"After waiting patiently in private for too long, today we are making public our deep dissatisfaction with the management of Signature Group Holdings, Inc.
Mr. Noell was neither incented nor qualified to execute the company's strategy of acquiring operating businesses that would maximize the value of the NOLs.
It appears to us that SGGH's persistently depressed share price reflects the market's concern that the current state of affairs will persist and simply lead to the NOLs "withering on the vine."
4.Begin a search for a new CEO whose skill set is more consistent with a publicly traded acquisition vehicle;
Have I been saying this for 2 years now or what? I'm gonna say it. I have to. All you suck ups believing any line of malarchy this guy has fed you over the years have earned it. Here it comes.
Well well well, I believe this letter came because this merchant banks ideas were tossed for whatever reason, it also leads me to believe there's a deal pending that Raj doesn't know about and he's just venting. So, is Noell the best for this job?? Of course not, which is why the Zell acquisition of stock is exciting. Otherwise, Raj probably right. Now, did you buy stock at .26 c when I harped on it? When stock was available in size, remember my chunky comment. Yeah that one. Lets watch this play out, as long as Raj sits on his hands and doesn't do something stupid we should be OK. Most people don't complain when stocks double or triple with new direction clearly evident, thats why I question Raj motive. We don't see Carl yelling at Netflix after his 600mm win. Do we?
Interesting events. I don't blame Noell for 3 years of nothing since SGGH was not deal viable for much of the time. The SEC non compliance, no audited books and litigation and the well known Scrum with Blitzer and McIntyre, all being impediments to any deals.. Having said that , they have no excuse for not moving over the past 7-8 months after the new BOD was seated. I would also agree the overhead of staff might be out of line based on what their handling. Overall I would agree more with Charlestown's points, especially these last 8 months