Through the second half of 2007, MCGC has been battered by declining share value.  It was trading around 20/share, but has dropped to as low as 10/share.  Some speculation I've read about the decline centers around the subprime crisis, which should not have impacted MCGC since they do not hold any subprime mortgages.  I believe that MCGC got taken for a ride as other financial stocks dropped like rocks.  Other speculation related to this was that there were a lot of investors shorting MCGC during the drop.  Either way, I see anywhere between 10 and 12.50 as a solid buying opportunity.  In watching some of the technicals, I believe MCGC will go to 15/share should it cross the 50-day moving average on an uptrend.  The added bonus here is the high dividend yield.  Currently the yield is around 15% and MCGC did announce that they forsee $1.76 per share in dividends in 2008.

I believe I have a similar situation in my AINV (Apollo) holding. There are no subprime mortgages held by AINV.. just corporate debts. Part of the problem with subprime is that there were so many subprime mortgage debts that were packaged together that were rated "AAA" but were in reality were nowhere near. Therefore, ratings are being more scrutinized... and even though AINV and MCGC (and the like) may be holding great business debt, the value to many may be lesser than what they SHOULD be due to the subprime mess. I don't see AINV's debts defaulting... and MCGC is likely in a similar boat (I haven't done a whole lot of due diligence on MCGC, but knowing that it's a similar investment vehicle), this is a ride it out as people realize that many "good debts" are still good. Good luck with this one...