Hey Y'all....
Weird day, not sure what is going on out there LONE-wise.
Price seems to be holding.
Can tell you a few things, tho. I spoke to the Special Master via email (or would it be corresponded?) and asked a few questions. While I did not get any information (expected), he did say that he would forward my request for information and status to the parties involved.
I also spoke to the person currently handling Maryland Southern. Navigant Consulting is the firm associated with the Banruptcy Trustee appointed when they filed Chap 11 last year.
Apparently, the plan at this point is to sell that particular asset (Maryland Southern). In the meantime, it is being operated as a going concern. I was told that the plan is to sell the book of business and the charter seperately. The lady handling all of this said that it appears that the charter is grandfathered, which means that they need a very small amount of reserve capital (typically a very attractive thing to a buyer). In any event, Maryland Southern is being treated as an asset of LONE, according to her, and being handled as such.
As far as LONE goes, a different person is handling it and he is out of the DC office of the same firm. I left him a phone message yesterday and am waiting to hear back. I have also emailed him as Angela, the lady I spoke with today, gave me his address. He will be out of town for a few days, but hopefully I will hear from him soon.
This is pretty much what I heard from Angela today. She did not have much info on LONE, as she is not handling that part. Obviously, I make no claims as to the validity of all this stuff, but I wanted to pass on what I heard.
Hey DAAN...if you are still out there, want to buy an insurance company? |
