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Signature Group Holdings, Inc. Message Board

  • fxrd2000 fxrd2000 Jul 15, 2005 2:34 PM Flag

    California Dreamin'

    What time does a California judge wake up?
    Is there any news on dismissal of the lawsuit.

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    • No need for Arthur Andersen!!!


      "But the company insists that they have adequate reserves, and if they do not, since 8/15/02 they can be in deep doo doo if they are found to be lying or not dealing straight with shareholders and regulators."--by "imnotadoofus"

      BUT CAN WE TRUST THE CALIFORNIA DIVISION OF INSURANCE COMMISSIONER HARRY LOW AND CALIFORNIA ATTORNEY GENERAL BILL LOCKYER AND THE OTHER REGULATORS TO DO THE "RIGHT THING"?

      FROM THE WORKERS' COMPENSATION EXECUTIVE MAGAZINE

      Requires Adobe Reader:

      When after two executives in Fresno pled guilty for forging documents and after 10,000 additional backdated [forged] documents were found in Fremont's offices the Davis Administration's Attorney General in California, BIll Lockyer, cut a secret deal for $525,000 in fines and $200,000 for retraining their adjusters. Fremont executives suffered no additional criminal or civil sanctions and was allowed to settle, admitting no wrong doing.

      ht tp://www.wcexec.com/vdata/5/nl/12/downloads/s-agreement_00f21.PDF

      ===============================

      Mr. Harry Low had reported prior to taking office in 2000 that:

      "I certainly will avoid any kind of 'innovative' or 'new' kind of settlement structure,'' Low said.

      ===============================

      When Fremont Compensation Insurance Groups claims reserves were found statutorily insolvent at a negative $19 Million the new California Insurance Commissioner Harry Low, cut another deal to allow Fremont to "change their accounting practices" to allow Fremont's books to show a positive $200 to $300 Million.

      HAS THE WORKERS' COMPENSATION ENVIRONMENT GOT ANY BETTER SINCE NOVEMBER 16, 2000?

      Note: November 16, 2000

      ISSUE MEMORANDUM

      "THE COMMISSIONER [HARRY LOW] AND THE DEPARTMENT MAY BE CRITICIZED FOR 'MASKING'
      FREMONT'S FINANCIAL PROBLEMS WITH AN ACCOUNTING GIMMICK"

      With a deal like this from the DOI who needs an "Arthur Andersen"!

      ht tp://www.wcexec.com/vdata/5/nl/12/downloads/fremont3.pdf

      No mention of any of this was made of this in the official Public documents.

      ht tp://www.wcexec.com/vdata/5/nl/12/downloads/Fremont.pdf

      WILL NEVADA'S INSURANCE COMMISSIONER BE ANY BETTER IN SUPERVISING FREMONT?

    • Harry Low held 5,536 Shares of UB Union Bank of California which was holding 343,490 shares of FMT and a $25 Millon dollar loan to FMT when Harry Low took office as Insurance Commissioner.

      Mr. Harry Low was on the BOD and the BOD Credit Review comittee of the Union Bank of California in 1999 when it had already had become appearent that Fremont was in trouble.

      Fremont's shares had droped 50% in value in one day in August of 1999.

      Mr. Harry Low had reported prior to taking office in 2000 that:

      "Asked whether he had any ties to the insurance or financial industries that could interfere with his work as commissioner, [Harry] Low said he knew of none."

      snip

      "Doug Heller of the Santa Monica-based Foundation for Taxpayer and Consumer Rights urged Low to describe the JAMS cases in which he participated, providing at least a summary of issues, plaintiffs and defendants.

      That would show Low can be ``an advocate for, and responsible to, the consumers of this state,'' he said.

      Heller also asked Low to promise to act independently of Davis.
      ``Because of Gray Davis' prodigious fund-raising from the insurance industry -- $1.1 million in 1999 alone -- Justice Low should guarantee that all personnel and policy decisions will be independent of the governor's office,'' Heller said.

      Low did not address Heller's comments specifically, but said state law is designed to protect consumers and ``it is my intention to administer that law forcefully."

      ===================================

      Unionbancal Corp � DEF 14A � For 4/26/2000
      Filed On 3/30/0 � SEC File 1-15081 � Accession Number 912057-0-14994


      The Credit Policy & Review Committee oversees the credit functions of the Company including the overall credit portfolio, composite credit policies, credit review and examination policies, and the methodology and adequacy of the allowance for credit losses. It also reviews a compliance program for credit functions and the establishment and delegation of credit authority. In addition, the Committee reviews reports of examination conducted by bank and bank holding company regulatory agencies and follows up with appropriate management so that recommendations and corrective actions may be implemented. Directors who served on the Committee at December 31, 1999, were: Stanley F. Farrar, Chair; Richard D. Farman; >>>Harry W. Low;<<< and Robert M. Walker. The Committee met seven (7) times in 1999.

      snip

      Harry W. Low..[Age]...69......5,536 [Shares]

      Justice Low has been a mediator and
      arbitrator with Judicial Arbitration &
      Mediation Services/Endispute, Inc.
      (JAMS/Endispute) since March 1992. He
      was the Presiding Justice for the
      State of California Court of Appeal,
      1st District until his retirement in
      January 1992. Justice Low has been a
      director of the Company since January
      1993.

      http://www.sec.gov/Archives/edgar/data/1011659/0000912057-00-014994-index.html

    • Another Undiscloseed Conflict of Interest?

      http://news.yahoo.com/s/nm/20050720/pl_nm/california_dc

    • Fremont auditors for 1997, 1998, and 1999 would have been a poor due dilgence in issuing Clean Audit Reports for those years.

      pocilujko,

      We have had 41 California workers compensation insurance companies go belly up since 2000.

      This was pre-Enron and SOX auditing please don't suggest that auditors during this period exercised "due diligance" in disclosing the accuracy of insurance company reserves for losses.

    • Subj: Re: Harry Low was FMT's banker
      By: stakeholder_9999
      Date: 07/19/05 11:48 pm

      I am not sure if I owned Union Bank back in 1997, but at that time with FMT's Financials and Balance Sheet, any bank would be happy to loan FMT money.

      That true pocilujko.

      But how accurate were FMT's book during that period?

      In the 2nd(?) Quarter of 2000 FMT finally disclosed that it had a 259% combined loss ratio.

      Did FMT disclose this and Gerlings Reinsurance later request for an audit to the sources of that $400 million dollar loan facility as required in their contract with FMT.

      Therefore was Harry Low on UB's BOD's Credit review committee aware of Fremont's full status before taking office?

      Or did Fremont General also fail to disclose their true economic situation to it's banks?


      .
      Stakeholder:
      Fremont auditors for 1997, 1998, and 1999 would have been a poor due dilgence in issuing Clean Audit Reports for those years.

      As for 2000, workmen comp loss ratio went thru the roof. I own DFG(Delphi Financial Group) at that time which own a SUB that did Reinsurance on Workmen Compensation. DFG was lucky to escape HUGH LOSSES. FMT and others were stuck with those losses when the Reinsurance fell apart.

    • I am not sure if I owned Union Bank back in 1997, but at that time with FMT's Financials and Balance Sheet, any bank would be happy to loan FMT money.

      That true pocilujko.

      But how accurate were FMT's book during that period?

      In the 2nd(?) Quarter of 2000 FMT finally disclosed that it had a 259% combined loss ratio.

      Did FMT disclose this and Gerlings Reinsurance later request for an audit to the sources of that $400 million dollar loan facility as required in their contract with FMT.

      Therefore was Harry Low on UB's BOD's Credit review committee aware of Fremont's full status before taking office?

      Or did Fremont General also fail to disclose their true economic situation to it's banks?


      .

    • $ 78,116,000 NET INCOME 9 Months ending 9/30/97 for FMT

      Total Stockholders' Equity (FMT).... $754,564,000

      Old Harry Low was on UB's "Credit Policy and Review Committee" when UB made a $25 million dollar credit facility to Fremont General in 1997

      Stateholder:
      I am not sure if I owned Union Bank back in 1997, but at that time with FMT's Financials and Balance Sheet, any bank would be happy to loan FMT money.

    • UB was holding 343,490 shares of FMT


      Unionbancal Corp � 13F-HR � For 6/30/2000
      Filed On 8/9/2000 2:28pm ET � SEC File 28-04665 � Accession Number 1085146-0-50

      FREMONT GEN CORP....COM.....325,490...SH
      FREMONT GEN CORP....COM......18,000...SH

      http://www.sec.gov/Archives/edgar/data/1011659/000108514600000050/0001085146-00-
      000050-0001.txt

    • Old Harry Low was on UB's "Credit Policy and Review Committee" when UB made a $25 million dollar credit facility to Fremont General in 1997.

      ==============================

      DEF 14A as filed with the SEC

      The Credit Policy and Review Committee oversees the credit functions of the Company including the overall loan portfolio, composite credit policies, loan review and examination policies, and the methodology and adequacy of the allowance for loan losses. It also reviews a compliance program for credit functions and the establishment and delegation of credit authority. The committee considers reports of bank and bank holding company regulatory agency examinations and management's responses. Directors who served on the Committee at December 31, 1997, were: Stanley F. Farrar, Chairman; Richard D. Farman;

      >>>HARRY W. LOW;<<<<

      and Raymond E. Miles. The Committee met eight (8) times in 1997.

      http://www.sec.gov/Archives/edgar/data/1011659/0001047469-98-017008.txt

    • Subj: Re: fmtclo:Whose interest was Harry serv
      By: aint_2_l8
      Date: 07/19/05 09:42 pm

      Who really stabbed Julius Ceasar?? How about "What year was the Battle of Hastings?

      The answer is the same......

      ITS ANCIENT HISTORY AND WE DON'T CARE.

      aint:
      Speak for yourself, I love reading ancient history. I also watch the History Channel.
      Battle of Hastings was in 1066. Fremont wasn't around.
      Fremont history may be OLD but not Ancient.

      Yes, I own many shares of FMT.

      Good Luck.
      Ed

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