Excellent Quarter + more Progress to date. Syncora's management is accelerating the pace of the Run off of their book.
Last Qtr ABV = $4.93 ===== > $6.03 + more to come
Could get enhanced value from Preferred Bs ~ 10-30cents More Puerto Rico Recoveries, etc
ABV / Book value ~$6 bucks... with BV increase coming next Qtr on top. While Settlemnt $$$ perhaps in the low end for some, was in the middle of the two Wall Street shops - Odeon ($20m) + Nat Alliance Securities ($80m). = $38m // we dont know the full terms as confidential or if this 100% MacQuarie (surely it is), but it is solid. Money in the door, no more legal uncertainty.
Also getting another $33m cash for "certain" of the Private Equity portfolio, apparently all at Syncora's marks... sounds like they kept some of the securities, and sold part of the VC Portfolio
Syncora had $1.3B credits post the AGO Reinsurance Transaction ~
Now ~
$100m Power - international commuted subsequent to the Qtr
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