I think the last few days volatility goes entirely to the Fortress NYSE (FIIG) SPV with Bentham IMF 1 LLC deal and the huge unknown that now cloaks that arrangement.
The Dec 2016 mid year is okayish, but off against Dec 2014, which is perhaps the more comparable benchmark; there is nothing to get too excited about. The proceeds from LCIP is a good plus with a tight hold on litigation payments.
That huge pile of cash burning away at the direct cost of debt on the fixed notes (effectively 8.71%) , while making a pitiful return, remains an enduring & sorry saga. There is 97 ¢ a share sitting in a bank in cash & short term deposits, leaving roughly a $1 invested value per share in IMF-Bentham!
The beauty in these latest half year accounts is that no nasties seem to be lurking in the provisions NOR contingencies AT THIS STAGE. Trouble was well signalled for Year end 2015/2016, - yet they tended to understate the calamity.
Write Downs of LCIP, not signalled yet? Is there a risk? In Dec 2015 there was no warning that this loss was in the pipeline for the full year. Write Down of LCIP is bad for profits, but of less impact to Cash Flows, I suppose.
So some reason for soothing / calm in these disclosures. I think.
Dec 2015 /6 was a dog year, and the share price has not recovered. I still believe the SP above the $2 mark, until June 2017, rather than below is were IMF-Bentham needs to nestle?
