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Non-Tech : pamc -- Ignore unavailable to you. Want to Upgrade?

To: KM who wrote (413)	9/23/1999 6:46:00 PM
From: Steven M. Kaplan	Read Replies (1) \| Respond to of 570

Here is why they have to "pay" in order to sell PILIC: S&P Affirms Provident Indemnity Life Ins 'Bpi' Rtg NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire-- Sept. 23, 1999--Standard & Poor's today affirmed its single-'Bpi' insurer financial strength rating on Provident Indemnity Life Insurance Co. Provident Indemnity Life Insurance is a stock company based in Norristown, Pa. and is licensed in 25 states, D.C., and the U.S. Virgin Islands. Its major lines of business are group accident and health and individual life, including military life business. The company is under the control of Provident Indemnity Corp., a Pennsylvania-based financial holding company, which, in May 1999, announced its plans to merge with its majority-owned subsidiary, HealthAxis.com Inc., an Internet-based health insurance marketer. The sale of Provident Indemnity Life Insurance is currently being pursued by management. The company, which represents itself primarily by brokers, commenced operations in 1904. Florida, Georgia, Pennsylvania, Louisiana, and Texas constitute 74% of its business. Major Rating Factors: -- Capitalization is weak, as indicated by Standard & Poor's capital adequacy ratio of under 50%. -- The company is rated based on stand-alone characteristics. -- Profitability is poor. Time-weighted return on assets is negative 5.8%, and the Standard & Poor's earnings adequacy ratio is negative 48.8%. -- The company's volatile earnings, in conjunction with a low two-year average ratio of cash inflows to cash outflows (87%) and current capital levels of just $5.3 million, are limiting factors. -- The company has an aggressive investment profile with respect to risk assets as a percent of capital (95.9%). The largest class of risk assets is $4.8 million in real estate occupied, which accounts for 91.2% of capital. 'Pi' ratings, denoted with a pi subscript, are insurer financial strength ratings based on an analysis of an insurer's published financial information and additional information in the public domain. They do not reflect in-depth meetings with an insurer's management and are therefore based on less comprehensive information than ratings without a pi subscript. Pi ratings are reviewed annually based on a new year's financial statements, but may be reviewed on an interim basis if a major event that may affect the insurer's financial security occurs. Ratings with a pi subscript are not subject to potential CreditWatch listings. Ratings with a pi subscript generally are not modified with 'plus' or 'minus' designations. However, such designations may be assigned when the insurer's financial strength rating is constrained by sovereign risk or the credit quality of a parent company or affiliated group, Standard & Poor's said. -- CreditWire CONTACT: Alan Koerber, New York (1) 212-438-7211 Copyright 1999, Standard & Poor's Ratings Services

To: KM who wrote (413)	9/29/1999 6:12:00 PM
From: Gary Wisdom	Respond to of 570

In case anyone is wondering how much "dumping" is going on, here's some facts for ya: In the last 2 days of carnage, 223,000 shares traded. THAT'S ABSOLUTELY NOTHING COMPARED TO THE FLOAT AND THE AVG VOLUME Under $14 3/4, a whopping 3500 shares were sold. Between $14 3/4 and $14 15/16, 27,800 shares were sold. At $15, 43,500 shares were sold. Between $15 1/16 and $15 7/16, 74,000 shares were sold. Between $15 1/2 and $15 15/16, 41,800 shares were sold. At $16 or above, 30,900 shares were sold. Now, think about it. The day we hit $12 3/4, over 700,000 shares traded and the vast majority of them traded at $14 or above. So, someone wants Pamc out of their portfolio before the quarter ends. Whatever the reason, it is their business. But it's not like they're selling a ton of shares. It's just that in this market environment, no one is paying up for anything. In other words, it is the worst possible time to sell anything. And especially in this stock, where the market makers simply refuse to make a market in the stock. So, when you look at the charts or whatever to see the daily prices or range for the day and you see $14 1/8, don't freak out. 300 shares were sold there. In 2 trades. Most of the volume the past 2 days was at $15 or more. I'm not saying this BS is over. Who really knows (except the seller)? But I am saying that if you think you wish you had put up that 5000 share bid at $14 1/8 hoping to get shares to hold or to flip, forget about it. They're not selling any to you there. Hoping for a better day tomorrow. Good luck.