Nice reply AC87 and just for the record, my observations are...

Nice reply AC87 and just for the record, my observations are simply based on a long association with the industry/culture and an intimate knowledge of what makes it unique to most other industries.
Business founders in the surf sector are mostly very savvy hands on passionate guys based in manufacturing specialised surfing products that evolved and grew organically with the sport and industry in general, on their terms not in step with the general economy or business models.
Even the snow industry, although appearing to be very similar in action sports, is a different culture and the disaster that was surf company Quicksilver being sent to the wall not sticking to their roots. Billabong even crashed trying to move from surf manufacturer to retailer. In both cases (and others too many to mention here) PE and Bankers took control pushing founders aside and thinking they knew better.
Cameron (who pulled the pin as CEO) and Pederson who started SRF may have ridden a surfboard or boogie board, but in industry terms they were young upstarts without manufacturing or core industry experience.

Re Garage Ent. my intel is that SRF did a script swap to get it. If they did that at a script value of over a $1 then, one would imagine, the GE founder is one very pissed off shareholder. Maybe a class action will reveal what was promised there.

Re Surf Hardware SRF have no idea how to run a global manufacturing business and word is they paid way too much to Macquarie Bank who had made an investment in 2003 which they could not escape from. That ended in legal proceedings against them just prior to the SRF acquisition. Price paid $24.5M, many consider to be double what it was worth.

For those who have lost money on SRF, that only way I can see getting any fair return is to make sure a class action or ASIC investigation puts the facts on the table and holds Directors and Management accountable for the demise of over $500M in 6 months.