Brand & Lonestar- We see the value for syncora in the math. The hidden value. My guess Radian gets the better look not for their books but because they merge in market share and narrow the competitors in the field. Thinks airline mergers- less competition = more profits. This does not mean syncora is not a buyout target, but it is a technical or value target not a strategic marketing target at this time. We get out of Run-off- the we have a different story.
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