Given the fact that there is a long history of many failures of SinkHole's business model, it is astounding that anyone would follow it as blindly as this management has. Thus, the characterization of "stupid" quickly comes to mind....
You have it backwards. As the Fed "tapers" its bond purchases, interest rates will rise and the value of SinkHole's bond portfolio will drop like a stone, causing book value and tangible book value to follow.
In fairness to the SinkHole's management, "fraud" with respect to the loss reserves is almost impossible to prove, and "stupidity" has not yet been deemed to be criminal in nature.
Obamacare will have little impact on property casualty insurance companies such as this one.
More likely goodbye. Company is a melting ice cube. Recapitalization is unlikely as the company likely would not be able to generate a return that would cover its cost of capital. Similarly, for this reason, a buyout would appear to be remote, the company having had itself in the store window for some time now with no takers.
I will assume for your benefit that it is a typo on your part, but otherwise one who cannot spell "resilient" ought not be in charge of his or her own financial affairs and they should avoid financial chat rooms, But you see, it's like this: the company told us some time ago that it was taking a big loss in Q2 and that the report would be delayed quite some time. So last week's disclosures were nothing new and only buttressed the belief of some that the nebulous concept of "book value" and "tangible book value" are translatable dollar for dollar into share price. They believe this conceptual single-point estimate to be both real and permanent, or, better yet, a number that can only rise! How stupid can one be? But it is entertaining to watch.
I'm betting on another waiver, and I'm trying to think of what other onerous provision the bank will put on SinkHole. Paying the lawyers' bills is a classic!
Sounds like someone is getting a bit frustrated. Nervous, perhaps? And if you think stocks that have pooped out like the SinkHole has are guided or driven by broader market action, especially action such as today's, then you are truly dumb as an anvil. I mean, let's face it, Boy, one-half-of-one-percent is not much of a move in this day and age and to blame your 3.37% drop on the Dow's action sounds truly stupid. Or nervous.
The broader market has no influence whatsoever with the direction this POS moves, you nitwit. SinkHole's pps is entirely in the hands of daytrading speculators. You should be as dumb as I!
Again relating to the LOC facility. This one adds the requirement that three law firms be paid for work dating back to May, presumably for work involving the waiver letters that have been drawn up (SinkHole had agreed to pay the bank's expenses), a total of about $100,000. SinkHole is required to cut the checks by Dec 6. In addition, all of the requirements put to the SinkHole earlier must be met by Dec 6, although a Default Event can be declared if it is determined prior to that date that any of the requirements will not be met. Apparently, one of the LOCs has been returned and cancelled, meeting one of the several requirements, with three others yet outstanding. Buys time, that's all, but clearly the bank's lawyers are getting a bit impatient waiting for their money.