No, they hold long term option contracts which are currently out of the money, they have not realized the losses. if the option volatility rises back then paper losses will evaporate. that is what they mean by the model being intact. if they closed the contracts at a loss then NTA will remain unchaged, but they could give the cash back to us in that case. Of course, they have not declared exactly what their position is, and if they have deviated from the model and are actively trading as per Nick Leeson then shareholders stuffed and litigation will follow.......that is why it has sold off.
GLI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held