RAMR is clearly expecting that PMI(which owns 25% of RAMR)is going to be taken over within the next year:the question is whether the new controller of PMI shares will be another company OR the insurance commisoner of Arizona.
let's see, the language below suggests nothing other than PMI can sell its shares IN RAMRE to another pary and that party can retain PMI's rights, plus PMI is actually adding a board member according to the proxy, just face it, you misread the proxy, there is nothing i can see that suggests pmi is thinking of selling ITSELF, but like i said i can see pmi selling its ramre stake at some time, given it is desperate for money and even a few million will go a long way, that might even be why they are putting their lawyer on the board, to faciliate a sale of pmi's stake.
"In addition, PMI will be granted a right to designate (on a one time basis) a purchaser of a number of PMI shares equal to at least the lesser of 5,270,034 or 20% of the then outstanding common shares to assume its rights under the Bye-Laws, subject to certain exceptions as provided in the Bye-Laws attached as Annex A hereof."
"and (v) enable the PMI rights under the Bye-Laws to be assumed by any purchaser of a number of PMI shares equal to at least the lesser of 5,270,034 or 20% of the then outstanding common shares, subject to limited exceptions."
interesting, what exactly did they say that made you draw that conclusion, though i would discount whatever RAMR mgmt has to say, they were heavily buying their own stock all throughout the past year, and are looking like they made a bad bet on that, so their prognostication abilities are suspect, i doubt very much a regulator would take over the opco, look at TGIC, they are still operating independently, more likely is pmi would just go into runoff and the holdco would go bk so as to transfer ownership to the bondholders, that's a scenario i can see playing out.