$Silvergate Capital(SI)$ I suspect that Silvergate is trading well below its liquidation value, probably $7-10. The volume of short selling likely caused it to drop below that number, although there is a huge range in its liquidation value due to its high leverage at the end of the quarter. That said, most long-term bond securities have held their value since the end of the year, suggesting that their equity value should be stable as they enter liquidation.
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