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Player Avatar tonyhamm02 (37.62) Submitted: 8/28/2007 5:45:13 PM : Underperform Start Price: $38.05 AGII Score: +8.01

Overpaid for PYRE at $5.17. PYRE fell from $25 because of its flawed risk models and its very high risk re-insurance contracts. It was an accident waiting to happen well before Katrina. Anytime they got wiped out, seemlying recapitalised by shareholders. A lot of dodgy accounting - debts treated as assets on balance sheet due to accouting laxity in bermuda.

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