They have 400 million in warranty receivables. Are they all a loss-probably not. I tried to find the transcript of the conference call but was unsuccessful. The CFO, I recall, mentioned the weakness of the warranty business in total and the reliance on third party administrators which are suffering in the current environment. If you can find a transcript you can read it yourself.
republicanable is eating crow on the Mepco comments he made.
Mepco turning a profit even with the $8 million charge tells us Mepco is not that big of a concern.
The shorts are trying to use more fear without any specifics to scare investors.
IBCP is oversold.
The housing market is recovering.
keeper found where foreclosures had a sharp decline.
I expect IBCP to have a much better 4th quarter than the 3rd quarter.
With over 2 million shares short, I do not see anyone adding to their short position.
The shots had better have an exit strategy.
A rebound is coming as the housing market improves.
The shorts will have no choice but help fuel a rally.
I also have some friends who worh there and some who left after working there for awhile. If the entire problem was real estate they would probably survive but there are other large issues that will need to be addressed. Stay tuned--year end should be interesting.