@Bearman and @MarsC. I basically agree here. Another important...

@Bearman and @MarsC. I basically agree here. Another important factor in their decline IMO is key man risk. Both these business started to decline once Kerr and Hamish took their hands off the wheel. In theory the investment process remained intact, but subsequent performance tells a different story. I had a lot of money invested with Platinum (both personal and client money) through the early 2000's and I followed them very closely. Now I have zero.
@mrriesq. My observation > Yes. There will be a bottom price. But it's really tough to turn a funds management business around once the rot sets in. Take Hunter Hall as an example. And see my previous posts re: rating houses and institutional money. This could easily go sub $1. The only thing that will save PTM is greatly improved performance in their funds. Cash and assets on the balance sheet will only matter as break-up value.