The Turnaround Process That Rarely Turns

1974 is the first report I was just talking about earlier the fourth quarter of that There was a 17.3 million dollar underwriting loss The whole year the underwriting loss with 5.9 million. So obviously it all came from the fourth quarter So results were getting worse Uh quickly very bad fourth quarter. But then 75 comes in and and the results are are terrible like I said 190.9 million Unwriting loss which Is far more than the capital they had to start the year They did have some investment income and stuff so their capital was not completely wiped out in 75 but basically it was at a level where regulators would not let them continue Unless they may changes And I talk about a few things