Sea Containers Ltd (fka SCRA)

[finbar99]

The question isn't simple and its the only one that matters. But its the hardest one to answer - in most cases I'd guess the people who know most - those on the inside closest to it - aren't even sure all the time. If you think about it - just any company on the market - sometimes they are worth a lot and then they are worth a little and vice versa - what is the current status of the values of SCRA's subs? I honestly don't know the answer to that question - which is why the smaller questions have to be poked at - like why did Sopris and Marathon buy in like they did? Are they making a big mistake which plenty of funds do? Take a look at ISHM - I don't own it but have watched it - there is a fund that I'm familiar with from other bk cases that just keeps on buying more and more and more - but to me the business looks like a piece of crap - can't figure it out. But if you looked at Foamex and saw the fund activity - I think it was BlackHorse buying in first - well they were dead on. All getting back to the point that its the one question you can't answer to the end so you have to work with the smaller ones that help to zero in on probable answers to the big one. I think in SCRAs case if you look at the BS, they are 200 mm in the whole for equity without counting the pension costs - which I think we can plug in as a liability of around 200 as well - so they need to come up with 400 over and above what they show in assets. GE SEACo no doubt undervalued via GAAP accounting. And all but 145 of sub value is discounted completely. Amongst what they are discounting till they figure out what its worth - is there 400mm? I don't know.