Are most of these off - balance sheets assets mortgage backed securities and other hard - to - value bonds? (michael-hudson.com)
Don't you think it's quite random to value ASFI @ exactly 1x BV since the company has significant off balance sheet assets? (wexboy.wordpress.com)
And while we're mentioning debt, it's worth highlighting: i) fortunately, Donegal has no legacy pension deficit issues, and ii) all other / remaining balance sheet assets / liabilities (i.e. those not carved out above) are assumed to be part & parcel of any valuation / sale of the operating businesses. (wexboy.wordpress.com)