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We have seen some market participants get creative with combining primary commitments to funds supported by a secondary transaction that provides a form of collateral to help with their risk/return trade off, and simultaneously building stronger relationships with GP’s.
This has left several friends who arrived more recently searching fruitlessly and losing the inevitable bidding war for each uninspiring property, over and over again. The only problem was, so was everybody else: a bidding war was already bubbling up and we only had a few days at most to lock it in. You end up with $200,000 invested.
In 2024, the combined ratio benefited from more favorable development on prior accident year loss reserves compared to 2023, the impact of which was mostly offset by higher attritional losses including those on our intellectual property collateral protection insurance or CPI product line. Please go ahead.
We finalized a share consolidation in June which led to the regaining of compliance with NASDAQ's minimum bid requirements. We also had an increase in our corporate SG&A driven by increased consulting and legal fees related to ongoing corporate projects, including the activity related to the letter of intent with Volvo.
This is below our guidance, primarily due to lower-than-anticipated professional fees and legal expenses. And when we're looking at the rigs that we are bidding into those jobs, clearly, we understand the work that needs to be done to those, and we build in a project plan in terms of addressing the work and any upgrades that are needed.
See the 10 stocks *Stock Advisor returns as of April 30, 2024 As a quick review of the bidding, at the Markel Group, we are working to build one of the world's great companies. Some of the areas we exited included Retail Primary Casualty, Risk-managed Architects and Engineers, and Intellectual Property Collateral Protection lines.
Brian Higgins has put together a amazing track record handling distressed and stressed debts, as well as other forms of credit real estate collateralized obligations. So for example, if things go quite wide and spreads where they can trade 10 bond points wide, being able to buy on the bid side versus the as side. It was formed in 1995.
RITHOLTZ: You hit the bid before — RIEDER: Well, yes. Tell us a little bit about what you do on Twitter and how was it getting that through legal and compliance? RIEDER: Well, first of all, anything I tweet goes through legal and compliance before it gets out there, first part. It’s the collateral.
So I did my thesis on how leveraged buyouts work from the legal and the business side. We spent weeks, night and day, studying it, decided it wasn’t a good deal, decided not to bid, which I’m fine with. And then when we decided not to bid at 90, it eventually went up to, you know, 111 or something like that.
I did the, the first time I make it make some bid to, to get to know the people and the, write a story about it. And if somebody has a big loss and it drops way below the, the collateral they put up, that loss gets spread out. If someone loses money, we liquidate the collateral, they’re done. It came into Alameda.
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