VALUEINVESTINGIDEAS

From our sum of the parts analysis, we believe the current value of the business should be $163 million or $12.59 a share. This is a calculated by taking the $116mil in cash (plus marketable securities and deferred tax assets) and adding 1.8mil (interest portion), 17 mil (zero basis revenue), $28.4 million (book value of personal injury and matrimonial claims businesses). This total gives zero value to the $71.3 million in account receivables under cost accounting (which includes the majority of the Seneca portfolio) which will likely bring future upside. Additionally, we conservatively projected cash flows from the zero basis receivables for three years, but cash flow is likely to continue beyond our calculated period. Our sum-of-the-parts analysis gives us an upside of roughly 40% with no downside. Additionally, it is not reasonable to expect the company to trade at 1 times its tangible book value of $13.04 which would provide an upside of approximately 45%. Our downside is..