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A classic case of Friday after-the-bell…

Last Monday, Affirmative Insurance Holdings, Inc. (AFFM) announced in this press release that its Chairman, CEO, and President Thomas Mangold was stepping down. The short release kept information to a bare minimum.

Now let’s fast forward five days later — it’s now 5:30 pm EST Friday, and the Company files this 8-K. Although the filing was similarly short and sweet, it included this detail:

Upon Mr. Mangold’s execution of an Acknowledgment of Non-Revocation of the Separation Agreement, we have agreed to pay Mr. Mangold a cash severance payment of $2,795,000.00 in addition to other entitled payments.

Didn’t see that in the press release, did you?