In the 2008 Global Financial Crisis, bad residential mortgages were agglomerated, packaged, rubber-stamped with a higher security rating than was merited and then sold as securities to investors. Massive construction companies are comparable in that their underlying value is linked to their order book of agglomerated contracts. This packaged group of contracts is analysed and then – much like in 2008 – rubber-stamped with a value. Do investors and the financial markets truly understand the underlying value of massive construction companies? In light of Carillion, is it time to ask whether valuation techniques used by auditors/valuers are sophisticated enough to examine the underlying, deep-down value of massive construction companies. Also, if it happened to Carillion, why can’t this happen to another massive contractor?
In a judgment handed down on Tuesday 19th January, SMB won a claim to recover the domain name blackjack.com on behalf of our client, Hanger Holdings.Read more
On 4th January the Prime Minister announced that a new national lockdown would come into force from midnight 5th January as a result of the continuing coronavirus pandemic.Read more
SMB advise Stagwell Group LLC, the digital marketing investment group, on its acquisition of London based digital marketing agency, Forward3D Group.Read more