However, tangible book value per share is a good measure of liquidation value, or the amount that shareholders can reasonably expect to receive should the company go under.

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The IOF will be charged at the rate of 1% on the adjusted notional value, acquisition, sale or maturity of financial derivative contracts whose liquidation value is affected by exchange rate variations and result in increase of net short exposure in relation to the calculated end of the previous business day, within the same institution authorized to record derivative contracts.

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But still, the company is selling for less than the probable liquidation value of those boats.

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