Great case study! For the contingency reserve, I guess it's possible that the company distributes more if a portion of it end up unused? do you know from past experience what's the percentage like?
Thanks for reading and the comment. I agree with your point on the contingency reserve, although I'm not sure if that's what drove the higher-than-expected $RUBY proceeds, given the reserve would presumably need to be outstanding for quite some time (I typically arbitrarily assume 3yrs).
I don't have a great answer for you on the percentages either, but it's something I'm trying to track over time (although liquidations have seemingly been less frequent recently). Anecdotally, it seems like distribution estimates in the proxy tend to be conservative vs. ultimate actual proceeds.
Great case study! For the contingency reserve, I guess it's possible that the company distributes more if a portion of it end up unused? do you know from past experience what's the percentage like?
Thanks for reading and the comment. I agree with your point on the contingency reserve, although I'm not sure if that's what drove the higher-than-expected $RUBY proceeds, given the reserve would presumably need to be outstanding for quite some time (I typically arbitrarily assume 3yrs).
I don't have a great answer for you on the percentages either, but it's something I'm trying to track over time (although liquidations have seemingly been less frequent recently). Anecdotally, it seems like distribution estimates in the proxy tend to be conservative vs. ultimate actual proceeds.