What is it we don't know?, page-54

Intelligent Investor has a speculative buy on TGA. Invest Smart is just their sister company where their research was posted.

Long research short, Intelligent Investor has concluded that TGA is worth more dead than alive, with Net Tangible Asset (NTA) of around $1.22 and stock price of merely $0.80.

Given that TGA offloaded part of their business at slight premium to NTA recently, it seems that the market is there (i.e. the NTA seems solid as people are buying part of the company at NTA price).

Historically TGA has been trading at a premium to NTA, but now they are so cheap that they are worth more dead than alive.