Syncora Holdings Ltd. (fka SYCRF)

[InvestorPM]

This means that they now have a much better understanding of how much if any they will be able to recover from some of the JPM claims they have already paid. The nice thing about this is that the number has already been included in the F/S but the $400 million from JPM has not.

Therefore next quarter if all else is held constant then Surplus will go up by $400 million in cash they will get with no negative offset by having to increase reserve losses because if they needed to increase reserve lossess they have already done that in the Dec 31, 2014 Financials. Hope that helps