Recent

% | $
Quotes you view appear here for quick access.

P M I GROUP INC Message Board

  • rich.dan102 rich.dan102 Mar 4, 2013 8:46 AM Flag

    Stipulation Extending Deadline for Freddie Mac and Fannie Mae to Object to Petition No. 24 and Petition No. 25

    Wh
    The Judicial Branch of Arizona, Maricopa County
    Superior Court : Adult Probation : Juvenile Probation :
    --------------------------------------------------------------------------------
    Español : Locations : Links : Employment :
    --------------------------------------------------------------------------------
    Home « Return to search results Civil Court Case Information - Case History
    Case Information
    Case Number: CV2011-018944 Judge: Gama, J. Richard
    File Date: 10/20/2011 Location: Downtown
    Case Type: Civil
    Party Information
    Party Name Relationship Sex Attorney
    State Of Arizona Plaintiff Lynette Evans
    Christina Urias Plaintiff Female Lynette Evans
    P M I Mortgage Insurance Co Defendant Joyce Van Cott
    Pmi Group Inc Defendant WILLIAM MALEDON
    Federal Home Loan Mortgage Corporation Intervenor SAMUEL CHILDERS
    Arizona Department Of Insurance Receiver Joseph Hennelly
    C M F G Life Insurance Co Defendant GREGORY HARRIS
    Lazard Freres & Co. L L C Intervenor PETER SORENSEN
    Official Committee Of Unsecured Creditors Of The P M I Group Inc Intervenor TIMOTHY SABO
    P N C Re Inc Defendant Craig Hoffman
    Pension Benefit Guaranty Corporation Defendant Diana Varela
    Case Documents
    Filing Date Description Docket Date Filing Party
    3/1/2013 003 - ME: Hearing Reset 3/1/2013
    3/1/2013 STP - Stipulation 3/1/2013
    NOTE: Stipulation Extending Deadline for Freddie Mac and Fannie Mae to Object to Petition No. 24 and Petition No. 25
    2/27/2013 PTT - Petition 2/28/2013
    NOTE: PETITION NO. 24 FIRST AMENDED NOTICE OF HEARING RE PETITION NO. 24 FOR ORDER APPROVING THE ASSET PURCHASE AGREEMENT, STOCK PURCHASE AGREEMENT, AND THE RELATED TRANSACTIONS DOCUMENTS
    2/27/2013 NOH - Notice Of Hearing 2/28/2013
    NOTE: First Amended Notice of Hearing Re Petition No. 25 for Order Approving Joint Sales Agreement
    2/26/2013 NOH - Notice Of Hearing 2/26/2013
    NOTE: Notice of Hearing Regarding Petitio

    Sentiment: Buy

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • I'm confused Rich ; what does this have to do with PMI ?

      Sentiment: Strong Buy

      • 2 Replies to ricknagra
      • Looks like the GSEs are preparing to object to the bogus deal the ex-PMI execs are trying to strike with Arch to preserve their jobs. Just the other day MGIC was on their call saying for every $20B in NIW they will generate $400M in contribution. But PMI is trying to sell the profits of their 2009-2011 books of business to Arch for $90M. Guess how much NIW PMI wrote from 2009-2011? Almost exactly $20B. Now, sure, some of that profit has been realized already, but no way has 3/4 of it been realized already. By my guess, only 1/4 of it has. So PMI is trying to sell $300M of profits to Arch to encourage Arch to buy the assets so they can keep their jobs.

        Given the value in those books, and given that MGIC is being allowed to run at 48:1, TPG should be suing Arizona to get the operating companies back while the operating companies are still intact. Or at a minimum they should sue to block the transaction, and get any residual value out of the operating companies once they are run off. And there could be residual value after policyholders are paid, if they were runoff correctly.

        It looks to me like Arizona had a vendetta against former PMI management, and now the dimwit they put in place of running it off is willing to allow assets to be sold on the cheap so the remaining employees can keep their jobs.

      • This is in reply to petition 24 and 25 filed by PMI in Arizona