I'll touch on what you think might be possible legal troubles...

I'll touch on what you think might be possible legal troubles for VGI seeing as you haven't and i would imagine legal sharks will be doing their best to have a feed, it's how they roll so perfectly understandable, i just fail to see any progress on this front although im no Lawyer but below is why i think that....

1. The 20 flags are more like questions and some have been addressed.

2. The explanation of why they call them red flags is explained for each flag and you have to remember these guys at VGI are experienced financial analsysts so can put forth detailed reasons for their worry and flag calling which is good standard in reality and imo should be a requirement if someone is to produce such an article or presentation, after all we don't want any tom, dick or harry to do such presntations without warranted reasoning.  VGI have also said any or all red flags could be or might be possibly argued individually for CTD's validation and they go on to say look at the whole or something.

3. They've openly stated they are short, no hiding, no decietfulness they are exposed to the upside theoretically moreso than you guys are exposed to downside which means they carry the most risk.  Can you imagine if i wrote the 20 flags and sent it round, all i would be able to say is theres a funny smell in these here 20 spots because i just can't work out how it all adds up properly, oh and by the way im short for 50 mil! - The instos would have squeezed the life out of me, i doubt they would have taken a 25% instant chop.

4.  When we listen the market it has discounted the SP and with CTD's defense to the report the SP still hasn't recovered.

To keep an open balanced mind and to think from the legal side and/or ethical side of things, i would question VGI's motives and actions if they have been covering now or now close their short positions because that would make me think and raise the thought of them (VGI) just doing it to intentially spook the market with a short term focus and use of a 20 flag report rather than just being savvy investors that buy and sell market valuations.  If they've done that i wouldn't think much of them at all because that would be like market manipulation or something worse and i don't hink anyone really wants that type of behaviour.

I doubt VGI are that silly so i do imagine they haven't covered and will remain short for the longer term.

As always just my view and could always be proved wrong but i don't mind sharing.