Good thing the Evil Empire is keeping quality staff onboard. Not so much. Wonder if she’s still the Manager of the Bellevue, Washington office…And the creditors in the Ted’s Excellent Title Adventure bankruptcy case want to cut the attorney’s fees. I’m sure it’s a very complicated case that requires hours of really smart guys pouring over it but check it:
The creditors question requests for more than $3.8 million in fees and expenses from four law firms and one financial advising company for work done from March 1 to May 31, according to court documents. Two of the firms — McGuireWoods and Tavenner & Beran — are from Richmond.
Nice work if you can get it. On the upside, the IRS is exploring methods for “providing relief” to the customers of the LandAmerica 1031 Exchange Services, Inc. Apparently some members of Congress have gotten involved and asked the Treasury Department to see what can be done. Their shit has been tied up in bankruptcy over 180 days and that’s not going to look good on next years return. With all this legal wrangling going on, you’ll be pleased to know that the former top legal dog at LandAmerica (also known as the assklown that put all this shit together that ultimately ripped off all those consumers) has taken a job at the Federal Reserve Bank of Richmond. Fox. Hen house. Nice work if you can get it.
And back over at the Evil Empire, net income last quarter was $91.9 million! At what point do they stop beating their remaining staff like a bunch of bad dogs and start rehiring some of the laid off staff so they can at least service the business they have? And at what point do they start restoring the deeply cut salaries of the staff who weathered all this bullshit out? Yeah, I’m watching you.
Speaking of the Evil Empire, once again I’m being forced over there on an escrow. This time my client asked me to check rates with other companies. My deal (if it goes) is a little piddley POS condo. No one, including the buyer gives a shit about this thing. Fees at the Evil Empire where we will be forced are $1500. Fees for the exact same product from Old Repulsive? $1100. Think this is going to be a class action eventually? You betcha. One of these days some high end attorney who knows what he or she is doing is going to pick up an REO and look at the addendums and say WTF? And then the fit is going to hit the Shan.
Throughout the Coconut Telegraph we’re hearing there’s another moratorium on foreclosures. Right now the market is stupid tight and everything is getting bid up. If the banks artificially slow up this market, what does that do to the next market? Exactly. How did I manage to figure this out with my high school education and all those Harvard MBA’s can’t get this right?
File this one under “When smart people do stupid shit”
Or stupid is as stupid does. I was out working in the yard Wednesday night. Moving river rocks and clearing the front yard for the onslaught of Hispanic day workers who I will bring in over the weekend to clear the weeds and maybe even break up the walk way in preparation for making my house look less like a foreclosure house and more like it belongs in the neighborhood. I discovered there was no cold beer so I threw on in the fridge and one in the freezer. I cleared several wheelbarrows full of rocks and then got stupid. Apparently I didn’t want a beer any more. And forgot I had put one on rapid chill. Fast forward to last night. I put on my boots to go clear some rocks and then a lightbulb went on in my head.
And finally, because we haven’t done this one in a while, may I present to you, The Google Keywords of the Weak Week.
lambros gianos (what?)
foley wine group (yeah the boycott is still on)
alliance title company california (at least someone still remembers)
cocaine enraged bunnies (ok this is funny but I don’t know how that all went together)
german candy that looks like a butt with ears (this might be my all time favorite)
fatco the hungry bear
deformed ballet bunny (that’s up there with the Donnie Darko bunny)
Whew!Â That’s like an adventure through the Looking Glass with Alice.Â And Grace Slick.Â In 1969.
Ahhh, the 80’s.
The feedbag is going to be fun today:
Now Jerrold G. Hauptman, you signed documents saying to the best of your knowledge these are the 20 Largest Unsecured Creditors and you know this to be utter Bullshit!Â You might want to rethink some things and redo your little list because I know what you know!!Â Â The powers that be(government, judges, EBSA, Dept of Labor) areÂ gonna look at you and wonder if your not telling the truth about this little document what else have you not told the truth about and when they start digging all your gonna end up with is one deep, dark, black hole that hopefully Patty slips off her Prada heels and falls in.
I hate when bad things happen to Italian designers.
I’m funny about my vehicles. I don’t like the little lights on the dash to be on. So when BMW did the oil service and forgot to reset the little green balls, it pissed me off. I took it to the SF BMW because I had something to do in San Francisco that night. So it spent the day at the shop and then went and parked wherever it was that I was supposed to be that night and then went home later. They forgot to turn off the little yellow and red balls and turn on the green ones. From my house, it costs $15 in gas and $4 in bridge toll to drive in to the City. So I call Concord BMW and ask them to turn off the little red balls and they say “No.” WTF? You’re BMW, you do what the customer needs. So when I needed tires, brakes and alignment, I went to Wheel Works. Well, the goddamn little brake light is still on. I went back yesterday and they had it on the rack for an hour when they tell me they think the sensor is bad and they’re going to order one and it should be here in an hour. How nice. I have to be in Walnut Creek in 30 minutes. Throw the thing back together and I’ll come back tomorrow. So I came back today. Unfortunately, last night after several Marguerita’s, the bartender thought it was a good idea to mix us a Washington Apple I guess for the road? Bad idea. I felt like crap today. So here I am sleeping in the waiting room of Wheel Works waiting for my car to be fixed. Yeah, the light’s still on. It’s supposed to reset in 20-60 miles. I hope it does. I’m damned annoyed at this point. The pick up needs a new radiator and I just don’t have the stomach for that job. I also need to clean the truck, but that means vacuuming out Beau’s hair and while I know I need to do it, I’m not really there. So I’m driving the BMW with a dashboard that looks like a freaking pin ball machine.
Free to good home
I just got this from one of my Doberman pals.
Must Rehome Children Immediately!
Please help! After two long years of being on a waiting list, we have been notified by breed rescue that, at long last, our number has come up and…WE ARE HAVING A PUPPY!
We must get rid of our children IMMEDIATELY because we just know how time-consuming our new little puppy will be and it just wouldn’t be fair to the children. Since our little puppy will be arriving on Monday, we MUST place the children for adoption this weekend or we will be forced to drop them off at the orphanage.
One male, his name is Tommy. Caucasian (English/Irish mix), light blond hair, blue eyes, four years old. Excellent disposition. Temperament tested. Has had chicken pox and is current on all shots. Tonsils have already been removed. Tommy eats everything, is very clean, house trained and gets along well with others. Does not run with scissors and with a little training, he should be able to read soon.
One female– her name is Lexie. Caucasian (English/Irish mix), strawberry blond hair, green eyes, quite freckled. On year old. Can be surly at times. Non-biter, thumb sucker. Has been temperament tested but needs a little attitude adjusting occasionally.
She is current on all shots, tonsils out, and is very healthy and can be affectionate. Gets along well with other little girls and boys. Does not like to share her toys and therefore would do best in a one-child household. She is a very quick learner and is currently working on her house training. Shouldn’t take long at all.
We really do LOVE our children so much and want to do what’s right for them. That is why we contacted a rescue group. But we simply can longer keep them. Also, we are afraid they may hurt our new puppy. I hope you understand that ours is a UNIQUE situation and we have a real emergency here! They MUST be placed into your rescue by Sunday night at the latest or we will be forced to drop them off at the orphanage or along some dark country road. Our priority has to be our new puppy.
My Dad could have placed that ad. I am sure that if I hadn’t gotten along with Kurt, I would have been the one to go.Â Daddy, can I stay?
Poor Bubba isn’t a very good fighter. Neither was Beau. He was forever getting his ass kicked by other dogs. Bubba seems to have torn a page from Beau’s guide book. Rita tagged him on Sunday. It wasn’t a deep cut at all. It was just on his ear. And it bled like a sonofabitch. I put cold compresses on it to stop the bleeding. Ten minutes later he would shake his head and blood would be splattered all over. Basically by Sunday night my house looked like a crime scene. Finally, around 8pm I took some styptic and sealed it, gave him a rawhide and put him in his crate for the night. It healed over and so far, it’s been fine. Beau used to hold one paw up like that too.
File this under “What are they thinking?”
OldTitleGuy likes to keep my head spinning around like Linda Blair. Today’s offering has some interesting implications. I’m going to assume that Countrywide’s next move is to ban all FNF companies from handling their orders. Should be an interesting food fight. Especially of BofA decides to follow in the blackballing. It could be fatal for FNF so when this mess escalates, I see a speedy withdrawal. I sure hope Jacksonville knew about this before it was filed. St. Valentine’s Day’s got nothing on what’s going to happen if they didn’t. It is an excellent example of slip shod work on everyone’s part. Of course, maybe it’s not once Dennis Gilmore is done re-inventing the title business.
NASCAR Teddy’s excellent Title Adventure has chosen to seize the moment. That moment being Mercury’s collapse and the ensuing oil wrestling match between Park and Jerry. Not that Jerry’s naturally oily… I’m sure that didn’t contribute to his slippery escape. Anyway, check out Teddy’s new marketing piece. Speaking from a place of financial strength…heh.
And the Radical’s dialed in again.Â Don’t know where she gets this stuff, but she’s on it.Â Page back a few too.Â I really believe it’s just a matter of time before Mercury has to file BK.Â Someone will break the corporate veil and then it’s on.
You know I never mention North American Title. They’re owned by Lennar and they have their own share of issues. Today’s another day, and I’m thinking that this is going to leave a mark… These corporate raiding suits are going to reach critical mass soon and it will be interesting to see how it all shakes out.
Which brings me to my next curiosity. NASCAR Teddy’s Excellent Title Adventure.
The spike is obviously the lack of earnings announcement, but look how they’ve been climbing out of that. Every day I get an alert about how they’ve recovered X% since the announcement. Bizarre.
Back over at Jerry and Patty’s debacle, this came in over the weekend:
Mercury is giving out paystubs so that people can file their work force payday claims for unpaid wages. BEWARE some of them are coming out saying you were paid through a date that is incorrect. Can you spell FRAUD? Make Mercury revise them to show the correct day you were screwed but keep your copy of the fictitious one as evidence as an ongoing investigation may prove frutal for all of us!
Let’s follow that up with a little history lesson:
In the 1970’s Jerry Hauptman and Jack Brockman (Sr Legal Counsel) got in bed with a developer who orchestrated some fraudulent Installment Land Contracts and Stewart denied coverage under the fraud provisions of the underwriting agreement. In addition United was in the arrears on their remittance for underwriting fees. First American stepped in and offered to cover the claims and past due remittance in return for a 10 year underwriting agreement in which Jerry and Jack required that the fraud provision be excluded. First American in their zeal agreed to the exclusion of the fraud provision which became known amongst the Title Insurers as the “Hauptman Underwriting Agreement” which is one of the reasons why United and Mercury never secured an underwriting agreement with another insurer as they were never willing to exclude the fraud provision. The Underwriting Agreement was effective July 31, 1997 and was concurrent with the sale of the First American direct operation. In December of 1977 Steve Brockman (son of Jack Brockman) was brought in as the President of First American Title of Denver as Jerry and Jack grew tired of Harry Paulson who remained under the payroll of First American TItle while running the United Title owned company, while simultaneously owning other title companies in rural areas of Colorado.
The name First American Heritage was not adopted until some time in the late part of 1980 – maybe 1986 –
Jerry bought (or took over) Title America in 1982 as the owner Ted McSherry could not pay his bills or meet payroll. It wasn’t until Steve Brockman and Doug Peters had a falling out in 1983 that Jerry moved Doug Peters over to Title America.
Jerry and Patty bought out some of the Hauptman Family Members in 2005 but not the Hauptman Family Trust which owned the bulk of the company. It is believed that Jerry and Patty owned 15%, Mary ??? owned 10%, First American 20% and the Family Trust held the remaining 55%. Jerry, Mary and Ron hold interests within the Family Trust.
And one final chart. This one’s interesting when you consider the screwing they took from Jerry. You can actually see that day in the chart.
OK, I lied.Â Just like you can see Bill’s earnings announcement in this chart.
I had a little down time today, so I started cleaning up my office. It is still not set up so that it works, but it’s getting there. Things I found, $45 claims settlement from a suit against Microsoft. Another claim involving someone named Doral, which quite honestly, I don’t know what that’s about, so I shredded it. I lost out on the Enron one because Morgan Stanley couldn’t pull their collective heads out of their collective asses long enough to look up the information for me, despite repeated phone calls. Thanks for nothing boys. Can’t wait for the next one of your boiler room boys to give me a ring a ding. It’s going to go just like this.
My work life started the day in two Corovan boxes. That’s it. 32 years, two Corovan boxes. Inside were such jewels as the framed Herb Alpert and the Tijuana Brass albums that hung on the wall…because everyone new who came into the office discussed them. Several triangles, the nice one got broken in transit. Several architect and engineer’s rules. Yeah, you title guys know what I’m talking about. My OWN colored pencils and Stabilo Boss set. Yeah, I got’m. The Costco sized bottle of Advil AND Tylenol. A cork screw. A Handbook for Title Men -1971. The teletubbie and matching photo. Some dog pictures, the framed thank you card from Hank…you know this one.
Thanks for all your help with the XYZ Holdings, Ltd. transaction. Your professionalism, calm demeanor and good humor were much appreciated. (They are in short supply in many organizations these days) I hope we can work on another closing in the future.
Several rate books and a nail file from Exchange Resources. And last, but not least, my Service Star paper weight with my name inscribed on it. You had to do something really spectacular to get one and I did, and I have one. I promise you the Amateur Manager doesn’t have one of those.
I’m hearing a big National division in Santa Ana was closed down and the accounts were moved to Florida. I don’t understand exactly how it all goes together, but it’s the division that negotiates the big contracts for big companies with loads of sites. What a bunch of maroons! Y’all keep playing this account shuffling game with the clientele and they’re going to shuffle over to the Evil Empire or NASCAR Teddy’s Excellent Title Adventure which should prove to be a much friendlier environment. I’m also hearing that not only are they moving their DataTrace unit, but they are reducing staff as well. The showed the door to a dear lady and one of my favorite characters. Not cool.
Let’s try the new math here. Your net income was $42 million. I guess you’ll write off that $37.3 million, since Bill plucked the Eagle one more time. Net income is now $4.7 million. Around $.04 per share. Nice going. And your legal beagles got their asses handed to them in court. Couldn’t happen to a nicer bunch of guys.
For some reason, I’ve been noticing signs a lot lately. Signs of the apocalypse. Signs on buildings. Signs in general. Today’s curiosity was a Yogurt Shack. Signs said “Do not touch” on an award thingie by the door shaped like a guitar that, trust me, everyone wanted to touch. On the door said “No Restrooms”, “No Pets” read another sign and yet another one in the window said “We reserve the right to refuse service to anyone”. Not one sign that said “Welcome”, “Open” or “Come on in”. I also went to the Contra Costa County Recorder’s office today. There wasn’t a single sign telling me that I had found the right building but every parking space was marked “Employee Only”. So I parked on the street and then tried to use an entrance that said “Staff Only”. That same sign was on the elevator. Apparently, you assholes forgot who you work for. Here’s a hint, it’s Us, the Taxpayers, we pay your salary and it’s about damned time you paid some proper attention to us.
What’s this I hear? The Alliance and Financial and Investors and, and, and…Cobra checks not being cashed and oops! Thanks for playing our game but you have no health insurance? Do I need to bring out the Kangaroo here? Mercury isn’t administering it like they’re supposed to be?Â Not good. As a matter of fact, bad. Speaking of health insurance, my Cobra for my single all by my self dumb ass is $446 a month. WTF said the Kangaroo. So I have endeavored to get health insurance on my own. Get this…I am a risk and they want to charge 150% to insure me. That’s right, 150% of the premium for me. Why? Good question. Last time I had this problem I offered to kick Blue Cross’s CEO’s ass in the parking lot. If I won, they had to insure me. Seemed as logical to me as their asinine underwriting policies. I’m high risk because of my weight and the fact that the Amateur Manager nearly gave me a heart attack last winter. I’m not sure how some ass klown like that guy can run someone into the ground like he tried to do to me and then the insurance industry can say “sorry, thanks for playing our game” because my body couldn’t handle the emotional abuse. The Bloodless Empire should be embarrassed for having a guy like him on the payroll. And they should be paying my insurance at this point. But seriously, what’s wrong with a country that this kind of bullshit can go on and now I have no health coverage? (All you Mercury folks are twisting in the wind with me) When I was in Germany I sprained an ankle, bad. I went to a Doctor. He fixed it. My out of pocket? Zero. Yeah, we don’t want that here. We want to pay a bunch of extra money to a bunch of companies to make a bunch of money they don’t deserve by telling people that they can’t have the surgery that they need or the medicine that they need. Yeah, that’s a better plan. I hate to have to utter these words, but Hillary was right. She was right 16 years ago and we’re too ignorant to see it.
At this point y’all are asking “What’s the Wine Dog drinking?” Funny you should ask. B.R. Cohn Silver Label Cabernet Sauvignon. $60 at Bing Crosby’s. The best deal on the menu. Berry, black cherry and vanilla. We had it with the pork chop. Perfect match.
A little light reading
Why I lost the battle in my own house:
And in lieu of Olympic coverage this evening:
Here’s a remarkably poorly written article. All of us title folks here know what really happens. There’s notice given at the Notice of Default. If you’re a renter, stop paying rent RIGHT THEN. You ain’t gonna see your deposit back and you’re going to have to move. Put yourself in the driver’s seat. The landlord will come and lie to you about how it’s all a big mistake blah blah blah and then do exactly what this woman did to this family. They lied to get the loan in the first place. They’re liars and they’re going to take the money and run. Landlord wants more rent? Make them show you the recorded Rescission. My money says they can’t. Pay rent again only when they prove that the loan has been caught up, or better, just move. Be done with your deadbeat landlord. Granted SB 1137 took effect upon signing, but why fuss around with that. There’s 90 days from the Notice of Default. Use it. The first 30 you use to get your deposit back, the second 30 to get your rent money for the next place in order. And to the author of the article, it’s not the bank’s fault, so mentioning them in an unfavorable way is bullshit. And as much as I love to pick on the Bloodless Empire, it’s not their fault either, so why use the actual name of the title company. It would be just as simple to say “the title company”. Crappy journalism at its best. The truth is that the landlord, Yvonne Cuevas, is Today’s Worst Person in the World, (with a nod to Keith Olbermann)
Since I’m on the subject of banks, let’s pick on my favorite bank to pick on Washington Mutual. What a bunch of dumb asses. Their website is set up so that if you’re at home using a router, you can’t log on to your accounts. I’ve been trying for a week to pay my Mother’s mortgage. Finally, I called them and that was their lame answer. So now every time I want to pay bills online, I have to re-configure the system here at the Farm. Bullshit. I paid bills off of the iphone yesterday. (Love it!) As a little Coconut Telegraph aside, I’ve been hearing rumblings about Washington Mutual for about a month now. Be sure you don’t have more than $100k in any one account with those guys. It’s the sort of rumblings your hear right before the implode.
If it’s Saturday on the Farm, it must be Bath Day
Bubba had never ridden in the truck before yesterday. I had to lift him up. Rita sprung right into the truck. He’d also probably never had a bath. The poor guy was terrified of the automatic doors at Pet Food Express, then I hooked him up to the bath station and I was surprised he didn’t wet himself. Blue Dobermans are famous for having crappy coats. Bubba, however, has a thick coat. Once I gave him his bath yesterday, I can say that he has a wonderful coat. It’s not coarse or thin or falling out. It’s luxurious and soft and beautiful. Rita’s coat is spectacular. It’s been that way since about two weeks after I started her special supplements. It’s tighter than Bubba’s and it was thinner than Beauregard’s, but she shines when I get her cleaned up. The both look great.
I was amused by the dialog this week about inflating tires. Comedian Rush Limbaugh lit into Obama for suggesting that we check our tire pressure and keep our tires inflated. Except Obama was quoting the American Auto Association. McSame joined in only to have someone whisper in his ear “Pssst! He’s right“.
According to the U.S. Department of Energy, “every pound per square inch of tire underinflation wastes 4 million gallons of gas daily in the U.S.” Survey information from the National Highway Traffic Safety Administration shows that 27% of the cars on the road have a significantly under-inflated tire.
Actually the Popular Mechanics article states that nearly 80% have some under inflation. So McSame joins in and agrees and says that the inflating your tires is endorsed by the American Auto Association and NASCAR! Then it must be true. I guess we know who his perceived audience is.
It is true. And it’s true on two wheelers as well. I had two flats two weeks ago and two flats last week. I finally got the situation worked out and had no flats yesterday. The result? Less effort and I finished faster and stronger. I suspect that if I wasn’t riding in that nasty wind yesterday I could have cut 10 minutes off of my time.
And now, for something competely different:
Yesterday I did the crossfit workout. It was 150 wall balls. OK, that was intense. I skipped Wednesday’s bike ride. Some critter bit my leg right where the calf attaches and then continued up my leg and bit me four more times. The one on my calf blew up about the size of a golf ball, like the bite I got last year right before I went to Hawaii. I couldn’t bench at all with the infection in my arm last year. The thought that riding in the heat with the same sort of infected bite was a bad idea. So tomorrow I’m going to repeat last week’s ride. And maybe get up earlier so if I have more flat tire problems I will still get home before it hits 90 degrees. My pump didn’t work and I just had enough CO2 for that ride. Now I have a new pocket pump and more CO2.
Let me just take a moment to say, I think I have the best readership in the world. I’m honored to have the site where the title industry comes for gossip. It’s the Perez Hilton in me. My inbox is full of awesomeness. Here’s a little something from earlier this week:
1) 1946 Paul Hauptman forms Jefferson County Abstract to support his homebuilding activities (and early AfBA!)
2) Jeff Abst becomes Security Title Guaranty Company to work outside of Jefferson County CO
3) Underwritten by Stewart Title, gets into pissing match over claims, money etc (the usual suspects) and goes to FATCO in 1977
4) FATCO gives them their small Colorado direct ops and an exclusive contract
5) The FATCO directs become First American Heritage Title about 1979.
6) Jerry takes over from the retiring Paul, early 80s
7) Finding competition even amongst his ops to be healthy, Jerry starts or purchases Title America with Doug Peters.
8 ) Jerry & Doug have falling out. Doug starts Title Services and later sells this to Lawyers
9) Jerry unites the 3 companies under one holding company, United Title around 1988. Previously they were owned by Hauptman Family Enterprises. However, HFE remains the owner of United Title and later Mercury (formed in 2002) until Jerry buys out the other family members in 2005 approx., with the hope of taking company public. This is why they went thru the explosive growth that killed them – buying companies to get large revenue streams to make an IPO attractive
10) United becomes Mercury about 2002
Yeah, it killed them. And check this out in the
peanut gallery comments section:
As far as Landam, FNF and FAF go, and who eats who, according to the financials, ORI has been acquiring Landam stock and now holds roughly 10% that should buy them a seat on the board. Think about it.
About Comerica pulling the plug, Mercury had broken 6 of the convenants of the line, within 5 weeks of it being renegotiated after the Alliance BK, buy it, they were smart.
Jerry not playing by the rules? Perish the thought. ORI has a 10% stake in LandAm? That’s so sending me back to the drawing board. Another gentle reader forwarded me the Mercury Dun & Bradstreet reports. I feel like the Verizon guy “Do you hate me now?”
I haven’t heard a peep from Oregon. No one has even logged in recently from up north. So I’m a little weak on information. I know it blows being in the title business and out of work in Oregon in good times. It doubly blows right now. I haven’t heard much from Arizona since half of them got picked up by Dinty Moore. Texas, I hear ya! And my goodness, I’ve never seen so many hits from Colorado. Lucky for y’all, The Burgermeister keeps access to my site open to FNF employees and I thank him for that. I think it’s chicken shit when they block me. If in fact you are blocked at work, a simple work around is Google Reader. Add a PBE subscription and voila! There we are in all our freakish glory. It’s not like
the Bloodless Empire they can block the Google.
And a little something that I can through into the mix.Â There’s been a siting…yeah that former CEO who’s still on the payroll working on the bankruptcy….wonder what’s happening to all that equipment in all those offices.Â I’ve seen two recently sitting there looking like museums… or mausoleums.
I believe there’s some wine tasting in my weekend plans, so lock your doors and keep your children safe. God only knows what the Wine Dog might say.
My goodness, do I feel like an oaf. I’ve been blaming the Hauptmans all this time and it was really the fault of CoAmerica and First American Title that all the good title folks of California, Texas and Arizona lost their jobs last week. Wow! That’s embarrassing! It’s good to see that Jerry really cared about the employees. I sooo have to quote this part:
After exploring and then concluding that an orderly shut down was not possible, mainly because we could not ask employees to work when we had no means to pay them, we immediately informed all relevant parties including employees, regulators and First American that 161 locations in California, Arizona and Texas would be immediately shut down.
Uh, Jerry, you didn’t pay them. It’s good to see he didn’t care about financial gain either and was just being a responsible fiduciary for the stakeholders of Mercury Companies. (Hey wouldn’t FATCO be one of those?) Does anybody really think that CoAmerica “unexpectedly declared the entire $40 million immediately due and payable”? Come on Jerry, that’s not how anybody does business, even with the likes of you. Supposedly the FNF deal was worth “millions” more than FAF was offering. Did I misread this thing? It’s only a five million dollar deal. The added value seems to be in the dismissal of the FNF lawsuits. Can’t wait to hear Oldtitleguy and Skip’s read on that one. Everyone else please feel free to ring in on it. I just didn’t see “millions” more than anything FAF was offering.
It’s a ton of reading, but Hell, I’m unemployed, so reading court documents makes it feel like I have a job. I skimmed over the exhibits to the Stock Purchase Agreement and didn’t notice the list of employees retained. Iguessimfired didn’t miss that, probably because their name didn’t appear on the list. I hope it’s not a complete list. And I hope all will be ok for you and anyone else who isn’t on the list. It appears to be backroom staff. You can know that the gentle readers of PBE wish you well. Most of us have been there, or are there right now.
Here’s an interesting take from yesterday’s Inman. Appears to be prior to the court docs flying. We’ll see what today brings. It’s been an interesting two weeks. I’m expecting Scully and Mulder to show up any minute now.