Syncora Holdings Ltd. (fka SYCRF)

[brandemarcus]

1. merger increases book value by 100 million because sca only 180 million on books and sca owes 200 million to sgi. adjusted book not changed.

2. 400-500 million toll roads

3. 200 million because we only lose 50 cents on the dollar from Puerto Rico.

4. 300 million Green point., 100 million from Mcquarie but let's assume 400 million in losses on everything else just to be conservative.

5. Value of nols- 600 million with new tax law

6. let's redeem some pfds so 100 million shares outstanding , $3 book value before 1-5.

7. $16 per share, lets' reduce that by $6 so I get $10.


8. Anybody else? Estimates?