its book value per share was $10.09 and tangible book value per share was $7.51.
after considering the items discussed above. Tower Group International, Ltd. shareholders’ equity was $580 million at June 30, 2013, and its book value per share was $10.09 and tangible book value per share was $7.51.
Here we go again with the book value figures. Repeating myself from some time ago, what is of greater importance is the damage done to the statutory net worth of the subsidiaries as, under the regulations the ability to upstream dividends to the parent company could be impaired. This in turn could make it difficult to pay Lee's inflated salary and, more important, service the $450M debt. Kill the body, and the head will die.
Yea but that's as of June 30th (and you know there's been less written premiums in Q3 to fund losses rolling off from prior periods. So you gotta haircut this too.) But this is the scary part dude re: difficulty repaying its revolver:
The Company experienced significant losses and reductions of statutory surplus in its insurance subsidiaries in 2013 and there are currently no commitments or assurances to raise additional capital, execute strategic alternatives or to liquidate certain investments at prices sufficient to repay the outstanding balance under its credit facility. Until the completion of a definitive executable plan to repay the credit facility, there is substantial doubt about the Company’s ability to continue as a going concern.