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#	AUTHOR DATE SUBJECT
20	member 6/11/18 11:30AM Congrats!
Nice trade. 1 view available tags
19	member 5/30/18 7:05AM Re: Re: Re: Re: Re: Deal break scenario? 18
The regulators objective is to protect the policyholders and a deal where there is a commitment to add $1.5bn of capital to the holding company appears as a net positive vs. the status quo. In... login to read the rest view available tags
18	member 5/29/18 9:07PM Re: Re: Re: Re: Deal break scenario? 17
Got it, I understand that it is a move in the right direction but what gives you confidence that the higher level of cash infusion will satisfy the regulators? Needless to say the stock is view available tags
17	member 5/29/18 8:30PM Re: Re: Re: Deal break scenario? 16
1) from my perspective deal has taken longer than expected as the approvals from CFIUS, related to the servicing of users information, and the Delaware regulator, related to the difference in valuation of the US... login to read the rest view available tags
16	member 5/29/18 7:38PM Re: Re: Deal break scenario? 15
Thanks for the response. A few follow up questions: 1) why has the deal taken so long to close if it eventually does? 2) is the cash consideration unchanged? 3) how have underlying fundamentals changed... login to read the rest view available tags
15	member 5/29/18 6:55PM Re: Deal break scenario? 14
RSJ, I believe the likelihood of the deal happening has significantly increased with recent news disclosed on the Q1 earnings call. CO has agreed to abandon the idea of the unstacking and replaced it with a... login to read the rest view available tags
14	member 5/29/18 5:20PM Deal break scenario?
Venetian et al. - still involved/following? Assuming the deal breaks (which seems likely), I presume they will they have to sell assets to meet regulatory requirements for liquidity purposes - if so, how do you view available tags
13	member 2/14/18 11:10AM Re: Re: Time to double down 12
Appreciate your thoughts venetian, fully agree~ 1 view available tags
12	member 2/06/18 7:38PM Re: Time to double down 11
Trojan, I believe that the likelyhood of the CO acquisition getting completed is lower, due to the political CFIUS shift and the uncertainties in coming to agreement with the Delaware regulator on the valuation of GLAIC. That... login to read the rest view available tags
11	member 2/06/18 10:54AM Time to double down
Dear venetian, I have been following this for over a year now, just wondering if today is the right time to double down (@c.2.8 per share), appreciate your thoughts! view available tags
10	member 2/09/17 7:05PM Re: Re: Re: Re: Re: Re: FYI - Forbes article 9
xds, I do agree your logic is reasonable and it is possible that the us regulator will require additional capital infusion to allow the LTC unstacking. That said, I find the opportunity continues to have a positive... login to read the rest view available tags
9	member 2/09/17 9:59AM Re: Re: Re: Re: Re: FYI - Forbes article 8
thanks I think you calculate $170 mil trailing 12 month for US Life ex LTC - $700 seems low to me to effectively buy that out - just putting myself in the regulator's shoes, I would... login to read the rest view available tags
8	member 2/07/17 5:37PM Re: Re: Re: Re: FYI - Forbes article 7
xds, the mgmt projections included in proxy assume that MI Canada is divested at end of 2016 to paydown debt at holdco, as such there are no further dividends from Canada MI starting in 2017. Also the... login to read the rest view available tags
7	member 2/07/17 3:37PM Re: Re: Re: FYI - Forbes article 6
Thanks - just few other questions - Does Canada go into capital increase mode in 2017 and stop dividending? It doesn't appear that Canada is in the proxy dividend to parent estimates after 2016 (page 89... login to read the rest view available tags
6	member 2/06/17 7:19PM Re: Re: FYI - Forbes article 5
xds, thanks for the questions. Answers below 1)The mgmt projections included in the proxy filing have been shared with China Oceanwide before the signing of the deal. No additional charges have been disclosed beyond those assumptions. 2)Whether... login to read the rest view available tags
5	member 2/06/17 2:22PM Re: FYI - Forbes article 4
Any thoughts on the January proxy? Wells Fargo concluded from the book value projections another $200 mil pretax charge and a $800 mil after tax charge. They think China Oceanwide would ask for a lower deal price... login to read the rest view available tags
2	member 1/16/17 2:40PM Re: Questions 1
Thank you David for your questions, please see answers below 1. US MI BV is $2.1bn and LTM premiums are $642mm. The capital position has improved over the last several quarters and now US MI has... login to read the rest view available tags
1	member 1/16/17 10:20AM Questions
Venetian, The OC deal is interesting although I am trying to understand how this fits into its strategy. Anyway, here are some questions: 1. US MI - What is the tangible book value and what is the... login to read the rest view available tags

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			2017	2018
Price:	3.88	EPS	0	0
Shares Out. (in M):	498	P/E	0	0
Market Cap (in $M):	1,933	P/FCF	0	0
Net Debt (in $M):	3,029	EBIT	0	0
TEV (in $M):	4,962	TEV/EBIT	0	0

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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