Hardfax...I think RAS came out with the phrase 'adjusted book value' last year which recognized the a lower book value due to Taberna....Some folks think there is hidden value in Taberna which may take a long time to be realized....
Anyone who doesn't understand the concept of consolidated non-recourse assets and liabilities will continue to lose money trying to short RAS unless (and even then there is risk) they do very short term plays.
What matters is dividends and and taxable earnings. GAAP doesn't measure taxable earnings, which is why you haven't been right for any length of time since early 2009. Keep pushing on it though. Every time you push the price down into my buy range I and others who are taking a long view of this stock win a little bigger.
The Taberna remnants are continuing liabilities. As long as RAS carries them at artificially high valuations, they inflate the value of RAS, and skew all per-share and book-value calculations.
Every one of the Taberna failed securitizations should have been written down to zero long ago.