Anyone who doesn't share your ebullience is a shorter aren't...

Anyone who doesn't share your ebullience is a shorter aren't they? If I were shorting I would have a sell sentiment marked on my comments and note I have a position in HIL (albeit short).

I have worked in insolvency for a significant time and believe my thoughts on the debt facility history and renegotiation are likely to be the correct ones as opposed to yours (though if I am wrong then that is a big positive for HIL). Did you ever think to ask yourself why the Banking Syndicate would want the facilities secured (and reduce the facility limits by half) if only 10 months prior they were comfortable with an unsecured facility? There's a lot of admin work associated with preparing the relevant security documentation so it wouldn't be done for fun.

You do realise that WOW is selling Home Timber and Hardware right? You also know Big W and Ezibuy revenue has been trending downwards since FY13 and the trend reconfirmed in 1Q16?

What proportion of total revenue generated from the WOW/HIL contract is minimum royalties v other revenue sources (such as product sales and royalties charged on a volume basis)? If the minimum royalties is a significant proportion of the contract (unlikely) then your position is correct otherwise it is a concern.

Is the WOW/HIL contract enforceable with a new owner of Home Timber / Masters or did it only bind Woolworths and its subsidiaries (i.e. if entities leave WOW control the contract is no longer binding on those entities)? It is possible it could be renegotiated in terms more favourable to HIL with a new owner I admit but that remains to be seen.