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Tower Group International, Ltd. Message Board

mesazoombie 46 posts  |  Last Activity: Sep 15, 2014 12:38 PM Member since: Oct 1, 2012
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  • Reply to

    Dividend raised today to 50

    by sam_0534 Sep 15, 2014 9:04 AM
    mesazoombie mesazoombie Sep 15, 2014 12:38 PM Flag

    And the price drops more than the other commercial mortgage Reits are dropping today!

    BXMT - 1.08% ACRE -1.05% ARI -.78% ABR unch

  • Reply to

    Halted

    by lakersnokings Aug 21, 2014 1:03 PM
    mesazoombie mesazoombie Sep 12, 2014 2:10 PM Flag

    I'd bet on the latter. What is a fair price to pay for the government guaranty?:

  • Reply to

    Massachusetts gives conditional approval

    by mesazoombie Sep 12, 2014 1:28 PM
    mesazoombie mesazoombie Sep 12, 2014 1:29 PM Flag

    I meant delay but I kind of like dealay!

  • The text of the Mass conditional approval is on the Mass website. The Mass approval is conditional on New York's approval.

    Most interesting to me was that ACP Re waived their right to dealay the date of the public hearing (near bottom of 2nd PDF page)

  • Reply to

    Pop expected

    by swp3 Sep 10, 2014 11:15 AM
    mesazoombie mesazoombie Sep 10, 2014 2:27 PM Flag

    Do you know where DealAnalytics got this info? I cannot find it on the NJ/NH insurance websites. I noticed on some insurance websites it takes a few days/weeks for the results of hearings to become effective.

    Absent a deal with the bondholders I do not see how a default on the bonds on Tues 9-15 is avoided. How will stock respond?

  • Reply to

    Another Q On the Way?

    by donedoodit Sep 5, 2014 4:00 PM
    mesazoombie mesazoombie Sep 7, 2014 3:48 PM Flag

    Does anyone know the result of the Massachusetts hearing? I assuming action Friday was the result of favorable comments at the hearing but this is just a guess.

    Debt is due a week from Monday. Has anyone checked the grace period before declaring a default?

  • Reply to

    Massachusetts hearing Friday.....

    by mesazoombie Sep 3, 2014 1:36 PM
    mesazoombie mesazoombie Sep 4, 2014 1:21 PM Flag

    I am unsure of ACP Re's intentions and have no position in TWGP at present. As I wrote earlier if ACP Re REALLY wants the deal to close they could buy the bonds from the owners and sell them to TWGP for $1. This would alleviate the Sept 15, 2014 uncertainty and may speed approvals. Absent actions behind statements on ACP Re's part I think TWGP a poor speculation at current prices. I know little of insurance companies and should not have gotten involved in TWGP in the first place - don't try to catch the falling knife - a lesson that I hope I have finally learned!

  • Reply to

    Massachusetts hearing Friday.....

    by mesazoombie Sep 3, 2014 1:36 PM
    mesazoombie mesazoombie Sep 4, 2014 12:12 PM Flag

    Key quote is at time index 19:19:

    "ACP Re has every expectation that the transaction will close"

  • To view the Mass. hearing announcement search for "F2014-01"

    According to the 10-Q, approvals are needed for California, Florida, Illinois, Maine, Massachusetts, New Jersey , New Hampshire, New York and Bermuda.

    Maine issued a second request that was due Aug 21. To see the two questions they asked search for "INS-14-400"

    Does anyone know how to find any response?

    Does anyone know if the jurisdictions other than Maine and Mass. will require a public hearing? I cannot find any scheduled hearings at the respective insurance regulatory websites

  • Reply to

    Yeah

    by creedheed Aug 29, 2014 5:18 PM
    mesazoombie mesazoombie Aug 29, 2014 5:40 PM Flag

    At least they are still filing!

  • They could go to the TWGP bondholders and offer $150 million of debt in their company in exchange for the TWGP bonds. They could then offer the TWGP bonds to TWGP for $1. TWGP's problems go away and the equity deal can close. The fact that they have not done so leads me to believe the buyers do not want the deal to go through. Can anyone find fault in my logic?

  • Reply to

    AM Best Downgrade

    by donedoodit Aug 28, 2014 4:06 PM
    mesazoombie mesazoombie Aug 29, 2014 11:35 AM Flag

    I would be surprised of there are not negotiations with the bond holders going on. Bondholders less than $150 mln and shareholders see a reduced price. If I were a bondholder I would be very nervous. Would it be possible to engineer this without a further vote given restrictions on issuance of shares?

  • Reply to

    Tinho deal expires

    by mesazoombie Jul 10, 2014 1:45 PM
    mesazoombie mesazoombie Aug 27, 2014 4:26 PM Flag

    I guess the SpreadZoom loss may be in Q2. 20 million RMB does not seem a very good price does it - 3.25 mln USD for an asset on the books over 11 million?

  • .....would be to offer to buy the shares he does not own at book value! :+)

  • I do not see how all the insurance hearings can be completed by September 15 - the day the debt (that is also the company's capital) is due. Has anyone investigated any grace period? Expect this to get ugly soon.

    Response to the Maine second request was due Aug 21. Does anyone know how to find out if the response was made? Maine website page has not been updated since Aug 22

  • Reply to

    Closing questions.....

    by mesazoombie Aug 15, 2014 2:10 PM
    mesazoombie mesazoombie Aug 17, 2014 3:15 PM Flag

    Thank you for your response.

    The convertible notes mature September 15, 2014. Hopefully insurance regulators will not delay that long!

    If I were management I would have a beneficial reserve adjustment ready in case the 10-Q without the adjustment does not meet conditions.

    Is the 9:30 cutoff an exchange rule?

    I have often wondered why some takeover stocks trade above the deal price on the last day of trading. Perhaps I got an answer in the mail Friday. A lawsuit over Garner Denver (GDI) is being settled with only those who actually owned the shares until the end eligible for a payment. Those who sold a day before are to get nothing!

    If it were certain the TWGP deal is to close would it be better to own at 2.50 for this reason (possible lawsuit proceeds)?

    On the other hand.......
    What is the risk of the TWGP deal being rescinded AFTER it closes? Can lawsuits be brought to force shareholders to disgorge proceeds? I seem to remember one deal that was claimed to be a fraudulent conveyance having a lawsuit (by creditors) to this effect but cannot remember the company or details.

  • Reply to

    10-Q NT?

    by mesazoombie Aug 11, 2014 11:40 AM
    mesazoombie mesazoombie Aug 15, 2014 4:06 PM Flag

    We we got the NT as expected. Does anyone care to make a guess what this is about?

    "because of the ongoing nature of an internal review of the classification of certain transactions that transpired during the Reporting Period and prior periods. Management is also reviewing these matters to determine if it needs to make any changes to its internal control over financial reporting or disclosure controls and procedures. As a result of the ongoing nature of this review and its potential impact on the Company's results for the Reporting Period, the Company was unable to complete the Quarterly Report by the prescribed August 14, 2014 due date without undue effort and expense. "

    I am assuming accounting for Portables. Or perhaps regarding the A/R write-down at year-end ?

  • mesazoombie by mesazoombie Aug 15, 2014 2:10 PM Flag

    1. Just what conditions for closure are we still awaiting?

    2. Could the company just announce the deal has closed and that it has requested a delisting?

    3. What happens to those who are short if there is no more trading? Do they just pay 2.50 cash?

    4. If the deal closure is announced and a few days trading are allowed what is the likelihood the stock will trade a few cents over .2.50?

  • mesazoombie by mesazoombie Aug 11, 2014 11:40 AM Flag

    You would think with the limited operations they could file in a timely manner. Will they file an NT? Perhaps they are working on the final details of a third reverse merger!

  • Reply to

    What is CT ORDER? Buyout merger??

    by nara_40 Aug 5, 2014 6:21 AM
    mesazoombie mesazoombie Aug 10, 2014 4:19 PM Flag

    Of course the hiring want ads could be a bargaining tactic to show a potential buyer they are able to do it alone and they are unhappy with the buyer's present bid.

    Or perhaps they are a negotiating a joint agreement (with up-front funding) and are so certain it will come to fruition they are starting to hire.

    Presumably the insider trading blackout due to Q2 EPS will end this week. It will be interesting to see if there are insider buys if MACK remains below 6.50.

TWGP
2.23+0.16(+7.73%)Sep 12 4:00 PMEDT

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