A classic case of Friday after-the-bell…

November 18, 2005

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?

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