>"Aside from no faith in management, what else could be the reason for the discount?" At this point Zynga could be liquidated and still produce value. But the

>"Aside from no faith in management, what else could be the reason for the discount?" At this point Zynga could be liquidated and still produce value. But the lower-than-book valuation implies the fear that Zynga will eat into its assets (re: cash) before that has a chance of happening, thus lowering its value. So, basically, no faith in management...