rc11 - I'm in the same boat. I consider the $10K worth I got found money. I sort of look at this as buying 803 shares at $.01. Yes, one cent. I never expected to see anything. I would say it was a price of zero, but that messes up my portfolio calculations.
Like you I have no experience at all with the insurance industry, although I'm just starting to understand that MFC is a lot more than insurance.
I guess I can afford to learn more for quite a while. I'm in no hurry to sell. I don't need a new livingroom :-)
Like everyone else (two of you), I am no by no means an expert in the insurance/financial services industry. However, I do know that MFC is an EXTREMELY well established firm with excellent earnings. There is a tremendous amount of 'old money' affiliated with MFC.
Anyone out there that took cash and ended up with some shares? An incredibly raw deal considering the reason for it (U.S. investor taxation issues) was not covered by the docs. As expected, the large sell order today, due to the sum of odd lot orders received by the transfer agent, was done below the IPO price of $18. And don't forget the fee! Considering the fee increases in Dec. anyone out there with ideas on best way to dump these shares at a decent price? You can't specify a stop order, the transfer agent deals with them as they arrive. Arghh! Not amused. (I feel a bit better now) Anyone having similar thoughts?
I recently bot MFC at 12.50 and at about 8.1 times earnings we can,t go to far wrong. Heard about it on another board, looked it over and decided to try some. If they do half of what they claim , the stock is bound to go up. At least it has earnings which is more than most stks.