What a complete failure this is. Once again, AMA fails to get...

What a complete failure this is. Once again, AMA fails to get pricing from Suncorp that would allow AMA to generate free cash flow. Once again, AMA raises equity capital at massively dilutive valuation to essentially hand it over to Suncorp in what has become an annual ritual. Suncorp's Steve Johnston must be literally laughing out loud. AMA is the gift that keeps on giving (to him and Suncorp).

Matt Cooper might be a great COO but he is clearly is out of his depth as CEO of a public company. He thinks making a tiny bit more in 2025 is acceptable to shareholders? He thinks taking 5 years to get back to a normal EBITDA margin is acceptable to shareholders? He and this board are out of their minds. Interesting that the only director who didn't buy stock was the American from Caliber Collision. He didn't buy even a token amount. He is probably horrified by the ineptitude he's witnessed in his brief time on the AMA board thus far.

AMA's July 1st annual repricing of the Capital Smart contract must have been so horrific that all potential lenders said, "no thanks, this business cannot operate with any debt, at all." And so here we are, completely equitizing the balance sheet at a valuation of something like 4x EBITDA because unlike any other major MSO around the world, this one, the biggest in the country (4x the size of its next largest competitor) cannot bear even 1x net debt to EBITDA? Makes perfect sense.

What a complete disaster. Suncorp took AMA's $400 mil. in 2019, and just kept on taking more and more and more. They have utterly fleeced us, and AMA's former COB Anthony Day (ex of Suncorp) and their last 3 CEOs (Hopkins, Bizon, Cooper) and legal advisor Leath Nicolson and their Chief Commercial guy whose name I can't remember, all of them are to blame and should be held accountable.

But really, Suncorp itself should be held to account, and their CEO Steve Johnston. They've had a fiduciary duty to that Capital Smart JV since late 2019 because they retained 10% after we gave them $400 mil. for 90% of it. They have done nothing but abuse the JV for their own benefit at the massive expense of their idiotic JV partner, AMA Group, who keeps going back for more abuse, year after year.

I have never been more ashamed of myself for continuing to hold this stock, thinking they will finally do the right thing. Delusional, wishful thinking on my part. Guess I got what I deserved.