Share price down a penny on little volume. Sidoti, the ONLY bank following this turd, has a major impact, right?
Hitselberger better care, because if this turd gets seized by the regulators because of his inaction (or any other reason), I can assure you and him that the insurance commish is not going to cut him a check for $1.4 million as a retention bonus, regardless of any kind of contract he may think he has!
Fact of the matter is, I did miss the AFSI conference call where they said things that give confidence that the takeout remains on track, accounting for the boost in the stock price Thursday.
Of course it will be filed on a Friday afternoon, so that you will have all weekend to think about the #$%$ results, as compared to filing it earlier in the week so that people can act on it right away.
Yeah, right! The big plungers all get their best investment ideas off Twitter.
What a twit!
You were a quarter of the volume yesterday! Must give you a warm feeling all over. Wait 'till you see what the feeling is like when you go to sell and there are no buyers.
Takes more than balls to be an investor, Sport. Brains and common sense would help you. You always think with your #$%$?
Well, they finally got the K out and it was another "great" quarter. You have to dig out the 9/30/14 Q and do some subtraction from the FY numbers in the K, but in Q4....
SinkHole lost almost $101 million, or $1.58 per share
Cash flow from operations was a fat negative, to the tune of $255 million, almost $3 million PER DAY, Sundays, Saturdays and holidays included.
Shareholders equity fell by $112 million, or 54%, to $95.55 million. For those that cannot do long division, book value per share is now $1.66. ACP Re will be paying 1.8x book value for this turd. Tangible book is $0.27 (at least it's positive).
I'll bet the price is renegotiated downward
The lousy quarter, of course, should give unhappy shareholders pause in their thoughts about rejecting the merger so that they can file for appraisal rights -- they could end up with less than ACP is offering!
One has a right to ask exactly who it was that was ignoring the trends: the actuarial staff or the (former) CEO? Note also the parade of regulators that stepped in with orders at the end of April's third week, and the notation that six of eight units were below their capital requirements and that recap plans seem to hinge on the sale of the company. Kind of reminds me of Vito Corleone's comment in "The Godfather": "Look what a mess they make of my boy."