Given the premium they paid over what SinkHole was really worth, there is no reason to think that they would not overpay for this turd as well. However, the NY sanctions imposed, requiring AFSI to hire a chief actuary and bulk up their actuarial staff, plus submit to increased audit oversight, could slow up AFSI's acquisitiveness.
Vdery interesting disclosure in today's 8K. Look for a big hit to reserves -- new Chief Actuaries never, ever find hidden reserve redundancies....
deanrogers770 has been a member since...today! And he already has 125 posts! Robo-post, pushing, not stocks, but PennyCrapWeekly! Go away, dean.
Something's up, besides the stock price. This thing was doing small volume for most of the day when suddenly things started to pick up in the afternoon. SinkHole management let the word leak out that there's another announcement coming?
Not sure about the CW deal, but the Merrill Lunch deal was certainly done at the point of the govt's gun, and the fines that have been since levied have only stuck it to BAC's shareholders all the more. What a screwjob.
Actually, according to NASDQ, the after-hours low was $1.45, at 17:06 (six minutes after five o'clock, to you), with most of the trades actually in the $1.75-$1.85 range. It will be interesting to see what conclusions are drawn by investors over the weekend. And of course we are still waiting to hear from ACP
Almost a month ago a Canadian fund filed a 13-G reporting it owned almost 6% of this turd, 3.3 million shares. Hard to say where they bought them, but unless they were supper johnny-on-the-spot, they probably bought them in the $2-$2.20 range. Reasonable to surmise they are not happy with this buy.
Look up MMCap's website. If you click on "Performance" you get a blank page! And if you click on "About" this is what you get (I kid you not!):
"This is an example of a page. Unlike posts, which are displayed on your blog’s front page in the order they’re published, pages are better suited for more timeless content that you want to be easily accessible, like your About or Contact information. Click the Edit link to make changes to this page or add another page."
Clearly, MMCap is just a real first-class operation.
If you read the agreement as amended, ACP accepted the fact that the litigation exists and that it will take a long time to resolve. The status of the suits is not an issue nor can it be. You and I both know that. Reaffirming my long established opinion, I think ACP should want to end the deal or, minimally, demand a lower price for a host of reasons. Depending on what is being investigated and who is behind it, the SEC investigation could indeed represent an avenue of escape (or at least lower the price). But we don't know yet, do we?
Bostoncommons 2 suggests we read the pleadings in the case reported on by the Albany newspaper. Perhaps he can tell us where to find them because they don't seem to be on-line anywhere. But he does claim familiarity. Could it be that he is really Dennis Vacco, Berman's lawyer on the case and, I might add, former member of the Board of Directors of Upper Hudsona, and who also happens to be from...Boston, NY (a rather shabby suburb of Buffalo).
Berman and Vacco and the other officers and BOD members of Upper Hudson are no doubt in the gunsights ot the NY Div of Financial Services (the state's insurance regulator) and have either been served with lawsuit papers or expect to be, so naturally Berman is going to file a suit claiming that it was somebody else's fault.
If you look, you can find the DFS triennial report on Upper Hudson as of year-end 2011. It was a remarkably small company with $5.9 million of capital, but made up for its lack of size by running itself in an unusually sloppy manner. The company was criticized on a number of issues by the DFS for failure to file a number of forms including conflict of interest statements that are supposed to be autographed by management members.
The story was bullroar. All about some character that is trying to pull a fast one on his partners. Bringing SinkHole into the picture is purely eyewash.