Oops! The problems of cut and paste

Loeb Hedge Funds just filed a 13D form with the SEC, stating the funds had taken a stake in Mercer Insurance Group (MIGP) and would seek a sale or liquidation of the company. It turns out that they are not seeking a sale or liquidation–whoever filled out the form just copied that phrase from a previous 13D filing. So while MIGP was up big on Friday, it fell back down big yesterday. The revised 13D is online here. Today (Tuesday), the stock is down some more. It still looks like a good value to me, trading at a P/E of 11 and a pric to tangible book value of 1.15.

Disclosure: I hold shares of MIGP. I have an airtight disclosure policy.

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