" but this board has NOTHING TO DO WITH FEDERATED. That company is simply one of many Verisk shareholders. Yes, those shareholders (including Warren Buffet) benefited from the IPO. So what? Yes, the IPO was engineered to benefit those shareholders (and for other purposes). So what?"
Well I beg to differ - most of these shareholders - Class B - were paying big bucks - like MILLIONS of dollars in fees to ISO. They were the actual customers of ISO. Provided Data to ISO. Including AIG. (wonder if taxpayers paying for the bailout will benefit from any of their profits they made on this SO WHAT thing!)
I thought perhaps Federated was also a customer - but according to that affidavit taken under oath by the Federated employee - Federated apparently doesn't even use their product. The case has not made it to court yet (going on 2 years now) - so obviously the contents have been kept quiet.(but available from the courthouse) But once the Federated v. Boudreau trial starts I imagine it would be more in the public's eye - given Federated is claiming the data is a trade secret and belongs to them.(They tried and failed to prove a trade secret case before - basically they use bullying tactics to scare the bejesus out of anyone that wants to leave the company with lawsuits set up "To make them sweat" -i.e. Blacksten v. Federated case.) So who knows - maybe the criminal and civil cases won't make it that far. So good for them - Federated just walked away with $50 million dollars and another $80 plus waiting to be sold at some point. Why would they keep it given what they said about the product? Happy selling investor indeed!