Will the market return to a place where this 50% differential in "real cash value" returns, I dont think so. Any hedge fund with large capital surplus numbers and declining assets vs liabilities along with very high ( goodwill and intangible assets values ) is in financial STRESS, DURESS or whatever you want to call it. All hedge funds etc. started after the savings and loan crisis are in trouble, maybe some are ok but for the most part, they are crumbling
Well, this entire crisis was precipitated by banks that would not take their marks on bad debt. In the meantime, every Italian euro bond this firm has bought is tanking...to all time low prices. And nothing in Europe is getting any better.
So when will they mark to market on these? Who knows...as accounting has gone out of fad.
In the meantime, who would buy the shares and why?