It's a good update, albeit a few months too late. If you believe...

It's a good update, albeit a few months too late.

If you believe them, it's a good risk-weighted buy - you can buy the business at a large, unlevered NTA discount, heavily reduced operating expenses to be covered by base fees with potential upside from transactional fees, and they have almost $100m cash to grow mainly the institutional side of the business.