ECC Capital Corporation (ECRO)

[harvard homeboy]

That's close to fair value, in my view.

Figure that the company's assets -- pre-judgment and ex-litigation (since the outcome of litigation is always, in a sense, unknown) -- would have penciled out to about 4 cents per share, give or take. So now we're looking at an IV of about 14 cents or so. At something close to that level (~14 cents or thereabouts), I'm a seller. Otherwise I'll just continue to wait and see.

I'm still hoping that the company doesn't make the decision to stay in the REIT business and, instead, distributes the cash to shareholders and proceeds along with its plans for corporate dissolution.

Just waiting and watching in the interim.