Who's your broker?
McGuigan's business is making losses and although it has significant NTA (trading at a discount), which would make it seem like a target; there is that strange beast of off-balance sheet financing to come to terms with. The restructuring of operations is a positive, but with the predictions for the 2008 vintage being as abysmal as they are, at current, I wouldn't touch it with a ten foot pole.
Encephalon
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