Slog - Comments on 'The Safe' is Safe (For Now) http://slog.thestranger.com/2008/04/the_safe_is_safe From the Seattle Times: Liberty Mutual Group said Wednesday it has agreed to acquire publicly traded Safeco Corp. and take it private in an all-cash, $6.2 billion deal to create the nation's fifth-largest property and casualty insurer. Boston-based Liberty Mutual and Seattle-based Safeco said the boards of both companies approved the deal, which is subject to approval by Safeco shareholders as well as regulators. Liberty Mutual, which is owned by its policyholders, offered $68.25 per share for Safeco, a 51 percent premium to Safeco's Tuesday closing price of $45.23 per share. This news prompted a friend to ask whether the... Copyright 2008 Wed, 23 Apr 2008 09:54:46 -0800 Wed, 23 Apr 2008 17:59:22 -0800 http://www.movabletype.org/?v=3.34 http://blogs.law.harvard.edu/tech/rss Comment by Gay Seattle Yeah right!
It's all a matter of time till Safeco is consolidated into Liberty Mutual Group.

]]> Gay Seattle http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004485 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004485 News Wed, 23 Apr 2008 10:04:45 -0800 Comment by max solomon "Safeco" was always a crappy name.

Liberty Park sounds pretty good.

]]> max solomon http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004493 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004493 News Wed, 23 Apr 2008 10:10:59 -0800 Comment by Bellevue Ave arbitrage time!

]]> Bellevue Ave http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004500 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004500 News Wed, 23 Apr 2008 10:15:07 -0800 Comment by Will in Seattle I don't care, since the old Safeco Tower is being officially rededicated as UW Tower tomorrow at Noon when we take control ...

Even if their old CEO is trying to ruin us.

]]> Will in Seattle http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004508 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004508 News Wed, 23 Apr 2008 10:20:04 -0800 Comment by Bellevue Ave actually arbitrage would have been better yesterday.

]]> Bellevue Ave http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004511 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004511 News Wed, 23 Apr 2008 10:22:03 -0800 Comment by Golden Parachutes are Beautiful "Bloomberg News reported that former Safeco CEO Mike McGavick said the sale was "saddening."

"Given my objectives when I went there were to rebuild that great franchise, which clearly we did, and to remain independent, I can say this is personally very saddening," McGavick said during the earnings conference call for XL Capital Ltd, according to Bloomberg."

Mike McGavick and the Board started this process in 2001. This day has been planned for a long time and Paula was simply brought in to finish the deal. The execs are getting great parachutes. The regular workers get to look for work in a recession.

]]> Golden Parachutes are Beautiful http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004546 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004546 News Wed, 23 Apr 2008 10:41:50 -0800 Comment by infrequent serious question: how did Mike McGavick "save" safeco? was it by making the same deals that resulted in their current state? or did he save them, and then they ruined it?

]]> infrequent http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004589 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004589 News Wed, 23 Apr 2008 11:10:49 -0800 Comment by Brian in Seattle So will this be like Seafirst bank where it takes 17 years for the parent corp to finally switch its name? Say goodbye to another corp headquarters Seattle. :(

]]> Brian in Seattle http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004633 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004633 News Wed, 23 Apr 2008 11:35:48 -0800 Comment by RonK, Seattle Yeah, right. Tell it to Seattle Sonics fans and Bon Marche shoppers.

]]> RonK, Seattle http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004702 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004702 News Wed, 23 Apr 2008 12:33:23 -0800 Comment by Will in Seattle @7 - he took a payout before the stock cratered, reducing shareholder wealth by a factor of one-fifth during his tenure, that's how McGavick rules.

]]> Will in Seattle http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004804 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004804 News Wed, 23 Apr 2008 13:58:56 -0800 Comment by Ramdu I had already started looking forward to calling it the Mute.

]]> Ramdu http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004830 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004830 News Wed, 23 Apr 2008 14:31:34 -0800 Comment by Will in Seattle The Mute?

]]> Will in Seattle http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004857 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004857 News Wed, 23 Apr 2008 14:51:46 -0800 Comment by David I posted this on the NY Times article as well:
Yeah, those of us escaping Safeco within these past several years saw this coming when Mike McGavick took the reigns as chief and claimed to be turning around the company. While there he professed the utmost dedication to Safeco constantly (and irately at times) defending his dedication and not as a prepatory step to run for political office. Of course, when it was safe to do so, he jumped ship, with a HUGE golden parachute and many laid-off employees in his wake. Then ran for office (and lost!) The last step was selling off the U-District building so as to not be tied to that highly visible piece of property. When Safeco moved downtown, we knew for sure a sale of the company was in the works. McGavick’s republican wet dream come true: Increase CEO wages and bonuses, reduce jobs and salaries for workers, and sell the company.
Republicans are hard at work these days making the rich, richer and the poor, poorer. Safeco is just another sad example. McGavick sad about it all? Puh-lease! Sad probably because he didn't get to do it himself while he was CEO.

]]> David http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004933 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1004933 News Wed, 23 Apr 2008 16:01:18 -0800 Comment by lioregon Liberty Mutual is interested in promoting the Safeco brand. The portion of LM that is purchasing Safeco is the Regional Agency Market. They develop "local" brand names and sell products under those named lines. IE Ohio Casualty, North Pacific, Golden Eagle, etc. Purchasing Safeco gives Liberty Mutual the last piece...the Northwest.

Though I do agree with Max...Liberty Stadium has a ring.....think Boston has it covered somewhere.........What do I know?...I'm from Oregon.....but LOVE Safeco Field.

]]> lioregon http://slog.thestranger.com/2008/04/the_safe_is_safe#c1005038 http://slog.thestranger.com/2008/04/the_safe_is_safe#c1005038 News Wed, 23 Apr 2008 17:59:22 -0800