"Synocra is underfollowed and misunderstood as the high degree of complexity and uncertainty keeps most investors away. Shares trade for $3.20 while adjusted book value per share exceeds $7. Including the potential value of Syncora's tax NOLs would increase adjusted book value per share to $10. As management continues to successfully wind down the insurance business while searching for a good use for their NOLs, we expect Syncora's share price to at least double or more."