Andrew Grech's troubled law firm Slater and Gordon announced on Thursday it is facing yet another lawsuit from disgruntled investors. This one alleges misleading representations in three sets of full-year results.

Let's hope the law firms taking these cases to court know how to extract something from Slater and Gordon given its market cap barely cracks the $30 million mark, and everyone is just waiting for its debt holders to take control of the group.

But if that sounds like fun, spare a thought for Grech's crew as they try to extract a £600 million claim against the the company formerly known as Quindell (now Watchstone) over the disastrous acquisition in 2015 that has brought Slater and Gordon to its knees.

"The value of that claim exceeds the net assets of Watchstone and the monies held in escrow by several hundred million pounds," said the statement from Slater and Gordon last month.

It was being modest.

Watchstone's market capitalisation currently tips the scales at £65 million, and it has just £50.1 million in a warranty escrow account until the Quindell issue is resolved.

And Slater had better get cracking. Watchstone plans to have its surviving businesses restructured by the end of the year to potentially divest them.

To underline the point, Watchstone's current CEO, Indro Mukerjee, will depart December 31.

At least Grech has shared the pain of his fellow investors. He paid $11 million for his Slater and Gordon shares at $6.37 a pop in 2015, as part of the raising to pay for the disastrous Quindell acquisition.

Bubbling over

Over in New York, some of the masters of the universe that control the global financial markets were getting a bit twitchy that the landscape was looking a lot like it did before the 2008 financial crisis.

Bond guru, Bill Gross, grabbed the headlines with his comment that "Instead of buying low and selling high, you're buying high and crossing your fingers."

But CBD's attention was drawn to the comments of TPG's Co-CEO, Jon Winkelried.

"The level of complacency about where markets are today is pretty scary," the private equity group's boss told the Bloomberg summit.

He drew comparisons with the conditions before the 2008 financial crisis, such as high valuations and cheap debt.

"I'm always amazed, but it's always been the case, at how short the memory of the market is."

TPG's Aussie crew just happen to be kicking the tyres on CBD publisher Fairfax Media having lobbed a $2.75 billion indicative offer for the business. Not that CBD is suggesting anyone might get cold feet.

According to our colleagues at the AFR, TPG's chief investment officer Jonathan Coslet, has flown out to Australia this week to join the local team as they put Fairfax management through their paces.

Judging by the number of bodies clogging the lifts, they are taking the process very seriously.

The TPG consortium have an indicative offer of $1.20 a share. The rival bid from Brian Power's Hellman & Friedman crew could be worth up to $1.25 a share.

New Formula

Tech guru – and Newzulu founder – Alex Hartman, was not a fan of CBD's reference to his "bewildering" role with Formula One ace Michael Schumacher's foundation in Geneva.

CBD's point was that, given how private Schumacher's family has been about his health since the skiing accident, we were fascinated with the fact that they are employing the man whose company sold the video footage of his evacuation.

"Hi Colin, my fascination with the SMH ended when I finished my column for the paper almost 20 years ago! However I will ensure to keep you in the loop with the launch of Keep Fighting. Best, Alex," was the reply from Geneva.

Keep Fighting refers to the latest branch of the foundation which, according to the web site, is "a non-profit initiative that is celebrating the attitudes to 'Keep Fighting' and 'Never Give Up' which are directly inspired by Michael Schumacher."

This includes the Keep Fighting Award which "shines a light on an individual whose triumph over adversity is extraordinary".

Another big event is the Champions for Charity football match between sport and racing celebrities like Australia's own Daniel Ricciardo.

Which all sounds like a very worthwhile endeavour for Hartman, who left Newzulu following its near collapse last year, and we wish him well.

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