Gerova Financial Group Ltd (GFC)

[CMA7]

http://www.cnbc.com/id/41691925

We will just have to sit tight. That's all we can do.

CNBC: Excerpt from CNBC article:
"Keith Harris, chief executive of Seymour Pierce, may look to resuscitate Gerova's role as part of a three-way merger if he can resolve some of the issues affecting the re-insurer, the Mail on Sunday said."

Seymour Pierce to end merger talks with Gerova - report
Published: Sunday, 20 Feb 2011 | 11:42 AM ET Text Size

LONDON, Feb 20 (Reuters) - Investment bank Seymour Pierce is expected to end merger talks with Bermudan re-insurer Gerova Financial in the next few days and pursue a merger with Ticonderoga Securities, the Mail on Sunday reported, citing no sources. Reuters reported in December that the London-based stockbroker was being bought by New York-listed Gerova in a reverse takeover deal that would see little-known Gerova taking Seymour Pierce's name. Under that original deal, Gerova also agreed to buy New York-based institutional broker-dealer Ticonderoga Securities, founded by ex-Collins Stewart executives Joel Plasco and Shawn McLoughlin. Speculation has grown that the merger between Seymour Pierce and Gerova could be in doubt as shares in the re-insurer have slumped almost 80 percent so far this year. Gerova said in January it had engaged Kroll, an intelligence and risk analysis firm, to probe possible market manipulation and collusion aimed at driving down its stock price. Since then, Gerova's chief executive, chairman and four board directors have all resigned, and its replacement as chairman withdrew after he and the company were unable to agree terms. Keith Harris, chief executive of Seymour Pierce, may look to resuscitate Gerova's role as part of a three-way merger if he can resolve some of the issues affecting the re-insurer, the Mail on Sunday said. Seymour Pierce could not be reached for comment. (Reporting by Julie Crust; editing by Sophie Walker) Keywords: SEYMOURPIERCE GEROVA/ ([e-mail]; [phone]) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved.

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