According to the presentation on their web site the adjusted book value is still $49. This is what management estimates the company is worth if it were to liqudate. The conference call should be very interesting tomorrow .
Don't forget the $160m+ cash payment from DB to boost the balance sheet which will show up 2Q, and additional future loss share agreement as well.
I have this feeling the stock will sell off in the first half hour with the rest of the financials (thanks JPM), and then will rip higher for the rest of the day. Might be tempted to try to pick up the May 13 strike calls for a nickel early if that happens.