Unlike snowman , that seems quite positive to me! If Puerto Rico fell into the ocean ,the most it would cost would be 114 million more! Of course who knows what the market will think? They may just look at headline numbers like Snow man. Of course if snowman is wrong and the stock does not go below 1 in a week , he will say it's just manipulation by the market maker. Quite predictable!
Looking at the slides, I see slightly higher numbers. The question is what do you consider the bonds they have bought of about 100 million. Are they really just actually "paying themselves" at the end. Whether it's 100 million or 200 million it's 20% of net worth and even less than that of claims paying resources. That's assuming 0 recovery or Puerto Rico falls into the Ocean.
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