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Greenlight Capital Re, Ltd. (GLRE) CEO Simon Burton on Q4 2019 Results - Earnings Call Transcript

Mar. 10, 2020 12:37 PM ETGreenlight Capital Re, Ltd. (GLRE)12 Comments
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Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q4 2019 Earnings Conference Call March 10, 2020 9:00 AM ET

Company Participants

Simon Burton - Chief Executive Officer

David Einhorn - Chairman

Tim Courtis - Chief Financial Officer

Conference Call Participants

Cory Reed - Otter Creek Advisors

David Rocker - Rocker Partners

Jonathan Shafter - Clear Harbor

Daniel Schneeberger - Private Investor

John Levin - Levin Capital


Thank you for joining the Greenlight Re Conference Call for the Fourth Quarter and Full Year 2019 Earnings. The company reminds you that forward-looking statements that maybe made in this call are intended to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather reflect the company’s current expectations, estimates and predictions about future results and events and are subject to risks, uncertainties and assumptions, including those enumerated in the company’s Form 10-K for the year ended December 31, 2019 and other documents filed by the company with the SEC. If one or more risks of uncertainties materialize or if the company’s underlying assumptions prove to be incorrect, actual results may vary materially from what the company projects. The company undertakes no obligation to update publicly or revise any forward-looking statements whether as a result of new information future events or otherwise except as required by law. After the prepared remarks, we will be conducting a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Greenlight Re’s CEO, Mr. Simon Burton. Please go ahead sir.

Simon Burton

Thank you, operator and good morning everyone. 2019 was a year of transition for the company. We fell short in our goal to deliver meaningful growth in book value per share for reasons that I will describe in a moment. Nevertheless, I am

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Comments (12)

At this point, the shareholders would greet any deal with, "Good riddance", you putz!

Next call they will say negotiations were slowed down by Covid, we need another 2 years to evaluate the one proposal we got from Ari Greenburg. I can't discuss details though.

Maybe Tesla can buy you out
GLRE Board really does need to be sued for negligence, breach of fiduciary duty, and self-dealing. They turned down a bid for $12.50 a share to go it alone. And if that's not accurate (as Einhorn wouldn't comment on the conference call), what was the bid? Since the company is now going it alone, they should be willing to divulge this.

Oh that's right, this company isn't transparent with its shareholders and is run just to enrich management. David Einhorn is an absolute hypocrite. Keep fooling some of the people all of the time David.
It took 1 year to design and build the empire state bldg. It takes them a year to decide what to do and they wont discuss the options with the owners of the company.

Pathetic, stock is going to the 7's

DAVID, wtf?
Someone really needs to sue this company for breach of fiduciary duty. They used this thing as their own personal piggy bank for far too long, bloated salaries and excessive management fees for abysmal investment returns. Einhorn and management have destroyed hundreds of millions of dollars of shareholder value. It's just an absolute disgrace.
I was wrong, it went to the 5's
KGold53 profile picture
Yep, trading at 50% of book. GLRE worth much more dead than alive. Time for them to announce a sale or complete liquidation. In fact, way overdue. Einhorn should be embarrassed.
The corporate governance of GLRE is a joke. I'm sure those committee that oversee any conflicts are very independent. David Einhorn is a hypocrite. He'll call out other companies in his quarterly hedge fund letters, while management of this company is incompetent at best and crooked at worst. If you think David Einhorn is working overtime to get the best return to shareholders, I have a bridge in Brooklyn to sell you. Here's how this will play out; he'll keep this zombie company alive as long as possible so he can keep sucking fees out of it. Kudos to the investors giving him a hard time on the call btw, he deserves every bit of opprobrium and more.
There would be a bit of delicious irony to hold this stock short . . . .
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