I think you can feel reasonably comfortable that "worst-case" book value is btw 10-11 $ share (note i said worst case). But like any financial, the concept of book value is tenuous although contrary to banks, here it is the liabilities not the assets that are the concern. So it all becomes a liquidity issue as we know how slippery the slope can be IF there was a need although much harder here to take a run at it. So as long as you buy into management, I think this is an okay stock (as I've said before) and most likely div is fine. I just don't see any growth coming for some time.