Greenberg Sees Value in AIG

At least someone sees some real value in AIG’s operations. Hank Greenberg wrote Edward Liddy, Chairman and CEO of AIG, a letter on Monday of this week stating that he would like to make an offer on certain assets that may be up for liquidation. Quoting from the letter itself that was posted by the Wall Street Journal it reads:

Dear Ed,

As you are aware, for a considerable period of time, I have tried to
discuss with AIG management and the Board ways in which I
could be of assistance, including trying to develop a private sector
alternative to a government takeover and otherwise assisting the
Company preserving, as much as possible, the value for
shareholders that had been built up over the four decades prior to
the last three years, As you are also aware, AIG has declined my
assistance and refused to meet with me even to provide me with
the information that would be necessary to try to assist the
company on my own.

I now understand that the company has begun to liquidate itself
by selling assets in privately negotiated transactions without
transparency and without providing the opportunity for the
participation of alternative purchasers that would be required to
obtain the best possible price for shareholders, I would have
thought that the interest that I and the Starr Companies had
previously expressed in possibly purchasing assets that the
company might decide to sell would have caused the company to
contact me, That obviously has not happened. Accordingly, I want
to formally request all opportunity to submit an offer on any
assets that the company intends to sell. It is, of course, clear that
you have a fiduciary duty to obtain the best possible price for the
benefit of the shareholders and creditors in any sale of assets and
that you cannot do so by ignoring offers from qualified potential
purchasers.

I look forward to hearing from you or your representative.

With regards.
Sincerely,

Hank