Sly,
I don't remember that timing -- end of Q1 2014 -- for $500k NTA. Where did you get that, and are you sure?
Does not seem possible, as the last presentation shows $3.05 or $3.10 per share on 78M weighted average EOY 2012. That's $240M +/-. Even at $1.25 income in 2013 on 90M shares raises it to $350M. Can add maybe another $.25 Q1 on 100M = $375M.
Can add loans, maybe bond, and grants, but can't see $500M, unless it includes revaluation of LURs.
This cannot happen until there is a spin out, as far as I know. But the discounted value of the LURs, booked at cost on the balance sheet is like a hidden asset.
