Looks like the underwriters will be holding about $16.7m in stock. I suspect that much of this will end up with Somers. Looks like they will determine the future of the company. I see a low ball bid coming (not more than 40C) in the next year which Forager/ Investors Mutual will have to agree to. Its much more logical fro Somers to put this business under Resimac
Ann: Close of Retail Entitlement Offer, page-2
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