burkehayden

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Tue Mar 18th 12:36 PM | Rating: 0 0
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Posing the Right Questions to National Atlantic

As an attorney let me commend you on your seemingly soft questioning of the witness. Something is rotten in Freehold for Gorman to rush to accept $6.25. Sure he comes out ahead. He gets the Company to purchase tail coverage to protect his ass-ets as well as getting his employment agreement honored. If he wanted to retire he should have just quit and let someone else run the Company, or as you suggest, run-off the Company.
I have never understood the financials on NAHC. It never made money once the book transfers dried up. Do you have any idea how the Hovde's are going to proceed? If they vote with Gorman you and like minded shareholders will have an uphill battle.
The other issue is why no other suitors have appeared. If $50 million is being left on the table someone should come forward to try to grab it. The contract is silent on the amount Palisades gets if their deal is not taken. I doubt whether it approaches $50 million.
Anyway, best of luck. Sorry your trust in Gorman was misplaced.
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Sun Mar 16th 18:19 PM | Rating: 0 0
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National Atlantic: Is It Really Worth This Price?

Let's be real. NAHC played with reserves last year by taking down $30 million for no real cause. Some have come back, but not all. The asset side is all good here. This is a liability story. Should the $6.25 offer reflect true book value then shareholder's and the SEC should have a big issue. I would ascribe to the liability side Gorman who has been untruthful with his "partners"-s... who own 87% of this company. Ask him why he thinks he deserves to walk away with $9 million on his $1.5 million investment in NAHC (along with continuing his employment contract). Ask him why his fellow officers are entitled to have their employment contracts honored by Palisades? (what is the cost of that portion of the contract to shareholders). Ask him why the very nature of his agreement was changed while shareholder values sunk? Ask him why shareholders should pay for his "tail" protection on the D & O policy.(he gets $9 million, let him pay for it).

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