Unfortunately, Investopedia or Wikipedia googling by sentiment-driven OTC clowns is not a serious substitute for studying law and business. No matter how hard you try. ;-)
READ AND UNDERSTAND book value Vs market value. Especially market value.
I do understand the difference. The juniors' combined total book value is $33B no matter what the market price is.
You are the one who clearly doesn't understand the difference. The market price of the juniors has absolutely nothing to do with FnF's capital levels or the book value of any equity, including the juniors themselves.
You said "Show us current accounting that proves 33B is part of the current capital quoted (the 110B retained)." and I did, complete with links and references to FnF's SEC filings. The book value of the juniors is exactly the amount at which they are carried on the balance sheet: $33B for FnF combined.
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