Ho-Hum, and another terrible quarter!! Is there another company that can get away with what SIGI does? This is almost criminal.
We've got a an absolute misfit running this company who can't get out of his own way. We've got a Board of Directors who sits idly by, collects its perks and bonuses, and tells the stockholders to "go to hell."
Remember the immortal words of attonery Welch at the McCarthy hearings many years ago. Well, if you didn't he simply said to McCarthy "Senator, have you no shame?"
Yes, the companies you name are good candidates. But even better might be a Cincinnati Financial, Hanover, Liberty Mutual.
But here's the problem. If any of these companies make a private ovwerture to Murphy to buy the company, it will never see the "light of day" and we will never know an offer was made.
What I hope and pray for is that some company, if it is serious about buying SIGI, makes a public ofering. If the offer is a fair one and if it is declined by their Board, then we might well have a great case against Murphy and the Board on a misfeasance basis based upon their wanton disrgard for shareholder interests and their continuing indulgence in perks of every description. I would be in the forefront of those who would mount a law suit against Murphy and the Board.
If it weren't for my posts, this Board would be absolutely dead. I guess shareholders have thrown in the towel and can't see any help on the horizon for their investment.
What I think about most is the pitiful Board of Directors which is ultimately charged with the success of this company. THEY JUST DON'T CARE!!! They are simply interested in lining their pockets with their Directors pay, their Director's pension and all the perks they enjoy along the way.
Is it true that this gang of theives meets but once every quarter?
Its misfeasance for sure and a tad away from nalfeasance. For shame, you helpless idiots!!
There may still be some hope for us shareholders. Nationwide just announced its intention to buy Harleysville for $60.00. Correct me if I'm wrong but that sounds like two times book. Of course, Nationwide's cash outlay will only cover the minority shareholders and they will absord the majority shareholder which is Harleysville Mutual.
Frankly, I don't know how you can make a comparison with SIGI, since all their stock is publicly owned.
But I think what they are paying for Harleysville would be a good multiple of SIGI's book and it would be a great acquisition for Nationwide which wants to remain competitive with Liberty Mutual.