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Who'd have thunk it.

You know I for one always thought that if you cobbled together a few third-rate scally PI outfits, doing portal whippy cases; add in a second rate costs draftsmen running out of an office on a seedy industrial estate, you'd end up with a business easily worth £750 million. [aka Quindell].

And it was clear to all that the business was worth £1.2billion when the said business started advertising via its shady CMCs to all and sundry in the North of England saying "have you had a go at getting a free holiday by being in a car accident? Why not say you've worked in a noisy job in the 1980s - you'll get loads of cash for that"

Because none of these cases would be statute barred, as we know, and none of them would be generally elderly people who worked in factories in the 1970s who would have age-related hearing loss anyway. Nosiree bob. And each was worth £15,000. We know that because the revenue for each case had already been booked two years ago! Kerching.

So when Slater plus Gordon "loyers" paid £600million, it was a steal! The best corporate transaction this side of BCCI!

Because had they not done that, now we have seen the restated accounts of Quindell PLC, we know that Quindell would have gone bust. As soon as the restated accounts showed that it had been loss making from the start and continuing in much the same (downward) direction, the banks would have pulled the plug. And we also now know that Quindell had no cash left (indeed of the £600 million from S+G, something like £100 million has gone down the drain already).

So Slater plus Gordon loyers, if it really wanted the hearing loss claims, could have waited three months and bought it in a pre-pack administration for maybe £150 million.

So it shows excellent strategy to have bought it for four times that sum three months earlier!!!! And it isn't that Slater plus Gordon didn't know all of the above - it did extensive due dilligence, had full access to the books, and Quindell's COLP joined s + G.

Fair'd income!!!