CompuCredit Corp (CCRT)

Currently priced for less than its cash on the balance sheet and at a fraction of book value CCRT offers investors the opportunity for outstanding risk-adjusted return s over the next few years. Expect returns of a few hundred percent as the market comes to its senses and assigns a much more appropriate valuation (BV at minimum).

Liquidity is not a concern here as the company will not need to renew the majority of its facilities until 2010. Between the cash generated from operations and its large cash position ccrt should have the liquidity to not only whether the storm but to opportunistically take advantage of todays environment for the benefit of shareholders.

Underwriting has held up well so asset value should remain intact. At today's price investors have a gigantic margin of safety supposing it does not.

Opportunistic debt repurchases (which should meaningfully reduce interest expense, therefore growing ccrt's cash generation capabilities in the near term) and stock buybacks (which should be enormously accretive considering shares are presently trading hands at a fraction of book) should provide tremendous value longer term for shareholders.