The books of this Company are cooked. $15 billion of good will, $8.3 billion of intangibles and $1.1 billion of other intangible assets.
Look for significant writedowns of good will as RM monetizes each of it's various holdings. Minus the $24 billion of intangible assets, NWSA is worth about $4 billion, not the $28 billion reported equity value.
The question is not: (1) 'will these intangibles be written down,' but, (2) 'how much?'