Syncora Holdings Ltd. (fka SYCRF)

[mrholty]

absolutely correct.

Denny's point about it being valued at $0 is that whatever value it has, and it has some, is worth more than $0.

Its unlike when you sometimes look at a bank stock or AMBC or MBIA and people say "Its trading at 50% of book. The problem for AMBC, MBIA and to the outside world is that book is too high.

My guess is that these monoline insurers will ultimately get rerated higher just like community banks did in 2012-2016. Many were trading at 25-40% off (some justifiably) because people feared what they could not know. The same is with much. I know (reasonably believe) that the book value of Syncora is pretty solid and it doesn't deserve a haircut for 50% off. It will correct over time just like the banks did.

With regards to my earlier comment in regards to the lawsuit I want to take back what I said about Syncora being in the wrong. Frankly I don't know and I have always assumed a small settlement but expect to proven wrong.