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We noted the other day that the wolves are again circling embattled First Marblehead CEO, Sailing Anarchy hater, and opponent to free speech everywhere, Daniel Maxwell Meyers.  The past half a year has seen Meyers take hit after hit after being nailed personally for an over $50 million-dollar judgment when a Boston judge found he’d acted in ‘bad faith’ in a stock deal with a former friend and partner.  A couple of months later, First Marblehead barely escaped delisting from the NYSE when the FMD share price – once trading at over $60 per share – couldn’t stay above one dollar.  Just the other day, FMD reported lower-than-expected earnings, getting downgraded by the only analysts still tracking the now penny stock.

But that all pales in comparison to the latest allegations that First Marblehead may be required to cough up some $300 Million after improperly taking avoiding taxes on the sale of a Trust certificate; we reported the other day that the IRS is auditing the firm now and that one law firm is already looking into potential securities law violations; now another is jumping into the fray.

With FMD’s market capitalization only around $100 million and less than $200 million in cash reserves, the IRS’s determination may send FMD straight into the trash bin; the same place First Marblehead’s expensive college loans and student load securitization scheme has sent so many college students’ credit over the past decade.

So why would FMD Board replace Meyers as President of the company just a couple of days ago?  Does that move take restrictions off his ability to buy or sell shares that have plummeted in value?  IRS: Are you watching?  We hope so.

 

August 20th, 2013

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