Their turnaround is based on the housing markets, and is augmented by the fact that they've managed to clean up some bad loans (so no reserve needed). In addition, they stand to benefit by several lawsuits out there.
My opinion is that they panicked when they the majority of their US portfolio was put into rehabilitation by Wisconsin Insurance Commissioner...and the concept of consolidated financial statements allowed them to move assets from US to offshore subs.
I follow many bankruptcy plays from inside the courtroom in DE. ABKFQ I follow only via court filings and listening to some of the hearings now.
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