The answer to what is going on and why TONE is still share price challenged is pretty straightforward. The Nevada assets are still deteriorating. They are literally loading up people on tour busses to show all the properties available.
The toxic asset plan is floundering badly. This has a direct affect on any banks and real estate entities that are holding RMS or CMBS distressed assets of which TONE has a nasty chunk.
People say the bank is doing great business but until the deteriorating asset block they have is resolved, TONE is not going to be able to show any appreciable gain on shareholder's equity.... the BV will continue to possibly decline. And yes, the BV is a hell of alot more than the current SP and yes, it does truly seem TONE is an enormously discounted stock at present. But until the perception of continuing erosion of assets is relieved, investors are going to continue to shy away.
The fed has drawn this mess out and keeps seeming to hope some knight in shining armour is going to make things all better. I have been terrifically dissappointed to see the fed talk about dealing with this problem directly (buying the assets directly/forming a "bad bank") and then spin around and try an alternative plan that just doesn't have any bite. THE DAY the fed finally breaks down and does what they originally proposed is the day you will finally see all the real estate related entities break free. Last I read the toxic asset base is sitting around 283 Billion. The fed says they are dedicating up to 1 Trillion toward this toxic asset endevour...... so why all the evasion of the original plans?
I still believe that buying and accumulating at these levels will pay off nicely down the road. Just how long that road is is up to the fed. GL, you didn't really jinx it but I couldn't resist the poke ;)