Earlier today AmTrust Filed paperwork with the SEC to delist their preferred shares from the NYSE. The filing is here.
Tonight we see that tickers have been announced for shares on the OTC exchange (just preferreds-not baby bonds). We will be most curious to see what happens tomorrow.
As we mentioned earlier today the lawsuits on this delisting are starting to fly and some AmTrust Financial preferreds traded with very massive volumes today and share prices on most issues traded down around 50 cents.
The tickers for tomorrow are
6.75% AFSIA (old AFSI-A)
7.25% AFSIB (Old AFSI-B)
7.625% AFSIC (Old AFSI-C)
7.50% AFSIP (Old AFSI-D)
7.75% AFSIM (Old AFSI-E)
6.95% AFSIN (old ASFI-F)
We will be watching–more out of curiosity than anything else. With current yields in the 17-19% area it will be interesting. On the other hand I wouldn’t trust the snake management 1″.