If you go back and use Tapleys methods(no double counting 378 million of notes payable!) abv is now north of 15 per share. Now I know that is assuming no future losses and would be the book value in 10 or 15 years in runoff. Yes- Snowball there is value with out new business. It also values the toll roads at a very low value and assumes no recovery on Lehman-Greenpoint. Nothing also for the chance of using the huge tax losses! Would a stock market price of north of $3 not be reasonable with these facts? No, I have not been drinking with Denny or using any drugs tonight!
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