RE: canonball,TD newcrest dropped target on BMO by $17.00 to $53.00
citing
BMO purchased $459 million of assets of a structure that was buying distressed paper out of the US subprime market.
Remaining exposure to monoline counterparties is $3.8 billion.
Other that the likliness of the Apex/Sitka write off there is also
$1.0 billion litigation risk.