No. Here are two of your comments:

1. In my opinion it is still worth very little.

The recent sale of ? 10% of its mortgages just demonstrates this...

They got ? 97cents on the dollar.

They have (? how much) outstanding bond debt, and that nasty HOOPP loan...and still have to pay interest on the $12 Billion of GIC's....never mind somehow replacing them as they come due.

Do they have $3-4 Billion stashed away somewhere in cash ??

2. I believe that,as a lender,the majority of that $$ is to meet mandatory regulatory $$ levels.

In other words it is not "available" cash...

If they liquidated the rest of the mortgages somehow....and then gave that $1.6Billion back to HOOPP....I guess they would be OK.........
but worthless.
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"Worthless?".....nice call.