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Saturday, February 07, 2009 1:41:39 PM
Looks like I was right that the fact that N.L. has a mortgage company in VF is a negative for us.(if no rm) They let the mortgage license go because they have no need nor desire to operate Amstar lke VF. Just great...
I'm more than disappointed they have taken this long to decide on another path as well as what seems to be a decision not to rm VF.
I think all of us have known for months that the credit crisis wasn't going away in a year or 2 let alone in just a few months. If they weren't doing the rm then they should have been actively changing the business plan months ago. At least 6 months wasted, IMO.
That nearly $5M good will tax write-off has got to be an incentive to someone!
So...I hope they can shut me up with a positive update about the new opportunities they see to add value to AMAF. Soon!
And I think we deserve an update on their plans after reading this latest terrible 10k. From that 10k one might think they were not even thinking much about Amstar let alone not making any kind of progress whatsoever.
Without a positve update next week or so, I am re-evaluating my praise for this management and downgrading them to typical pinkie management. Maybe the last Amstar BK experience didn't change them?
And yes, I'm pissed so the board should keep its comments focused on AMAF and not me.
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