$500m class action against SurfStitch, page-35

The founders built up a sizeable business. It just seems that they went acquisition crazy rather than concentrate on efficiency.

There are two godsends here:

1. They raised enough capital to cover their arses.

2. There is a new CEO who has already made his views clear by sacking 40 people in the US. It's efficiency and synergies that the group need now, not growth.

Sentiment is below zero, we are at year end. A contrarian buy, certainly, but with a chance of being a 4-5 bagger if the CEO gets it right. I'm in today at 20c.