CEO Words Don't Provide Comfort
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#1 Mar 22, 2009
Great letter. Dona Young was bold enough in her letter to say that she was "Protecting shareholder value" at a time when the stock was worth 50 cents a share. The market values Phoenix at about $53million (# of shares outstanding x 57 cents a share). At that price, the Boat Building would sell for more then what the market values the company. Dona Young is inept.
#2 Mar 23, 2009
It's as though they think putting into words some outright lie makes them true. And, no, the public is generally not as stupid as one would have to be to buy this crap (no pun intended). The worst the government could do is give money to a company like this that has spit on its responsibilities to employees, shareholders, distribution partners and public trust. Let it sink; that's where it was being steered. Or is Wehr some kind of magician?
#3 Mar 25, 2009
If you wonder why Phoenix is in trouble, see the lawsuit filed in the Eastern District US Court # 09 1228...PHL v. Hersko. It seems that PHL gives back 90% of premiums to agents... then overpays them on top of that ! If you have have a big book of business, the CEO gets a bonus, but the company actually LOSES money.
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