Hi Frank Zhang of Yale University (frank.zhang @ yale.edu),
Did you actually write this article from Seeking Alpha? Do you realize now that Insurance Insider reported the company hired 3 banks (JP Morgan, Barclays Capital and Bank of America) to seek a resolution to the reserving crisis? That JP Morgan was given a mandate to address the issue with a DISPOSAL of the business among options? You should not write an article like that without the full facts at your disposal.
Did you read the FULL Insurance Insider article? DISPOSAL OF THE BUSINESS
among the options under consideration.
Ailing (re)insurer Tower Group is working with Barclays Capital and Bank of America, in addition to JP Morgan, as it seeks a solution to the reserving crisis that has sent its share price plummeting, The Insurance Insider has learned.
The Insurance Insider revealed yesterday (26 September) that Tower Group had handed JP Morgan a mandate to address the carrier's issues, with a disposal of the business among the options under consideration.
If you bought because of one persons opinion of the stock without doing your own due diligence then you deserve to lose every penny. No need to blame him. And aside from that I still think its a Buy Sub $8
How can anyone due diligence when the CEO did not know what is going on? That is the problem, there is no due diligence you can do when no one knows what the actual losses are and reserves to be replenished, etc. So, the Professor uses his Yale University association to get people to believe he knows what he is saying. Fooled by another idiot.