Price to book values of monoliners:
Syncora: .60 (for buyout price of 4.50, it would be .61)
AGO: .66
Ambac: .57
MBIA: .70
Even after the big fall, current price to book of Syncora is about in alignment with other cos. It is the current going price for the monoliners, and we don't know when, if ever, book values are going to go much higher.
Some of the run-up in Syncora from 4.50 to 5.30 was on low volume, too.
What will happen IMO:
A payday of about 4.50 pps for SGI, and then later a smaller payday from the sale of residual company and its NOLs, 32 million in cash, Detroit property, ...