You're absolutely right, let's assume Freedom will go to...

You're absolutely right, let's assume Freedom will go to bankrupt, maybe I'm missing something here but let's say if Freedom goes to nil, then let's liquidate everything at 30% value. That means we can squeeze $20m out of $67 equity, use that and pay off the debt of St Andrews. What you're left with is a debt free company worth at least $70m (the value in-force book at 6 months ago). The current market cap of FIG is trading at $62m, so either I'm completely wrong or people are just not factoring this in??