Did anyone else see the article in the WSJ about Gerald Ford?
He just made (almost) another one billion dollars (yes with a "B") on a company sale. No wonder he had the extra $10M to put into FAC. This amount was just a rounding difference. Sure wish old Gerry would push a bunch of his new found monies into FAC and make this little company go on a price run. It is about time!
This is part of the problem- Mr. Ford has MUCH bigger irons in the fire to worry about a lil' ole company like FAC. FAC has biggest problem is when they were bought and the "smart" people took over and quit listening to the old mgmt and their agents. The mgmt style has changed since then to implement new rules and standards with no regard to ultimate results. Who would put a group of proven failed- non insurance suits in charge of a non-standard insurance company. Bad- bad decision, and their results are showing it. How long can you continue to bleed like they are without making some radical changes? Losing $26M in a quarter is real money! You sure can't continue with the status quo. I think Harrison left out of frustration and the fact that his shares of stock were headed toward $0.... *May be time to sell and run
Don't really follow this stock, but I'm in the insurance business and what you say makes sense. When you get non-insurance people in charge that don't respect the culture of our industry and the long term affects of what they're doing you have problems. Steve H. knew the business from the ground up. That's the kind of people that need to be leading a company. They know everything about the company, they birthed it and the options for the future now are what??? I'm not bashing the stock, sounds like the guy has the money to make it go if he wants too, but who would want to buy a sinking ship? He's going to have to get insurance people running it to plug the holes or sell at a big loss himself. Money people don't like to lose money, so he'll do something.