Patriot National Inc fka PN

[Marilynt]

Thanks.

This is so unusual. After I bought shs and it was halted, I dug a little and discovered that the ex-ceo lives seven miles from me and only 1.4 miles from my son. What a small world.

[smokeeater]

Will trade tomorrow on the OTC, new symbol PNTP

[Marilynt]

Do you have any thoughts on when PN will trade again? I bought shs the day before it was halted.

[aristotelisonassis]

Looks like good news here! http://archive.fast-edgar.com//20171128/A422722FZZ2R7JZ222J92ZXSK2IMEZ22X292/

[aristotelisonassis]

https://www.bizjournals.com/southflorida/news/2017/11/27/insurance-company-tied-to-patriot-national-agrees.html?ana=yahoo&yptr=yahoo

[Lone Wolf]

Sorry...'fat fingers' on my phone...meant 'Fubar'...lol. Here's hoping whatever the news is they they have is good. Surprised nothin's been released since the halt.

[Lone Wolf]

Hey Funar. Nice to see you as well. Hope the turkey treated you okay!! Forbearance agreement with lenders lead to the drop.

L1 halt on this now...still waiting to see what the news is now.

[Awl416]

T1 halt

[FUBAR]

Hmmm, nice to see you LW. Was stopping by to see why the drop yesterday

[Lone Wolf]

8 mil float with 30% short...so in for a spin here at .35.

PN

[Livinginawesometown]

They must have been able to show NYSE that they will get financials sorted out to get an extension to March. Here’s hoping there is some value left.

[stock1ace1]

Pn 1.50 a/h

[stock1ace1]

Shorts scrambling :P

[TheRealGotti]

I don't disagree. Mariano was a sheisty scumbag I'm glad he's out.

[Livinginawesometown]

Well, not exactly. Guarantee Insurance is ordered to stop writing new business until they prove adequate surplus. Plan due by Friday. GIC is 60 percent of PN business but existing policies are not impacted. I think they work it out.

[Dubster watching]

I'm out. Broke even and moving along.
Good luck folks

[TheRealGotti]

Patriot National ordered to stop writing in Florida..

https://www.bizjournals.com/southflorida/news/2017/08/29/insurance-company-connected-to-former-patriot.html

[UglyAmerican]

Buying some here in the 1.70's. Appears oversold.

[UglyAmerican]

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On April 3, 2017, the Company received a written notice from NYSE Regulation, stating that the Company is not in compliance with the NYSE’s continuing listing criteria under Section 802.01E of the NYSE Listed Company Manual because it had not timely filed its annual report on Form 10-K for the year ended December 31, 2016. Under Section 802.01E, the NYSE will monitor the status of the Company’s late filing and related public disclosures for up to a six-month period. If the Company does not file its annual report and all other periodic reports with subsequent due dates within six months from the filing due date of the late report, the NYSE may, in its sole discretion, allow the Company’s securities to remain listed for up to an additional six months depending on the specific circumstances, as outlined in the rule. If the NYSE determines that an additional six-month trading period is not appropriate, suspension and delisting procedures will commence pursuant to Section 804.00 of the Listed Company Manual. If the NYSE determines that an additional trading period of up to six months is appropriate and the Company fails to file its Form 10-K and Form 10-Q filings by the end of that period, suspension and delisting procedures will generally commence. Regardless of the procedures described above, the NYSE may commence delisting proceedings at any time during the period that is available to complete the filing(s), if circumstances warrant.

The Company plans to file its 2016 Form 10-K as promptly as practicable after it finalizes the Form 10-K with its independent auditor and the Audit Committee completes its internal review regarding certain accounting matters related to transactions between the Company and Hospitality Supportive Systems, LLC, Selective Risk Management and Carman Corporation, and their affiliates which, as previously reported, the Company entered into during calendar year 2015, and the Company’s independent auditor assesses the Audit Committee’s findings.

[MAK517]

The work being done by PN for Guarantee Insurance Group was being charged and paid. The $30M was simply a "give us $30m as a retainer fee and you will continue to get our business" fee. And this is strange since the majority shareholder of both companies is the same person! So, why is an additional fee suddenly necessary when it was never necessary before? It's a scam and a way for the CEO and majority shareholder to be an extra $30m for his retirement.

[JerseyDrew]

Mona preface this with the fact that I have no position here any longer and I really haven't read up on the lawsuit. From what you stated though do you feel that the fair value of the work that was being done was Zero or 30 million or somewhere in between?

[MAK517]

Steven Michael Mariano is the CEO of PN and majority shareholder.
He is also the owner (majority shareholder) of Guarantee Insurance Group. He basically decided he wanted $30,000,000 and set up this scheme to get the money from one company to the other - both of which he controls.

[MAK517]

I disagree.
The agreement that gave the $30,000,000 to the other insurance company is the same agreement PN had for years WITHOUT paying a cent. All of the sudden the majority shareholder of PN and owner of the company receiving the $30M (the majority shareholder and owner of the other insurance company are one and the same) decided to demand a payment of $30M for the same relationship PN previously had for no $. It is a $30M transfer just for the major shareholder of PN (owner of the company getting the money). There is no rational reason behind it other than to fleece and take $30m.

[UglyAmerican]

Anyone in the know here please answer:
What's the debt here, 138 million? 5% to service? Also, What's the deadline for delisting? Have they lost customers (AIG, Travelers, etc.)? Annual revenue is 200 million ish or am I way off there? Any other insight would be appreciated.

[JerseyDrew]

No, they're legit. The lawsuit is because the CEO was contracting with another company he owns for no bid contacts but at a fair market Price is my understanding.

[greenbacks]

Isn't Kevin Carson from Lake Worth Fla behind this scam?

He stole $25 k from a friend........Check writted to EAD Consulting Inc ( sunbiz.org )


This scumbag has been banned by the SEC from the securities industry

Im hearing he does everything under his brother in laws name

[wiltonio]

D & L Partners, L.P. has filed a new 13G, reporting 5.2% ownership in $PN - https://fintel.io/so/us/pn

[stocktrademan]

PN bullish 2.1899









normal chart




log chart

[JerseyDrew]

Hmm seems like my rumor mill was pretty well informed

[Buzz301]

Earnings on Monday..Plus they are going to explain why they rejected the buyout..Thinking the valuation is more than $475 million or possibly another bid from another company? Either way, this is going up!

[JerseyDrew]

I heard rumor of a dividend, guess we wait and see.

[Buzz301]

Expecting Huge news on Monday...Here's the link.

http://www.prnewswire.com/news-releases/patriot-national-rejects-475-million-offer-from-ebix-inc-300359269.html

[JerseyDrew]

Looks like a buy here around $6.55

[wagz]

Watching this...

[duderaja]

Is anyone still here???

[Bonsai 1]

In a way It's unfortunate that trading in this day and age is so easy (you can do it on your smart phone in 2 seconds etc). Now so many people who know so little about the basics (fundamentals, balance sheet, income statement, sec filings, earnings, metrics, etc) are trading in the market and all they do is trade on emotion and follow some analysts recommendation like a little sheep. Then pn loses 30 % in a day because a thousand people can't read a financial report. The world we are trading in I guess...

[Digger 2-0]

Yesterday 300k+ shortshares was selling!
I bet it was a shortattack on the Start, that moves the PPS down and much stoploss-orders ware trickering and so on! Fear doing the rest!

[Digger 2-0]

The question is: why it goes Down???
On 3. quarter the PPS moves from 13.00$ to 14.50$ with lower EPS!
Now just 3 Month later, aquisitions and new projects it is on 30% from this PPS!!???

Market are crazy!

[ThatBobGuy]

Ouch

The Market is being pretty cruel to this stock today.

[Digger 2-0]

Short-Interest: 17% of the Float! Over 200K every Day they can use to hammer the PPS down!

http://sussexpilot.com/market-report/patriot-national-nysepn-short-interest-update/5432

[Digger 2-0]

Highlights:

For the quarter ended December 31, 2015:
(Comparisons to the corresponding prior-year period)

Total Revenues and Fee Income of $60.9 million, increased 51%
GAAP Net Loss of $5.4 million, or $0.19 per share
Adjusted Earnings of $5.5 million, or $0.19 per diluted share, up 204%
Adjusted EBITDA of $14.6 million, up 49%
Operating Cash Flow of $5.6 million, up 65%
For the year ended December 31, 2015:
(Comparisons to the corresponding prior-year period)

Total Revenues of $209.7 million and Fee Income of $209.8 million, up 79% and 104%, respectively
GAAP Net Loss of $5.4 million, or $0.20 per share
Adjusted Earnings of $20.1 million, or $0.75 per diluted share, up 236%
Adjusted EBITDA of $51.5 million, up 90%
Operating Cash Flow of $37.1 million, up 729%
Invested $3 million to add 90 insurance carrier clients
Recent Developments:

On February 16, 2016, Patriot National announced an expanded relationship with Travelers, the second largest writer of commercial U.S. property and casualty insurance, whereby Patriot National will initially offer all lines of Travelers' small business insurance in 15 states, with plans for national expansion.
On January 28, 2016, Patriot National acquired Mid Atlantic Insurance Services, which increased Patriot National's property and casualty service offering with eight new products, added 12 new carrier relationships and 1,100 new retail agencies.
On January 26, 2016, the Company appointed financial services industry veteran Michael Corey as its fourth independent director, expanding the board to a total of six members.
In early January, the Company expanded its hospitality program through a partnership with ProSight Specialty Insurance to launch a new restaurants, bars and taverns program encompassing property, general liability and liquor liability.
In February, Patriot Technology Solutions launched PN ClaimsAlert, a mobile application that streamlines incident reporting.

[Digger 2-0]

NUMBERS OUT! http://ih.advfn.com/p.php?pid=nmona&article=70521709

[Digger 2-0]

Look at the Earnings from the 3. quarter!
PN growth is biiig! They moving fast forward!

[Digger 2-0]

PN tomorrow will GAPing after news today!
This Stock is rated at 17$! 200 Dayline is at + 108 %!!

[Digger 2-0]

EARNINGS RELEASE! Today after Market Close!

[Digger 2-0]

Edward E Snow recently revealed that they own 5.6% of Patriot National Inc (NYSE:PN) in a Schedule 13G disclosure that was filed with the SEC on Tuesday, February 23rd. The investor owns 1,579,176 shares of the stock worth about $9,411,889. The disclosure is available through EDGAR at this link.

Other large investors also recently added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in Patriot National by 31,849.4% in the fourth quarter. Bank of America Corp DE now owns 285,947 shares of the company’s stock worth $1,918,000 after buying an additional 285,052 shares during the period. Fifth Third Bancorp increased its stake in Patriot National by 145.5% in the fourth quarter. Fifth Third Bancorp now owns 801,400 shares of the company’s stock worth $5,377,000 after buying an additional 475,000 shares during the period. Wells Fargo & Company MN increased its stake in Patriot National by 15.7% in the fourth quarter. Wells Fargo & Company MN now owns 616,482 shares of the company’s stock worth $4,136,000 after buying an additional 83,828 shares during the period. Finally, Brown Advisory Inc. increased its stake in Patriot National by 2.8% in the fourth quarter. Brown Advisory Inc. now owns 854,146 shares of the company’s stock worth $5,732,000 after buying an additional 23,147 shares during the period.

Shares of Patriot National Inc (NYSE:PN) traded down 2.45% during midday trading on Tuesday, reaching $5.96. 209,027 shares of the company traded hands. The stock’s market capitalization is $161.22 million. Patriot National Inc has a 12 month low of $4.97 and a 12 month high of $19.32. The company’s 50 day moving average is $6.13 and its 200-day moving average is $11.93.



PN has been the topic of a number of research analyst reports. BMO Capital Markets reissued an “outperform” rating and issued a $15.00 price target (down from $21.00) on shares of Patriot National in a research note on Tuesday, December 15th. Compass Point reduced their price target on shares of Patriot National from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, December 17th. William Blair downgraded shares of Patriot National from an “outperform” rating to a “market perform” rating in a research note on Friday, December 18th. Finally, Zacks Investment Research downgraded shares of Patriot National from a “strong-buy” rating to a “hold” rating in a research note on Sunday, January 17th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $17.00.

In related news, insider Timothy J. Ermatinger sold 7,500 shares of the stock in a transaction dated Tuesday, December 1st. The shares were sold at an average price of $14.31, for a total value of $107,325.00. Following the sale, the insider now directly owns 40,882 shares of the company’s stock, valued at approximately $585,021.42. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

http://www.americanbankingnews.com/2016/02/23/...ed-by-edward-e-snow/

[Digger 2-0]

Earnings today AMC!

[PAC]

PN 6.25 almost ready to lift

[Digger 2-0]

Slap that Ask!

[Digger 2-0]

Open Skys people! What you are waiting for! This comes from 12$+ !!! :D