But if he had pulled up stumps in 2008 it would have been sold for land value, some inventory and a pittance of goodwill as the sales figures would have been in the doldrums.

With outside financial aid you get a cash injection of a few years of artificial growth in a rapidly shrinking market so that it appears impressive on the books and then sell it off for an artificially inflated valuation.

And we never predicted Dick Smith unfolding as it did. This is just a company restructuring, right? Well done Anchorage Capital Investments.