Syncora Holdings Ltd. (fka SYCRF)

[mrholty]

I agree with Bernard - they will use the public price as the tier 1 value. Damnit.

I don't understand why they would need any capital. If this is just a filing to potentially have the flexibility to do something in the future- great. But as Directors their fiduciary duty has to be toward bondholders & shareholders. Since this is an equity transaction - the bondholders don't care but at the current price any offering would be dilutive.

Note that it states that "is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?" - Answer No.

My guess is that they will then issue a compensation package to themselves in the value of stock options that will make them rich upon change of control or some sale.