CCV is on the move, page-153

You're probably right, but in terms of the present valuation, it still doesn't seem to add up...
Lets say restrictions resulted in a shrinking of their loan books by 50% - that would see some $60 mil returned to the balance sheet in cash
- that's two thirds of the current market cap which would ultimately be returned to shareholders if the change were permanent.
The left overs (now about a 5 cent sp) would still be earning 1 or 2 cps. Still easily managing a 0.5 cent dividend.

That's a worst case scenario, one which is still a safe buy at todays prices.
I can't conceive of any reasonably likely scenario where this can lose money in terms of future cash flows. Ultimately the reason is the present combination of excessively high NTA compared to SP combined with the low PE.
Normally a low PE can indicate reduced future earnings - but when combined with the NTA it means that any future reduced earnings will just cause the company to become awash with cash as the loan book shrinks.