PROVO, Utah--(BUSINESS WIRE)--March 23, 2005--Raser (OTCBB:RSTG - News) will demonstrate its advanced motor and controller technology in a Formula Lightning car driven on the Grand Prix race course in Monaco as part of the Electric Vehicle Symposium (EVS-21) held this year in Monaco April 2-6, 2005. http://biz.yahoo.com/bw/050323/235614_1.html
this news did the trick...............
almost $2billion market with zero revenue......still can not get answer on Royality magic Quadrantb equation???
So play along with fear with disruptive technology..................exit
Essentially, insiders may have put friction in a deal that did not need friction. Maybe the deal was not needed at all. Creating a deal and adding friction is a great way to fund Starr. And you can bet Starr and SICO have budgets and the owners of those companies may drive results there as hard as at AIG. This would make a great movie......
First read the below post which appears to be extracted from AIG's financials.
In this case, it appears that Starr has subsidiaries that produce business for Transatlantic Re. In layman's terms Starr is Transatlantic's agent.
So, why does AIG and Transatlantic Re need a broker that is owned by Starr (AIG Senior Management including Greenberg) to broker a deal between the two companies.
That would be like giving your kid money for the movies and placing your wife in the middle of the transaction, giving her a healthy commission.
Doesn't make sense other than the fact that hundreds of millions of dollars (maybe billions) appear to be in a wasted state, outside of transparancy.
Transactions with Starr Starr owned approximately 1.8% of AIG's outstanding common stock at January 31, 2005, 2004 and 2003. As of such dates, certain directors of TRH, namely, Messrs. Greenberg, Matthews, Orlich, Smith and Tizzio, were also stockholders, executive officers or directors of Starr. Certain of Starr's subsidiaries operate as insurance agencies or brokers for insurance subsidiaries of AIG and, in such capacity, produce reinsurance business for TRH. TRH paid commissions to Starr subsidiaries of $12 million, $8 million and $4 million in 2004, 2003 and 2002, respectively, for such reinsurance purchased by subsidiaries of AIG totaling $56 million, $43 million and $30 million, respectively, in such years. From these commissions, Starr is required to pay its operating and acquisition expenses. Item 2. Properties As of December 31, 2004, the office space of TRH's New York headquarters and its Chicago and Toronto offices are rented from the AIG Group, which leases it from others.
Premiums written and earned that were ceded to affiliates include amounts which, by prearrangement with TRH, were assumed from an affiliate and then ceded in an equal amount to other affiliates. Ceded premiums written include $138 million, $79 million and $50 million in 2004, 2003 and 2002, respectively, and ceded premiums earned include $109 million, $71 million and $48 million in 2004, 2003 and 2002, respectively, related to such arrangements.
Since, according to the filings, this is a "subsidiary" of AIG, how is this 2.4 billion reflected on AIG?
Please note, the Starr commissions paid by Transatlantic are outside the commissions paid by AIG.
What are Starr and SICO's profit margins, before owner/employee distributions - 99%. This maybe the most profitable business in the world!!!!! C.V. STARR Background Formerly money-losing insurance agencies when AIG went public in 1969. Business Purpose Underwrites specialty insurance and owns AIG stock. Relationship to AIG AIG paid $77 million in commissions to Starr last year--36% of Starr's gross revenues. CEO Hank Greenberg. CEO Pay Undisclosed. Board Among 14 directors are Greenberg and six other insiders on AIG board. Ownership Greenberg owns 21.7%; 70 other AIG officers and retirees own rest.
STARR INTERNATIONAL (SICO) Background Officers of AIG contributed $110 million in AIG stock from the IPO to create a pool to compensate top AIG employees. Pool is now worth more than $20 billion. Business Purpose Funnels incentive rewards to 600 top executives at AIG outside the purview of AIG's compensation committee. Also owns golf course and real estate. Relationship to AIG SICO gave AIG's top five execs bonuses worth more than $55 million in 2000. Chairman Hank Greenberg. Chairman Pay Undisclosed. Board Among 15 directors are Greenberg and six insiders on AIG's board. Ownership Greenberg owns 8.3% of voting shares, 11 other AIG officers and retirees own rest.