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i just came across this website set up by a small investor in fremont insurance (fmmh.ob). harry long, concerned blogger/investor, does a terrific job taking mngt to task for various corp governance issues. i thought some of you might like to check it out, especially those of you who might be investors yourselves, or investors in chanticleer holdings, which has a position in it. i've taken some small wait & see type positions in fmmh in the past, but ultimately punted .

 

personally, this is the type of situation i tend to steer clear of until & unless i see the first glimmer of a catalyst for change on the horizon.

 

http://buildfremont.com/

 

http://buildfremont.com/resource/press/SNLFinancial-April2-ShareholderDispute.pdf

 

http://buildfremont.com/resource/whitepaper/HarryLong-RoadmapForExpansion.pdf

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This is my first post.  In the interest of full disclosure and as my username might suggest, this is Matt Miller at Chanticleer.  I thought it should be known that I / we respectfully disagree with case made by Mr. Long towards Fremont Michigan Insuracorp. 

 

Though I don't necessarily wish to go through his case item by item, it would be a shame for people to have a first impression of the management team at Fremont that is something it is not.  In our opinion the team is a fine insurance management group.  Our focus is on owning companies with strong management teams that we believe in and it is no different with Fremont.

 

Matt

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Well, someone has to not be telling the truth. Either he is a shareholder or he is not. Your reply (Matt) suggest they are good managers. I assume that you believe the shareholder is misrepresenting himself? If he truly is a shareholder, than i would say that there may be some dire corporate governance issues.

 

~I have no familiarity with the company or the situation other than from the links/replies on this thread.

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  • 1 month later...

the website is blank.

company looks interesting.

 

hmmmm... the website is not blank when i click it. you're the 2nd person, tho, that's said this. try again?

 

harry long also has a buildfremont dot com blog where he interestingly recounts his meeting with fremont mngt re his stated governance concerns:

 

http://buildfremont.com/blog/

 

he's been quiet since that meeting, his last post on fremont being aug 12th. maybe he got spooked & sold based on the alarmingly cluless responses to his concerns, as well as some frankly bizarre behavior he encountered...IF his account is to be believed in the first place. the principles at chanticleer have said in no uncertain terms that they disagree with harry longs views, having done their own due diligence on fremont, invested in them, & spoken to mngt themselves.

 

but knowing that biglari has stated that sns would primarily invest in activist situations, my guess is that he too has some issues with fmmh governance or execution.

 

 

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Guest HarryLong

Gentlemen,

 

I'm Harry Long. I'm very flattered that you've all found my blog. Some of my friends really enjoy it, while others (who don't do value investing) have told me that it's much better than counting sheep.

 

I really respect Matt. I guess we have different views, and that's healthy. It's certainly what makes a market.

 

I know that it is often tough to evaluate a management team, which is why I'm not asking you to blindly trust me. Trust, but verify. I link and often quote straight from SEC filings on the blog.

 

I would be delighted to answer any questions y'all might have personally. I haven't posted new stuff in a while, but I should and will.

 

My number is 203-564-0258.

 

Cheers,

 

Harry

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