I would assume the NPV of the trail assets will certainly need...

I would assume the NPV of the trail assets will certainly need to come down as one would assume the NPV made an assumption that x% of people rolled over after year 1, then less rolled over in year 2.... etc

This plus the fact that one would assume FIG would incur operating losses until the book is completely closed.

Not a good outcome I think. No idea how to value this however in my opinion only (seek your own professional advice) cashflows to come out (if at all) will be nothing close to current NPV.

For all current holders I hope I am wrong...