There's a big difference between taxable profits and cashflows. Realising the assets in run-off mode may not generate profts, but it will produce cash flow. Solvency is not a question here. Thorn generated $13m of cash just by reducing its originations last quarter, and had $49m in cash as at 31 March ($28.7m if you exclude warehoused cash, which we should). The value here is multiples of the share price.
TGA Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
