All in all, $IGR has been historically profitable, and the balance sheet appears to be quite solid. 

Based on the data from the most recent statement, my provision-adjusted liquidation value, without counting the inventory at all (which is their largest asset), we still roughly get to breakeven, considering my avg. purchase price of 59.6p per share.

In other words, the company would have to lose over $200M for the liquidation value to go below the current market cap, assuming intangibles being worthless.

I've had it on my watchlist for quite a while, but my research isn't very deep, so my current position is now 2% of AUM. I might allocate more if I find the findings in further research encouraging.

Not investment advice.