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Old Republic International Corporation Message Board

  • commoditywatcher commoditywatcher Mar 16, 2000 5:54 PM Flag

    Finally some good NEWS

    It would appear todays announcement of ORT's
    settlement with Ca. Ins, Comm. spurs some confidence in
    their position (That they did nothing legally wrong)
    and hopefully a positive resolution to the SF suit
    will follow shortly. (Hand the attorneys a
    kleenex)

    Check out the new web site for new services (Flood
    Certification & Nationwide Appraisal Service)

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • have the bucks yet I'm slowly selling my profits
      from pilt security stocks and puting the profits into
      ORI. I've been doubling my money very 2 or 3 years by
      buying a beaten down stock and holding. Have 4,000 so
      far. I want to get 4,000 more.

    • WOULD YOU LIKE TO BUY ABOUT 15k SHARES AT 14??

    • Up $1 on no apparent news. Or, did I miss something? Anyone?

    • stock over the last 2 months I'm hoping for a double over the next year! I think it will happen.

    • I know it's true, but I can't believe all of the
      people that have forgotten about big money. Small
      accounts I understand, but not thousands.

      It's
      especially hard to understand any large amounts from RE
      closings. (It's not an event that happens everyday, for
      most people)

      I heard a story recently about a
      state that was trying to find owners & sometimes they
      wouldn't take the money...how stupid is that?

      I'd
      love to read the entire case & see all of the exhibits
      & motions. The bank has a reason to keep the money.
      (They can loan against it.) Title/escrow companies
      don't have a reason. It disturbs me a little to think
      this co may have converted funds. At this time I just
      want a positive settlement...the fact they keep
      referring to "vigorously defend" makes you think that at
      least corporate didn't condone this type of action.

    • The Controller would have you think that they do
      due dillingence in finding the proper owners
      of
      escheated monies. This is total BS since if you do not know
      where to look on the internet there is not a chance in
      hell you will ever see the money. I have lived in the
      same place for over 20 years and forgot about a small
      amount I had in an account at Citibank. Not one letter
      or anything did I ever receive from the State nor
      Citibank about same. If I did not hear about the web site
      accidently I never would have received a dime. As far as I
      am concerned the difference is legal stealing vs
      illegal stealing. I think the illegal stealing at least
      kept records in case the entitled persons asked for
      their money.

    • I've never heard of holding fees & conversion,
      only of interest earned on accounts.

      Again,
      escheat payments have been made & holding fees, if used &
      against Ins Comm regs would have been a story. Recent
      release w/regard to comm would indicate otherwise. (A
      $330k contribution to educational program I think would
      be a slap on the wrist.)

      Everybody (who
      cares) READ the annual report with regards to litigation
      cost & nobody disputes they are substantial, but this
      is a company that earns $200+ mil/yr and has the
      highest ratings of any national title insurer. They will
      get through it. And recent developments seem to be
      positive.

      If there was conversion (theft) why no criminal
      charges against anyone in the company?

      I'm sure
      Chicago was sending auditors out west at least every 2-3
      years and corporate auditors are like IRS agents. And
      it's no joke when they are there. It's hard to believe
      they would miss a systematic "theft" of customer
      money. It's their job.

      With regards to FNF & FAF,
      obviously everyone is getting looked at by controller, but
      not everyone is being sued by SF. (I've been to the
      courthouse - they could use some new computers there...and
      it costs about $10 to park for an hour accross the
      street! And if the gov sues they don't care, because
      you'll never get attorneys fees back even if you
      win...it's at least to some degree political
      bull$#!+)

      Besides, their charts look just like this one. If I were
      picking the trifecta I'd probably go FAF ORI FNF. FNF has
      lost a BUNCH of agency business to FAF. They all are
      starting to point up, check the charts.

    • If they did nothing legally wrong what was the
      settlement over? Commoditywatcher sounds close
      to the situation. Tell us more.

      • 1 Reply to hoodat1
      • I've been guessing all along that they were
        earning interest on escrow deposits & funneling them into
        the NV Holding Corp. where former CFO embezzled $1
        mil or so. My guess was these were "smaller" deposits
        (maybe up to $100-200k) where they were not directed as
        to how to invest the money. A bunch of smaller
        deposits can add up.

        When CFO was turned into
        authorities he squealed about anything he could think of. He
        wanted the best deal for himself and probably wasn't
        think warm thoughts of his former employer at the time.
        The stock price was $29 & climbing when the news of
        the suit broke.

        I'm also guessing their
        argument in court was they did nothing legally wrong
        because they were never directed how to invest the
        money.

        (While maybe not ethical, it wasn't illegal.)


        I've talked to some title people from Ca. & they say
        EVERYONE charges a Reconveyance Fee, sometimes they have
        to pay for reconveyances, sometimes not. (Of course
        they NEVER refund the reconveyance fee) This maybe
        could be considered a customary fee, if the insurance
        commissioner doesn't set rates or regulate fees in
        Ca.

        The escheat payments to the state have been
        made.(Which they were most certainly earning interest from
        also) I'm hoping (along with many others) this latest
        news leads to a positive resolution of the case, as I
        have a few shares and I'd like to see the company
        straighten their ship & the price move north for a
        while.

        Those, I believe were the 3 major points of the suit
        against the company. Settling that suit and sending the
        lawyers back to their firms couldn't hurt!

 
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