If MBI pays Noruma $0.4B to eliminate 3.0B in liabilities, the net improvement to book value as I see it is $2.6B. This equates to an improvement in book value of about $13.50 per share.
Vegscott, The market isn't always that efficient. This company should have made an announcement on the dividend suspension but hasn't. Eventually it will say something on the usual declaration day.