Dog of the year., page-186

I paid $1.11 instead of taking up the rights at $1.14. It was a commercial decision. Actually got more than I should have.

I cannot understand people taking the rights at $1.14 while the stock is currently trading at $1.10 to $1.12 on a day where the overall market is strong. At lease this range should hold the stock firm until the panic sellers subside. Then up past the rights offer price.

FXL or HUM as is the new code.
(i) Good profit and sensible write down of $31 mil.
(ii) Give management at least 6 months from the capital raise to move the company and share price forward.
(iii) Sale of commercial division should reap approx $200 mil.
(iv) I think the Expansion into UK/Europe will surprise many.

Pretty good buying now with all the bad news out. Very little downside. Ask any analyst.