If AFG's NTA (assets - debt owed to banks) is 500+ million before deduction of AFGHA notes of 350 Mil, doesnt that mean that if the company is liquidated, AFGHA notes would be able to be paid in full ($100) as they rank higher than AFG shares?
Lets assume that the assets are sold at 50% its value, that still leaves about $250 million, which divided between the AFGHA notes, would still give about $70?
THoughts?
nta and afgha
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