Book drops every year. They are incompetent and the directors are self serving. The two managers cannot see the forest for the trees. Next to go is the dividend. If you want to play in this market, HCII is the class act. They are profitable, buy the best pools from the State, and are well managed. I used to own 1% of TCHC because I thought it was cheap and they could deploy capital. I sold every share. I see nothing has changed in 18 months.
Remember last April when FNIC received a $10MM capital infusion from the Holdco and AVIC in order to maintain it's "A" Demotech rating? Hmmmm. I'm guessing it's because they ran out of capital again and this way the easy way out. It would have been much harder for the Board to admit that they don't know what they're doing and that they should have accepted the HCII offer.
BTW, the agency fee reduction that was part of the deal should make it even harder to get a dividend.
they have reduced their workforce in light of shared work & reduced payroll. So far, they have done everything in their power to reduce expense. Some of the OIR order was to help facilitate the change. I am waiting for 4th QTR 2010 for results. New board of merged company has a few newcomers, no lawson-ites, may explain what the 8A sell off was by Lawson earlier.?? All in All, I feel this is good.