how low can this go?, page-237

I don't see the liquidation scenario here at all.

They have enough cash to weather the short term storm, and in all likelihood the business will still trade profitably. The trail book even on your aggressive 30% haircut scenario is still $40-50m.

There is also, of course, a much more bullish scenario that could emerge if the Funeral Insurance ends up on solid ground and St Andrews comes aboard. It could almost be a reverse takeover, especially if St Andrews have decent senior management. But that's to be seen.