Well, I think two years is a function more of when I believe a sale is likely to take place. Again, I see the end result here for everyone as a function of CC and MM's patience. They continue to be well rewarded by holding this through the restructuring, and it seems to be that is likely to continue for a while. They should be able to clean up some of the XXX reserve mess with Ballantyne and the Orkneys based on the recent run-up in RMBS pricing. We currently only get to see a portion of that having a direct positive effect on SKRRF's books, but the additonal info provided regarding reserves in the securitizations is highly telling: there are ample assets at this stage.
How long will the convert owners wait to push for a sale? It seems that two years from now is starting to look like a bit too long. They could still buy back some stuff, and get another $100 million or so in additional equity through that. (That could happen in a few quarters). Will holding the RMBS portfiolio longer provide much more stability? Nah, I think that is all taken care of based on the XXX reserve adequacy. I would thus shorten my expectation to a year ... at $0.50 for the common.
Just a guess, though.
