Not the case study that you would welcome, page-67

You're absolutely right, let's assume Freedom will go to bankrupt, maybe I'm missing something here but let's say if Freedom goes to nil, then let's liquidate everything at 30% value. That means we can squeeze $20m out of $67 equity, use that and pay off the debt of St Andrews. What you're left with is a debt free company worth at least $70m (the value in-force book at 6 months ago). The current market cap of FIG is trading at $62m, so either I'm completely wrong or people are just not factoring this in??