Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Now that these folks have their long term incentive options, the company should start making some money to EARN it!
Quarterly report should be out in about 2 weeks.
They have issued long term incentive stock options to most of management and board of directors.
Hopefully that motivates them to make some big money!
Bring it on! Looks like it happened right at the end.
Closed at .047.
You may get your wish!
This sucker won't drop below 55's though. I would honestly buy if I could only get for a heck of a deal. 10 years now in at the 5 bucks/share purchase is a little hard to swallow at investing more at this price. Cut this baby down to 2s or lower and I'll grab some up.
134,000 shares traded today.
80,000 of which were bought right after market open. Which is interesting as there was no news out.
Nice to see.
Big C...I need your opinion
Could you email me at mark@obergfarms.net
Thanks in advance!
Owners have converted the loan to shares. Company no longer has any debt/interest payments to Mr. Minnick & Salem.
This will help profits & revenues going forward. Great news!
They had the annual meeting on Tuesday, June 11. They were supposed to vote on a number of issues, including Performance pay plans/bonuses, and new board members.
Results should be out either today or tomorrow.
I didn't get to attend the meeting this year. Hopefully next year.
From the 10-Q:
"The Company’s overall investment philosophy is reflected in the allocation of its investments. The Company emphasizes investment grade debt securities and policy loans. The Company has modified its investment strategy to purchase larger position securities with increased yields and plans to invest in mortgage loans in the future. The duration of our new investments will be less than ten years for the majority of those investments. The 1505 Capital company that we acquired a 51% ownership in on April 2, 2019, will be providing investment and management services to the Company going forward subject to NDOI approval."
This will be good for the bottom line. More income!
https://www.sec.gov/Archives/edgar/data/355379/000120677419001768/midwest34852815-10q.htm
10-Q is out. $25 million in MYGA (new product) sales. $1,000,000 in income in 1st quarter.
I am pleased. Company is making good strides and needs to keep the sales & income growing.
I will be adding some shares.
10-Q NT Filed (late)
The 10-Q won't be issued on time.
One thing from the 10-Q NT is this little bit -
"The Company anticipates that, when filed, the Form 10-Q for the period ended March 31, 2019 will reflect total revenue for the period ended March 31, 2019 of approximately $1,000,000, compared to the total revenue for the period ended March 31, 2018 of approximately $198,000. The Company anticipates that, when filed, the Form 10-Q will reflect a loss from operations for the period ended March 31, 2019 of approximately $1.5 million, compared to the loss from operations for the period ended March 31, 2018 of $760,000.
So, I guess my original guess was more accurate.
https://www.sec.gov/Archives/edgar/data/355379/000120677419001728/midwest34852817-nt10q.htm
I totally understand your position. I foolishly invested in a large volume of shares also, so we are in the same boat.
This company has been a shit-show since the beginning. The Meyer clan were a interesting group - and not in a good way. When Rick Meyer "retired" i had renewed optimism.
Now that we have a new Chairman & CEO, which I am happy they split the role even though they appear to be friends. These guys have an energy about them that I can't help but like. The website (www.american-life.com) has been remade and doesn't look like a 1990's dial-up website. They shuffled up the board, added a new member and changed the business model.
The 10-K was a disaster - but we expected that with the news they had put out.
A lot will be revealed when the 10-Q (quarterly report) comes out next week. The new product, the MYGA (multi year guaranteed annuity) will have had 3-4 months of sales. I originally expected one to two million of sales for the quarter. I think I may have underestimated the sales. We could have sold much more than that, so I am revising my estimate. Ten million or more in sales. Anything less will be a disappointment.
Also in the 10-K the company stated they will be rolling out a new product this year as well. No info about what type it will be.
This is a highly risky company with a highly risky stock, but I am cautiously optimistic. The next few quarters will tell us if it has a chance or not.
Best wishes for a profitable future for this company!
I have a question for you Big C
I foolishly invested in a large volume of shares of this company years ago. Given the changes that you see in products offered and the changes in key decision makers for MDWT...is there any hope for this company at all in the future. I'm poor at gleaning much information from annual reports, but even I could see things were really not going well the past few years. Any light at the end of the tunnel?
Tkx in advance!
MDWT fires their auditors and hires a new group per 8-K issued today.
Hey you nailed your prediction. I'm behind the ball on any updates. I'll have to start looking again at the 10-K and recent filings. Thanks for the posts...
10-K is out.
Results as expected. But, reading the proxy, I believe better days could be ahead. It will be interesting to see the 10-Q which will cover the first quarter sales/earnings of their new product.
The 10-Q should be out in about 2 weeks.
A lot of finance professionals involved now. Mr. Salem, Mr. Minnich, Mr. Goel, this could get VERY exciting, VERY fast.
The new proposed board member, who we will vote on during the annual meeting:
SACHIN GOEL : Mr. Goel, age 38,was nominated by Xenith to fill one of its slots on the Board. Mr. Goel is a Managing Director on the investment team and leads the capital markets activity for Brightwood Capital Advisors, LLC in New York. He joined Brightwood in 2013. Prior to joining Brightwood, Mr. Goel was a Managing Director in Macquarie Capital USA’s credit trading division from 2009-2013, where he was responsible for a portfolio of distressed and high-yield corporate credits.
A little info on some of the board members up for nomination:
Information relating to each of the Nominees is set forth below.
A. MICHAEL SALEM : Mr. Salem, age 38, was nominated by Xenith to fill one of its slots on the Board. It is anticipated he will be named Chief Executive Officer of Midwest on April 30, 2019. He has served as Chairman of American Life since June 2018. Mr. Salem is Founder and Co-Chief Executive Officer of Vespoint LLC, ultimate controlling party of the Company since 2018. In addition, he has served as managing member of AMS Advisors LLC since January 2011. From July 2013 to August 2017, he was Co-Founder, Managing Principal and Co-Head of Advisory Capital at Vaubridge LLC.
MARK A. OLIVER : Mr. Oliver, age 60, has served on the Board since 2010 and was nominated by Xenith to fill one of its slots. Mr. Oliver was the Chairman and a member of the Board of Directors of Midwest’s primary life insurance subsidiary, American Life and Security Corp. (“American Life”) from March 2017 through June 28, 2018. He served as CEO since that company received its Certificate of Authority from the Nebraska Department of Insurance on September 1, 2009 until June 28, 2018. Since June 28, 2018, Mr. Oliver has served as Vice President and Secretary of American Life and remains on its Board of Directors. Mr. Oliver also serves as President and a Director of Midwest. From October 2015 through March 2019, he served as Chairman and CEO of Midwest. Beginning March 30, 2019, he was named President and Director. From 1984 until June 2007 Mr. Oliver was employed by Citizens, Inc., a life insurance holding company with principal offices in Austin, Texas, serving as its President and in various other executive capacities since 1997. He serves as a Director and Treasurer of Pacific Northwest. Additionally, he serves as Chairman and Chief Executive Officer of the Board of New Mexico Capital Corp.
MICHAEL W. MINNICH : Mr. Minnich, age 47, was nominated by Xenith to fill one of its slots on the Board and, if elected, will replace Todd Boeve. It is anticipated he will be named Executive Chairman of Midwest on April 30, 2019. Mr. Minnich was named President and a member of the Board of American Life in June 2018. Mr. Minnich was founder and Co-Chief Executive of Vespoint Capital LLC with Mr. Salem in 2018. Since July 2010, he has been Managing Member of Rendezvous Capital LLC, a New York firm advising issuers on capital and investments. From February 2013 to May 2017, he as Chief Investment Officer of A-Cad.
SACHIN GOEL : Mr. Goel, age 38,was nominated by Xenith to fill one of its slots on the Board. Mr. Goel is a Managing Director on the investment team and leads the capital markets activity for Brightwood Capital Advisors, LLC in New York. He joined Brightwood in 2013. Prior to joining Brightwood, Mr. Goel was a Managing Director in Macquarie Capital USA’s credit trading division from 2009-2013, where he was responsible for a portfolio of distressed and high-yield corporate credits.
SCOTT MORRISON. Mr. Morrison, age 45, has served on the Board since 2015 and was nominated by Xenith to fill one of its slots on the Board. Since 2006, Mr. Morrison has been Managing Partner of Oaks, Hartline & Daly law firm in Austin, Texas. Mr. Morrison is Texas board certified in estate planning and probate law. He practices law in the areas of estate administration and planning, probate and general business law. He has been named a “Texas Rising Star” by both Law and Politics Media, Inc. and Texas Monthly magazine. Mr. Morrison served on the Board of American Life from 2015 to June 28, 2018.
https://ih.advfn.com/stock-market/USOTC/midwest-hldg-inc-MDWT/stock-news/79779074/shareholder-nomination-disclosure-sc-14n
Call it a hunch...I believe I/we may be in for a surprise when the quarterly is filed in May.
Hopefully they have the 10-K filed this week.
With the most recent filing, seems a new face is joining the board of directors. Mark Oliver is being replaced as CEO, as we will become the President of the company. New Chairman of the Board as well.
I'm excited!
Reasonable assumptions and I appreciate the feedback. I still am on the fence with additional shares. I too will look for what comes about in May. Hopefully we are not disappointed.
Talking with other shareholders, I get a general consensus the Board here is in need of revamp. Quite the salaries over the years for those folks, and honestly we don't have a lot to show for it. I will have been an investor for 10 years come July, and speaking solely on the basis of what my investment is worth, this business is nearly worthless. I hope in the background from what I cannot see is something worth fighting for.
Hard to say.
It was expected since they re-insured all of their life insurance holdings with another company. They took a lump sum amount of cash instead of the future payments on the policies.
Frustrating because here we go again, late on the 10-K. Hope we don't have to wait until September to get the 10-K again. It's pretty pathetic, actually.
I'll be more interested in the 1st quarter report, due in May. That will show how much interest there has been in their new MYGA product. I am expecting at least $1,000,000 in MYGA sales. Anything less will be disappointing. Q2, at least double that.
Just my opinions. They have a lot of work to do.
Hey Big C, what's your prediction given they are projecting a pretty major loss?
Originally, around 2008/2009. I was a Northstar shareholder, which merged with Midwest a few years back. I added some when it was in the .02 - .10 cent range. I pick some up on the dips. Company is pretty good about responding to shareholder emails. I've sent them a few and hear back within a day or two.
Not a bad plan waiting to see results before picking up more shares. 10-K due by end of March, with the 10-Q about a month later or so. I don't think there is any need to rush it.
Take it easy!
Big, thanks for the reply. I'll keep an eye on this again, and see what I can do. If I get a chance, I might play another 5k into it if that price drops just a tad lower...Wouldn't mind having some more shares, but will not fully invest until I actually see something happen.
When did you become a shareholder originally? My original purchase was 1000 shares at 5k, then we had some dividends that boosted me up to 1,138.
Yes, there is. They just began offering a new product, the "American Classic" end of January. It's going to be a game changer! Your call as to whether or not to add to your position, but I would be buying! They also updated their website, which you can see by following the link below.
https://www.american-life.com/product/american-classic/
Hey guys, holder here since 2009 on initial funding. Measly 1138 shares and down all but $223, lol. Was thinking of a little bit of purchasing with some low prices, but is there anything in the works anymore? I've kept up a little less each year with this company as the years go on.
Nice ending to the week! Up 31% today.
Nice upward movement in the stock today! More big upward movements ahead!
American Life Launches FAST Platform in “Record Time”
http://www.wandtv.com/story/39482993/american-life-launches-fast-platform-in-record-time
AM Best assigns American Life & Security Corp a B++ rating.
https://www.businesswire.com/news/home/20181213005425/en/Assigns-Credit-Ratings-American-Life-Security-Corp.
Midwest Holding subsidiary American Life has a newly designed website. Looks very good!
www.american-life.com
The amendment voted on at the annual meeting of shareholders passed, raising the authorized shares amount to 2,000,000,000 from 100,000,000.
Here is a link to the letter to shareholders from CEO Mark Oliver. The annual meeting will take place November 13, 2018 in Lincoln, NE.
http://midwestholding.com/docs/2018_proxy.pdf
They raised two million, roughly, through the sale of 1.5 million of their newly created preferred stock. Most of the funds were used to pay off a debtor from many years ago.
There is $22,000,000 available to them, but they must hold a shareholders meeting to approve the massive increase in authorized shares, as this $22,000,000 will be a convertible note into common shares. I don't know if they will get the funds all at once or whether it will be loaned in increments.
Shareholders will have to approve an increase from 120,000,000 authorized to 1.2 billion shares authorized before these funds will be available.
Major dilution. If they don't approve it, well, I think they will be hurting. No good outcome either way.
So, did they just raise a bunch of money then?
Midwest Holding is based in Lincoln, NE. I live here also. Been invested since the beginning.
They seemed to do well at the start, then they couldn't write anymore insurance because they didn't have enough reserves. The letters from Mark Oliver, CEO, are funny. In 2017 report he stated in the letter "...a goal of writing $1,000,000 in new life insurance..." Yet, he knew they didn't statutory surplus to do that.
I'm pretty upset with management that they haven't really done anything in the last 3-4 years except collect a paycheck and watch assets dwindle.
Hopefully this loan agreement will get them going, but it will dilute the shareholders something fierce.
13D filed July 12.
10-K/A filed September 7.
Share structure is a mess.
They entered into a crummy convertible loan agreement with some financing company.
You can read it here:
https://www.sec.gov/Archives/edgar/data/355379/000119312518216614/d471113dsc13d.htm
They better get their stuff together if they plan to make this company a success.
When was this filed?
MDWT News: Vespoint Acquires Controlling Interest In Midwest Holding
PR Newswire "Press Releases US - English"
NEW YORK and LINCOLN, Neb., July 2, 2018 /PRNewswire/ --Midwest Holding Inc. (OTCQB: MDWT) ("Midwest"), together with its wholly-owned subsidiary American Life & Security Corp. ("American Life"), a Nebraska-based life and annuity insurer, announced today that Vespoint LLC ("Vespoint"), has acquired a controlling interest in Midwest. The acquisition is the first in Vespoint's portfolio of insurance-focused investment, management and technology companies.
"I could not be more pleased with the meaningful partnership we have struck with Vespoint," remarked Mark Oliver, CEO of Midwest. "Vespoint is not merely a capital partner to us; they are helping to transform our company into the dynamic Midwestern insurance company we have always strived to be. Our shareholders are going to be proud of the company we are building."
Current and future policyholders and distribution partners can expect a well-capitalized American Life with a focus on innovative products. The Vespoint and American Life teams have been closely working together leading up to the acquisition and have taken the first important step in accomplishing these objectives.
"In looking to make our first insurance acquisition, we targeted Nebraska as a key strategic location to build our business," said Mike Minnich, co-CEO of Vespoint and new President of American Life. "We firmly believe that technology will play an exciting and essential role in the future of insurancebyboth improving customer experience and reducing operating costs.In partnering with American Life, we have found a team that embraces this vision."
"We are excited about the opportunity to combine American Life's strong, experienced management team with additional capital, resources and technology," added Michael Salem, Co-CEO of Vespoint and new Chairman of American Life. "The company is an excellent platform on which to build a premier life and annuity insurer."
About Midwest Holding Inc.
Midwest Holding Inc., founded in 2003, is a financial services organization headquartered in Lincoln, Nebraska, providing quality products and services to clients across the U.S. In September 2009, Midwest capitalized American Life & Security Corp., the first life insurance company organized in the state of Nebraska in more than 30 years. www.midwestholding.com
About American Life & Security Corp.
American Life is a life and annuity insurance company located in Lincoln, Nebraska. American Life is the result of multiple mergers and acquisitions with its earliest predecessor company dating to 1960. American Life provides life and annuity products to its Midwest policyholder base. www.americanlifeandsecurity.com
About Vespoint LLC
Vespoint is a private insurance-focused investment, management and technology company founded by insurance and asset management veterans Michael Minnich and Michael Salem. Combining industry expertise with an innovative approach, Vespoint is uniquely positioned to take advantage of a rapidly changing insurance marketplace. www.vespointllc.com
Additional Information
Midwest is subject to the requirements of the Securities Exchange Act of 1934 (the "Exchange Act") and files with the Securities and Exchange Commission (the "SEC") annual, quarterly and current reports, proxy statements and other documents. You may review and obtain copies of each such document filed by the Company with the SEC at the SEC's address or website. Additional information regarding the agreement under which Vespoint, through its wholly owned subsidiary, Xenith Holdings LLC, acquired its controlling interest in Midwest can be found in Midwest's Current Report on Form 8-K filed with the SEC on May 14, 2018.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The forward-looking statements include statements about future operations. Forward-looking statements are based on current expectations and assumptions and analyses made by Midwest and Vespoint in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform with expectations is subject to a number of risks and uncertainties, including but not limited to: inability of management to execute its plans to meet its goals; Midwest's inability to obtain additional capital in order to seek its proposed insurance expansion; lack of market acceptance of new insurance products; difficulties in integrating additional resources into the business plan of Midwest; breakdowns and failure of technology systems and the possibility that operating costs may not be reduced with the implementationof new technology. Midwest's annual report on Form 10-K for the year ended December 31, 2017, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. Midwest and Vespoint undertake no obligation to revise or update publicly any forward-looking statements, except as required by law.
Cision View original content:http://www.prnewswire.com/news-releases/vespoint-acquires-controlling-interest-in-midwest-holding-300675503.html
SOURCE Midwest Holding Inc.
Heavy volume today. Anticipation of the 10-k?
10-K should be out by end of day Tuesday, if not before.
Any other shareholders following MDWT here?
Followers
|
5
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
151
|
Created
|
07/30/16
|
Type
|
Free
|
Moderators |
American Life & Security Corp.
2900 South 70th Street, Suite 400
Lincoln, NE 68506
Phone: 402-489-8266
Fax: 402-489-8295
Manage your money into retirement with a secure, low-risk fixed deferred annuity. American Classic provides predictable returns through a fixed, competitively high interest rate and offers innovative features like a Loyalty Bonus that rewards you for helping keep our costs low.
American Select
Grow & protect your savings with a fixed indexed annuity. American Select offers flexible participation in any of three reputable indices or a fixed rate, you can customize your allocation over time to meet your needs. When markets grow, you gain, but should markets decline, your principal remains protected.
Stock Information:
As of March 15, 2021, there are 3,737,564 shares of Voting Common Stock, par value $0.001 per share, issued and outstanding.
As of August 28, 2020, there are 22,000,000 shares authorized, of which 20,000,000 shares are designated as voting common stock and 2,000,000 shares are designated as non-voting common stock. Also available are 2,000,000 shares of preferred stock (zero issued/outstanding).
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |