ngpl, page-8

Maybe BBI management are right? Assets are in the books at conservative values. Must be as the two sales in the last few months were ABOVE book value.
If all their assets are worth book value, the NAV is $1.30 per BBI share. Even if a doomsayer wants to strip out "goodwill", we get approximately 85c NAV.
So, net assets AFTER corporate debt, AFTER asset level debt, AFTER $780M BEPPA, AFTER NZ Bonds etc etc equals $1.30 or 85c.

Mr Market hasn't a clue because Mr Market is scared and full of panic.