Maybe.
Maybe not.
The last set of accounts for Dorchester before they became a car company (did have 20% of Turners at the time) showed finance Receivables of $38m with debt of only $18m
Numbers are much higher these days but debt is higher than Finance Receivables ....increasing leverage to the limit?
Did it ever cross your mind that their other (not finance) business might need to take on some debt as well (as any other business)? Their car dealer business might not finance all the stock with cash at hand (which would be a quite crazy), but with credit ... and even their "real estate business" might need some loans to buy another piece of free hold land in good position which they sell off after some years with a good gain.
As long as their liabilities are covered by the value of their receivables plus the value of their stock plus the value of their property plus a sensible safety margin (currently still more than 30%) would I not see where the issue is ... obviously only, as long as stock valuations and property valuations make sense.
Don't think they published yet their full HY report, but if you look at the balance sheet in the HY presentation:
total Assets $658 m (admittedly including $171 m "intangibles" which no question do have value, but its hard to say how much)
total Liabilities $441 m
That's a "safety buffer" of at best $217 m (33%) or at worst (intangibles worthless - unlikely) $46 m (7%).
OK - worst case admittedly does not look that flash (though much better than with many other companies I can think of), but honestly - I don't think that Turners intangibles are that excessively overvalued ...