AAME/Atlantic American Corp

[benbuffett]

AAME which is a Atlanta based insurance holding co up on very heavy volume. CEO who also is CEO of Gray Television bought large amount recently.

Biglari also owns large stake. I remember Bigs bought out Freemont Ins. several years back.  Trades at $2.25 with B/V at $6.25,

$42mil market cap does 187mil in sales. Was paying small dive before COVID. It's traded a 1/3 of its Float today. I believe CEO'S mother inlaw owns 75% of company.

 

Anyone follow AAME?

 

 

 

 

 

 

[gfp]

Biglari *tried to* buy out Freemont but didn't succeed.  Someone else bought it in the end.  I only see Sardar holding a small personal investment in AAME, approx. 83k shares?  Not a large stake and can't find that Biglari Capital or Biglari Holdings owns any - is that the case?

[benbuffett]

Your correct GFP on Fremont. However he has bought other small insurers within last 5-10yr period. With 83k shares he happens to be 2nd largest institutional holder. Management and CEO'S mother in-law own lions share. Average normal volume per day is about 7k shares but that was skewed by yesterdays 265k shares traded. Today it's over 700k.

[benbuffett]

Any news out? AAME rocketing to 34yr highs. 6th most active traded on the NAZ. Either the reddit/WSB crowd is confusing this with another sock or maybe possible takeover.

[benbuffett]

Positive results out today! For the year ended December 31, 2020, the Company reported net income of $12.2 million, or $0.56 per diluted share, as compared to net loss of $0.4 million, or $0.04 per diluted share, for the comparable period in 2019. Also reinstating divy. Also noticed Biglari added to shares by 50%