Syncora Holdings Ltd. (fka SYCRF)

[brandemarcus]

1. Par value of the notes is more than carrying value. Not sure about pfd carrying value.
2. Agree with most of your points, it's a pile of cash.
3. We do not control when or if the cash is distributed.
4. Toll roads sale was much lower than expected.
5. Lowest upside potential in the history of sycrf also.
6. Nols long way to realize value and tax rates are much lower than before so even here upside is reduced compared to years before.
7. I agree with you mostly, just wanted to present another point of view without discussing market makers , exchange listing or Puerto Rico becoming Venezuela or a Comet hitting the earth etc.