I agree with everything you've said. I don't factor NPV movement...

I agree with everything you've said. I don't factor NPV movement TC at all for revenue, now outbound has ceased completely commission revenue will also fall to 0 presumably, the only revenue I include now are the income from TC (which will obviously decline) supplemented by Spectrum For last FY this was about a total of $12m from memory, and I think about $10m was from TC. Of this $10m about $6m was passive income I think, and the rest was paid as administrative fees which means there's cost associated with it.

Some people think since 30 June the 357k customers has only fallen to 350k, this is not quite true, in the last conference call which was 2 months after 30 June, Mr Cohen said their run-rate for 2 months into the new year is tracking quite well, that means at 30 August their customers were a lot more than 357k, which means in the last 40 days customers declined were also a lot more than 7k

I think there's only two questions remaining for FIG, 1) what kind of new business model they can come up with and 2) whether current SP relative to future value is cheap

Please post your calculations. I'll be very interested to see thanks.