I think it's a pretty good rebuttal.
The discount rate thing seems bizarre to me, VGI raised a red flag that the company hadn't contacted the professor personally. Really? Everyone takes Damodaran's discount rates from the web, if you done undergrad finance courses you know this. Anyway so now there are 2 of the big 4 saying no impairment required, even at higher discount rate. Where will VG1 stop? Do they want Deloitte and KPMG to chime in too?
Unless VGI are holding an ace up the sleeve that implies more material outright fraud or fudging, I think it's game over.
Ann: CTD - Market Update, page-15
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