I will have a fuller post after I talk with Jim Gorman, CEO of National Atlantic. If he thinks his company, which he owns around 13% of is only worth $6.25/share, that is a real surprise to me, and inconsistent with all of the other discussions that I have had with him over the last four years. A few of you have asked me about appraisal rights. Really, we should talk about this later if the deal gets approved; it’s too early to speculate there. For those that remember my early posts at RealMoney on the Mony Group acquisition, remember that book value is sometimes illusory. I don’t think that is the case here, but let me talk with Jim Gorman, and listen to the earnings call on Monday. If they deliver another bomb, like last quarter, maybe $6.25 is generous.
Full disclosure: long NAHC