From the amended proxy statement, the BOD was reduced in size by resolution from 9 to 8 directors as of May 1, when fraizer left. Further, this quarter, another director will be leaving, and the board has adopted a resolution reducing the number of directors from 8 to 7 effective as of tomorrow.
The BOD had 10 members as recently as March, before Kerrey left. Wonder why they aren't filling the vacant seats, but instead are just reducing the size of the board?
I agree with Matt. I believe they will hunker down and with the know folks on the BOD will start to turn the boat in the right direction, waiting for the new CEO to fire up the engines to get underway on the course.
As far as the sales go, all of these different lines were meant to balance the teeter-totter. which is currently bowing in the middle under the weight from all sides.
Not of the whole entity. I can't think of any company that would ever pay what the bod or shareholders want for the current enterprise. But parts could be sold more easily - wealth management could be the easiest sale, and could free up money for a buyback. life/ltc may be sellable at a discount to book, yet at a premium to its portion of the current market cap. canadian mi could be easily sold for a decent sum - it's already a liquid asset. and then there's that MI spinoff possibility that has kept folks guessing for years.
All we can do is keep hoping. however, i really do think they intend to keep this thing together for at least another year, until life/ltc resume dividends.