April 6, 2009
Open Letter to Daniel Meyers
CEO, First Marblehead Corp.
As a fellow sailor, ex-racer and First Marblehead investor, I applaud the latest actions taken by our company to secure its future. Prying cash out of TERI and the IRS and monetizing part of the residuals are very good moves indeed.
In you presentation on returning to the helm of First Marblehead you said that the company should go back to doing what it does best and I agree entirely. Surely banks like Citi and BoA are much better at lending money than UFSB could ever be and they were on the verge of joining the Titanic were it not for the Fed. Wouldn't it make sense to sell UFSB now that its Balance Sheet has been buoyed up with funds from TERI?
You are probably not allowed to talk about this but I sure hope you are giving it serious consideration. We don't need that millstone around our neck.
Remember to stay between the finish line and the competition!
With best regards,
FMD discussion board at TMF