OXPS: last trade $11.71; $9/sh in cash; no long term debt, no preferred shares, tangible
bk value of $4.5/sh; thus trading @ 2.5x bk. only wrinkle is that 1/2 the assets are ARS
(they are US Dept. of Ed. guaranteed student loans and further backed by UBS rights to buy
them at par in 2010). sounds solid, so what multiple of tangible bk should be the floor?
do i what for a break below $10 to bring price closer to 1xbk ?

Last edited on: 12-03-2008 02:31 pm