PAMC finally filed. Looks like they wrote off less than originally announced in the news release several months ago. This gives them 7.664 M shareholders equity, after March, which puts them close to the Nasdaq new listing requirement (I haven't checked again to see what that requirement was) but I was expecting that shareholders equity would come out closer to 3 M, which would have left them stuck on the BB.
Of course in insurance there is plenty of flexibility in GAAP. They can have whatever loss reserves they like, etc., and the co. told me they were 'very much aware of the Nasdaq listing requirements', so I suppose I should have expected them to come up with whatever numbers are necessary to get relisted.
Anyway, the price to book ratio for this insurance co. is now in the neighborhood of 9, which is a heck of a lot higher than industry average. I don't know how much impact that will have, though, if buyers think they are getting an internet story stock.
BDO Seidman gave the 10k an unqualified opinion. (recall the whole fuss over this stock is because the previous auditor quit last winter).
re. internet sales of insurance and AOL, the 10Q says:
The Products will
be sold on-line through a PHS web-site linked to the AOL service. It is
anticipated that Internet-based sales of the Products will be tested in the
third quarter of 1998 and offered generally to AOL subscribers in the fourth
quarter of 1998.
and
Various agreements require Insurion to launch an Internet WEB site no later than
October 1, 1998.
the filings also hint at other agreements to sell insurance over the internet, but it doesn't say specifically whom (I mention this because of rumors that were circulated on the Yahoo board).
There's a lot of stuff in these filings, and I haven't really done much reading of them yet. |
