what are the risks, page-7

"They may have bidded aggressively to do so.

If that is the case, the distressed sale vaue could easily be 25% below what they paid."

I think that could justify a reduction in book value but ___25%___?

The book value entries almost perfectly match the "independent" valuations. It leads me to think that there could be a reduction in NAV but not by 25%.