Meeting recap. Frankly not a ton of info
Voting
-Signal sent on directors. 54M shares cast, most just for the auditor.
-Directors only got max 17M shares. 8-9M shares withheld on each
Prepared remarks
-Esposito: transition process - "be transparent, smooth orderly. Build on achievements to date. Ensure continued success." "Susan, Claude, and board agree it is the right time."
-Introduced Fred Hnat as next CEO, said he built 10B UK book with "no losses to date" (some questions on that statement)
-Expects board to shrink, and some improvements in disclosure
Strategic review
-"I personally met large stakeholders – surplus noteholders, twin reefs preferred holders, common shareholders" - got feedback
-4Q strategy review is top priority, will incorporate stakeholder feedback
-MTA, regulators still limit freedom of action
Q&A
Q: better disclosure? Compensation? Shareholdings?
A: Not at this time...under consideration... stay tuned
Q: How are we going to monetize NOLs?
A: It's conceivable that we could use NOLs in the insurance subs by actions within the insurance book. Holdco...not possible without new business. Part of 4Q strategic review
Q: MBS reserving?
A: Trends improving (not much more clarity)
Q: stakeholder interests - noteholders vs. common - wrt selling the insurance book?
A: Part of strategic review. Remediation is ongoing. Working to enhance recoveries, could include selling "non-core" assets (e.g. American Roads)
