It's a CASH BOX.A money manager on BNN pumped it today on the Market Call show. $6 of Cash from the sale of the business. Very few liabilities other than the two issuances of the Preferred's with about $200M market value of these issuances. The existing portfolio of equities, both public and private is about $250M. I use a burn down value for possibly some losses of $200M. I get roughly $6.60 per share NAV. Mostly Ca$H.
I thought the best business to be in for the Management and BOD was the company liquidation business. Very little risk, big returns. Buyback stock at 3.50 to $4.00 per share, about 50-60% of NAV. Keep most of the cash in GIC's. Commercial Paper. Govt's, and Provincials, Muni's Treasuries, etc. etc. Ladder the maturities with the Buybacks, 10% NCIB per year. Play golf, Drink Beer, Watch Hockey, and make easy Money!! Do you think they did it?