Well I just saw something very interesting last night. All of a sudden the SEC website is showing correspondence between the SinkHole and the SEC dating back to February -- these documents just showed up yesterday. The first is a letter from Hitselberger to the SEC responding to a series of questions that the SEC had about the company's disclosures in it Q3 Form 10Q. The second is a brief letter from the SEC, dated 3/28, stating that the SEC has completed its review. Remember that the company had stated it expected to file a 10-K "about the end of March." It would appear that this exchange of correspondence would suggest that the holdup of the 10-K has been about the SEC's questions and challenges. This information should have been relayed to the public long before now.
The market is saying by the current price that there is a strong possibility of this -- and clearly the expectation is not that ACP will be paying more!
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