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amtrust pref afsi.pf


Guest cherzeca
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Guest cherzeca

prop/cas insurer was taken private. now wants to delist noncum pref. pref now trading <50% of par. Keefe bruyette suing to avoid delisting, saying covenant requires to keep pref on NYSE (they were underwriter)

 

anyone know more?  seems interesting.  may go into runoff, so how long until par is realized...?

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prop/cas insurer was taken private. now wants to delist noncum pref. pref now trading <50% of par. Keefe bruyette suing to avoid delisting, saying covenant requires to keep pref on NYSE (they were underwriter)

 

anyone know more?  seems interesting.  may go into runoff, so how long until par is realized...?

 

I guess they don’t like the fact that as long as the preferred (or debt) is publicity trading, they need to file the financials for their now “private” firm. The simple solution would be to tender the preferred? I wonder why this want the plan to begin with? Stinginess or lack of cash?

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