Not sure the book value necessarily proves anything at this point. The loans were booked based on GAAP rules at full value for the most part regardless of what you can sell them for. They were forced to liquidate to stay alive, no doubt at a substantial discount realizing actual losses. Even if you were not in a distressed situation there would be a decent discount required based on the lack of cash flow and timing for some of these loans if you tried to sell them.
I guess it can be spun both ways. It is more logical that the BV was hammered as a result of the BASS issue, and liquidity crunch. But yes, perhaps some loans should have been written off regardless. I would be shocked if the BV is anywhere close to $15. My guess is ~$8 or $9 per share. Just speculation.
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