To sum up the press release: “We have so many problems, we have to do this to hide whats really going on.” A year ago the stock was pushing $30. It bottomed at $8.80. This is tanking on a level only the NBA has seen. When the stock started to nose dive a year ago, I wondered why there wasn’t more urgency around righting the ship. Soooo many unforced errors. Now we know — a book value level price makes the squeeze out tender offer affordable. Do I think it was planned? Engineered? No. But just like any fortuitous loss, the drop in value did present options. Never let a crisis go to waste, eh? Now let’s see if AmTrust can avoid becoming Tower 2.0
Abandon Ship. The numbers were too good to be true. Getting the SEC out of the business, but the State’s will need to pick up their pace on this one to make up for the lack of SEC oversight. Does anyone know what the FBI came up with yet?
I think that they knew they would need to continue to strengthen reserves when under the scrutiny of being public, so going private will not only buy them time, but pull the cash out before it implodes. now they can go for a few more years, the owners can personally make a lot of money an d then leave the carcass with the g funds. I would not want to be insured with AmTrust on any long tail liability policy. But buying it back now is certainly a lot better than it would have been a couple years ago. I have noticed that they seem to be trying to re underwrite their wc book of business. Still cheap, though.
I hope they use this as an opportunity to change their name to “Amthrust.” It connotes both manly vigor as well as desirable upward-trending lines on graphs. The logo could be an upward-curving banana with a red arrowhead on the end.
Shell game continues……….Will have to see what the State Commissioners do with this.
To sum up the press release: “We have so many problems, we have to do this to hide whats really going on.” A year ago the stock was pushing $30. It bottomed at $8.80. This is tanking on a level only the NBA has seen. When the stock started to nose dive a year ago, I wondered why there wasn’t more urgency around righting the ship. Soooo many unforced errors. Now we know — a book value level price makes the squeeze out tender offer affordable. Do I think it was planned? Engineered? No. But just like any fortuitous loss, the drop in value did present options. Never let a crisis go to waste, eh? Now let’s see if AmTrust can avoid becoming Tower 2.0
Abandon Ship. The numbers were too good to be true. Getting the SEC out of the business, but the State’s will need to pick up their pace on this one to make up for the lack of SEC oversight. Does anyone know what the FBI came up with yet?
I think that they knew they would need to continue to strengthen reserves when under the scrutiny of being public, so going private will not only buy them time, but pull the cash out before it implodes. now they can go for a few more years, the owners can personally make a lot of money an d then leave the carcass with the g funds. I would not want to be insured with AmTrust on any long tail liability policy. But buying it back now is certainly a lot better than it would have been a couple years ago. I have noticed that they seem to be trying to re underwrite their wc book of business. Still cheap, though.
I hope they use this as an opportunity to change their name to “Amthrust.” It connotes both manly vigor as well as desirable upward-trending lines on graphs. The logo could be an upward-curving banana with a red arrowhead on the end.