Insurer Maiden Holdings (MHLD) has announced they will convert all outstanding preferred shares to common shares and the preferred shares will be deregistered and delisted.
This is not something I have followed as the company suspended dividends years ago–dividends were non cumulative.
The preferred can be seen here.
The press release can be seen here.
The sleazy Karfunkel and Zyskind families have been pillaging Maiden for years. If you look back, you can find things like them (as the officers of both AFSI and Maiden) selling almost all of Maiden’s producing assets to the company that joined with them in taking AFSI private.
This sounds like just one more step in their plan…
There was quite a lively discussion about their slimy actions a few years ago on the income investor board on Silicon Investor https://www.siliconinvestor.com/subject.aspx?subjectid=58607
Search for Maiden or Zyskind.
Private–yes some of the original slim balls.
Barron’s had a lot of coverage on AmTrust, generally negative. Last article I read had something about off-shoring assets or losses by buying subsidiaries.
Barron’s does not fail or ever give up, bless them. In 2021, they reported that the AmTrust folks were back, now doing a SPAC., Pine Technology. PTOC is still out there. I think you need a subscription but here’s the link —
An Insurance SPAC With a Past
https://www.barrons.com/articles/executives-of-amtrust-financial-launch-a-spac-51615294801
Insurer AmTrust Reaches Civil Settlement With SEC
Company and its former CFO to pay $10.5 million to resolve lengthy probe into accounting practices
https://www.wsj.com/articles/insurer-amtrust-reaches-civil-settlement-with-sec-11592442302
Random Google – apparently an unhappy shareholder here —
Martinek v. Amtrust Fin. Servs.
https://casetext.com/case/martinek-v-amtrust-fin-servs-inc
“In Martinek, the defendants repeatedly stated that the company’s stock would continue to be listed on a public exchange after a planned merger, but less than two months after the merger closed, the defendants delisted the company’s stock.”
I also thought there was a third affiliated company with the same executive names on the roster, perhaps National General Holdings. That one may have been picked up by Allstate ~2021,
Unhappy memories here… Will not be buying PTOC.
Just my opinion.