I'd be surprised if the $2.93 (?) book value holds up until they're done wiping their slate clean. I would look at KFS this way going forward: book value settles in at $2.50 per share (hopefully higher). You're buying into a blind pool looking to take on properly priced (read: profitable) pieces of non-standard automobile insurance business. But at $1.30 a share you're getting a significant edge provided by shell-shocked former owners. At close to 50 cents on the dollar the stock is truly mispriced. Another positive, from the chatter I've heard, the Cos. new CEO, Larry Swets, is terrific - young, energetic, creative and plugged in. Hopefully, the company will garner their fair share of well underwritten business. I am looking for KFS to rise from the ashes of the Phoenix!