Is the sale of 320 Park Ave and 1150 Broken Sound Way the next step ? If those happen, the first would realize $300M in gains. Will this be enough to keep the "A" Rating with AM Best, Fitch, Moody's. Weiss has already given them a "B" rating. Come March, it's anyone's guess how the rating agencies are going to see the sale of these properties. Frozen pension needs to now be FULLY FUNDED and not 75% funded. New CEO has to be setting up Securities, LLC up for consolidation with another recordkeeper. If so, would there be any suitors at $100M losses each year. Company hasn't turned a profit since 2018. All the money is lining the pockets of VPs who generate no revenue
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Munich Re bought the rest of the building for $500 million.
320 Park is already sold. Can’t wait to see the logo being chiseled off the building like some bankrupt casino. They already have that id--tic retail space on Park Ave totally abandoned with the company logo still completely visible. What could the remaining clients be thinking?
320 is already so and so is Boca in process if not already.
The company was bone headed when the equity in 320 Park was $150M then it was today pre 2020 with super low interest rates. They could have taken a large line of credit and spent 5 years building out the most sophisticated and top of the line record keeping system for $115M. Instead, the Inept Executives rested on their laurels as they collected $500k-$3.5M a year each. There was no incentive and the Board with the average age of 75 did nothing but turned to blind eye.