Here is an exchange during the Q&A on last quarter's conference call, which took place on August 7, 2009, between Leon Cooperman of Omega Advisors and Ivan Kaufman:

Leon Cooperman – Omega Advisors

I wasn’t actually asking that question. What I was asking was you as a large owner to the equity in the business, when you look at the business you have a $2 stock price and a GAAP book value of $10 and an adjusted book value of $15. I was curious about your view of those numbers in terms of what the actual value of the business is. Obviously if we had to go into liquidation today, it is academic. We have markets for things. To the extent, in the fullness of time, the economy is bottoming out, the stock markets is suggesting that. Do you have a view of which of those two numbers is a more realistic value or is the $2 value more realistic? Just an opinion. Not a forecast.

Ivan Kaufman

Our book value is our book value. We believe if we work hard enough over time that eventually we will achieve monetization of our book value over time.

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http://seekingalpha.com/article/154749-a...