Sum of the Parts circa $13.13, page-2

Another couple of quick points here:
There is guaranteed $12.83 in assets on PAC's balance sheet - $8.91 is effectively cash
The three high performing boutiques will not lose value - add $3.92
Net $11.72 after debt

This is an 11% return on current share price (minimum over two years) - $1.20/$10.52

This means the remaining boutiques are a bet on a greater return. Assume PAC board only gets $52M for these holdings or $1 per share.
This is a 21% return on current share price - $2.20/$10.52

Believe it would be conservative to assume that VPC or ROC, if sold, are undervalued based on fair value. This would add another $1 to the return.
This is a 30% return on current share price - $3.20/$10.52

Best of Luck
Lost