What do you think they will liquidate from this balance sheet on page number 6 of their quarterly report?
Total assets 12.4 billion of which 187 million is in cash and over 10 billion is in residential loans at fair value.
As you can see there is nothing to liquidate, other than office furniture and computer and toilet papers.
Total liabilities are 12.3 billion. Total asset are outweighs the debt.
Obviously Lion Master Fund sees value in this. So, there is nothing to liquidate, no tools, no, appliances, no clothes, no nothing, except their loans which they can't sell below their debt, it' can't be done, unless they sell their loans for cheaper to a collection agency and frankly I don't see that happening and neither does Lion Master Fund.