Syncora Holdings Ltd. (fka SYCRF)

[DennyCrane550]

So i have listened twice now to call and chatted with others.

here are just some more thoughts/comments to add to Lincoln's below

+Thought Mgmt did a great job with Q&A - well worded (i had lowered my expectations i guess after yest's late release ha)

+Their Lichten + Related Parties answer (1 of my Questions) was actually quite good i thought -- not 100% sold on a YES vote for him, but not as strong about NO vote now ( Hose, Beta's Q)

+ Now Syncora has ~$110M set aside for Puerto Rico (implies 26% hit to PREPA and 25% to PR GOs) - if this Puerto Rico works out to be not as bad of a hit,... then perhaps $20-90m ($0.25-1.00/share) of this reserve could be released to the P&L as a Good Guy ... i really think Puerto Rico is not going to be that bad, but that saga continues

+Sounds like they are progressing on sources of Capital to new Biz Strategy/M&A as they are exploring-getting indications/interest from Existing as well as External Capital 'in their words'

+ The UK Hospital (Support Healthcare - Newcastle) resolution has the exposure is now off the books (appears they commuted the policy, now own debt) and Released what looks to be $20-30m Good Guy to the P&L

Overall terrific trend in BV / ABV + NPO + Watchlist - see bottom



--- Lincoln

I am listening to the call now. By no means I completely understand the accounting language. So, I warn that my opinion on this matter has very little value. My top readings are:

Puerto Rico is seen as "still materially significant", Mike Corbally
Liquidity mismatch--> steady decline, top priority > before it was not at this time, now is considering, correct
Relisting? they will consider, no definitive plan yet > before it was not at this time, now is considering, correct
Greenpoint case? aggressively pursuing
Leverage target? managing as appropriate?
Lots of strategy talk....
86.5 mil shares for 5% ownership > $4.3m shares threshold that new a shareholder can buy up to, restricted to protect the $2Billy NOLs

As a side note, I paid attention to the psychology of the call. Sometimes, it is not what they say but rather how they say it, how comfortable they were explaining difficult subjects. They sounded quite confident and comfortable. Take it for what it is worth.

======