK operations and will regret the day they agreed to take it from us.