One-week take-home Credit/Distressed case study - what to expect?

Hello guys,

Did any of you have experience with case studies where you get the instructions a week in advance and have whole week to prepare and then present your work?

I would typically assume LBO takes 1.5h and another 1.5h for the slides - so what is the expectation of the fund when the applicant had 7 days to prepare? Do they expect there will be some state-of-the-art LBO and mind blowing bulletptoof presentation?

A lot of frustration around it - e.g. the fund can't assume the applicant has access to FactSet, etc, so am I supposed to collect tons of information online? And other applicants might get qualified advice during this week - how to make sure the process is fair to other applicants? Also I might be tempted to create complicated model and too long presentation, just because I am afraid that with a short one I might strike as lazy and unmotivated...but what if actually they appreciate concise version?

Appreciate any pieaces of advice! Past actual examples are highly appreciated too!

Thank you!