Investor offers $9.25 per share for AMR
#13
#14
Could be the same guy?
******AGENT ALERT******
REMINDER TO BEWARE OF UNLICENSED ENTITIES SELLING INSURANCE
The Department of Financial Services recently warned agents that it had received reports of an unlicensed entity, Global Insurance Group, Inc. (a Delaware corporation headquartered in Aventura, FL) aggressively advertising the lowest windstorm insurance rates in Florida. On August 1, 2005, the Office of Insurance Regulation issued an Immediate Final Order to Global. It, among other things, ordered Global to cease conducting unauthorized insurance business in Florida.
On August 25th, Division of Insurance Fraud detectives arrested Allen E. Weintraub in Miami. He was charged with 45 counts of grand theft, 45 counts of transacting insurance without a certificate of authority, and one count of organizing a scheme to defraud. Weintraub set up Global Insurance Group and Global Property & Casualty, Inc., used licensed agents to sell the potentially worthless insurance to at least 45 Florida homeowners and businesses, and collected more than $100,000 in premiums.
If you placed any clients with Global, you should obtain credible replacement coverage for those clients immediately.
As an insurance agent in Florida, you are one of the front lines of defense to protect Florida's consumers from unauthorized insurance companies. While unauthorized insurers may initially offer cheaper premium rates and higher commissions, they are not authorized to sell policies in Florida, have not been scrutinized for legitimacy, nor have they proven that they have adequate reserves to pay claims timely. If an unauthorized insurer does not pay a claim, the agent that sold it is liable to that insured for the amount of the unpaid claim (§626.901, F.S.). Additionally, agents may be fined, have their licenses suspended or revoked, and face criminal investigation. Aiding and abetting an unauthorized insurer is a 3rd degree felony.
Another unlicensed entity agents are reminded to avoid is International Water Safety Foundation, a Quebec, Canada firm. The company also does business as International Water Marine Safety Foundation, International Marine Safety Foundation, and North American Marine & General Insurance Company, LTD. In October 2003, the Office of Insurance Regulation ordered the entities to cease claiming to be an insurer, transacting new or renewal business, and collecting premiums in the state of Florida. The Department's monitoring of International Water Safety Foundation and related entities is ongoing, to detect any activity in violation of the Order.
Agents with any information about Global, Weintraub, International Water Safety Foundation, or any other unauthorized entity selling insurance in Florida should contact the Department at [email protected]. To check on the license status of a company at any time, you should visit Florida's Department of Financial Services and click on Verify Before You Buy, or call the Department of Financial Services' Helpline at 1-800-342-2762.
End of email.
******AGENT ALERT******
REMINDER TO BEWARE OF UNLICENSED ENTITIES SELLING INSURANCE
The Department of Financial Services recently warned agents that it had received reports of an unlicensed entity, Global Insurance Group, Inc. (a Delaware corporation headquartered in Aventura, FL) aggressively advertising the lowest windstorm insurance rates in Florida. On August 1, 2005, the Office of Insurance Regulation issued an Immediate Final Order to Global. It, among other things, ordered Global to cease conducting unauthorized insurance business in Florida.
On August 25th, Division of Insurance Fraud detectives arrested Allen E. Weintraub in Miami. He was charged with 45 counts of grand theft, 45 counts of transacting insurance without a certificate of authority, and one count of organizing a scheme to defraud. Weintraub set up Global Insurance Group and Global Property & Casualty, Inc., used licensed agents to sell the potentially worthless insurance to at least 45 Florida homeowners and businesses, and collected more than $100,000 in premiums.
If you placed any clients with Global, you should obtain credible replacement coverage for those clients immediately.
As an insurance agent in Florida, you are one of the front lines of defense to protect Florida's consumers from unauthorized insurance companies. While unauthorized insurers may initially offer cheaper premium rates and higher commissions, they are not authorized to sell policies in Florida, have not been scrutinized for legitimacy, nor have they proven that they have adequate reserves to pay claims timely. If an unauthorized insurer does not pay a claim, the agent that sold it is liable to that insured for the amount of the unpaid claim (§626.901, F.S.). Additionally, agents may be fined, have their licenses suspended or revoked, and face criminal investigation. Aiding and abetting an unauthorized insurer is a 3rd degree felony.
Another unlicensed entity agents are reminded to avoid is International Water Safety Foundation, a Quebec, Canada firm. The company also does business as International Water Marine Safety Foundation, International Marine Safety Foundation, and North American Marine & General Insurance Company, LTD. In October 2003, the Office of Insurance Regulation ordered the entities to cease claiming to be an insurer, transacting new or renewal business, and collecting premiums in the state of Florida. The Department's monitoring of International Water Safety Foundation and related entities is ongoing, to detect any activity in violation of the Order.
Agents with any information about Global, Weintraub, International Water Safety Foundation, or any other unauthorized entity selling insurance in Florida should contact the Department at [email protected]. To check on the license status of a company at any time, you should visit Florida's Department of Financial Services and click on Verify Before You Buy, or call the Department of Financial Services' Helpline at 1-800-342-2762.
End of email.
It really makes you wonder about the legitimacy of ANY stories that break on CNN, Fox News, Bloomberg, MSNBC, ABC news....Any and all of them seem to be more interested in HYPE than actual reporting of news and fact.
#17
Gets Weekends Off
Thread Starter
Joined APC: Jul 2007
Posts: 569
Some guy visited Sterling Global HQ in person and described:
Sky Talk: A look at the "headquarters" of AMR's would-be buyer
Sky Talk: A look at the "headquarters" of AMR's would-be buyer
#19
Nothing to see here, move along...
The offer was from a convicted felon who has had a history of securities fraud:
SEC sues man who said he wanted to buy American, Kodak - USATODAY.com
SEC sues man who said he wanted to buy American, Kodak - USATODAY.com
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Shootinstr8
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12-08-2007 10:11 AM