If we get hit today, I will add to my position. BV 11.41. Even if some assets are impaired, cash infusion will give SWS time to manage assets without having to unload at firesale prices. I think this deal was in the works for a while.
It is such a relief to see the $100M infusion. I concur with lou62m that SWS now does not have to sell assets rapidly at huge discount which I have feared.
The dilution is not that bad. If they exercised the warrants today, the book value per share is still over $9 if my calculation is correct. If everything is back to normal, the share price should be above the book value. Of course, the book value can go down or go up. Now I am even more convinced SWS is undervalued.