Jeff D Somers sent a message to Thomas McInerney that said:
I could not locate your direct email address so I am attempting this method to try to send you a copy of the information I submitted to Investor Relations and the Board of Directors:
It appears from your most recent update that if the merger has not occurred before the end of the month that Oceanwide does not intend to make its first contribution by the deadline in your approval from Delaware. Rather than have to spend more time and more delay in the approval process, wouldn't it make more sense for Oceanwide to make the required contribution with the requirement that Genworth, the parent company (not the subsidiary receiving the capital) pay it back in the event the deal does not close. As an alternative, hasn't the parent company accumulated enough cash at this point to make the contribution and be reimbursed by Oceanwide when the deal closes?
If you are not going to follow one of these suggested paths and are going to incur additional delays costing shareholders money, the least you can do is make sure any outside attorneys who advised on the Delaware agreement do not receive any additional compensation and handle any costs associated with getting re-approvals without charge. As an attorney, it was extremely sloppy, if not downright negligent, to not cover this possibility in your agreement with Delaware considering the many delays that have occurred in this process. Any qualified and astute attorney would have easily anticipated this and made sure the first payment was due on (insert date) or the closing of the merger, whichever happened later, instead of just inserting a fixed date. If for some reason, there absolutely had to be a fixed date for the first payment (I doubt that), then the attorneys should have included an agreement by both sides to the merger to provide an alternative to meet the date such as I suggested in my first paragraph. Failure to have handled this matter in one of the ways I suggested is simply inexcusable and I would request a response from management to my suggestions.
Sincerely,
Jeff D Somers
