Surprised by the sell off since they beat. I heard nothing in the conference call that would cause me to be a seller? No likelyhood of dividend reinstatemen but otherwise improving financial results with the debt retirement going well and the st0ock buy back program still in place. Any one see a reason for selling in the CC?
The book value per common share is closer to $12 because you need to back out $545 mil of preferred liquidation value. It seems to me like earnings were bolstered by income from equity investments which I assume is mostly their investment in LNR.