(Vested interest) Silverlake is interesting, in my opinion. There are plenty of blog posts regarding the numbers, its FCF etc, so I will not dwell into it. When razor99 wrote a short seller report, it cause the stock to lose some 80% of the value, by suggesting mainly that the numbers are not real and prop up by complicated IPTs. The Deloitte Singapore report while suggesting some better clarity and transparency could be handed with regards it its IPTs, nonethelss give it a clear bill of heath and suggest that the numbers are good. You can read the report here. What then ills this company, that it cannot even reover to half of its glory. As I read through the ARs and look that the various issues, I found the followings: 1) Results is not longer growing, since its acquisition of Sungard Ambit. 2) It could be over-valued when it ......