"I was at the shareholder's meeting and if you heard the same presentation I did, then you wouldn't be asking the questions about the new business."

The difference between us is you trust management. I don't. I never get swayed by sales talk, only by hard numbers and then only the audited ones.

"They aren't making subprime loans but many of the outfits that were offering overly generous terms that I mentioned are no longer in the market, bringing that business back to traditional lending. The proof is in the growth in mortgage lending."

Mortgage lending is up because of refinancing due to unusually low interest rates. There is no special management prowess or marketing edge involved.

"I have no idea whether ALNC engages in extend and pretend financing as you are suggesting but the link you provided makes reference to US banks in general and not ALNC."

It has to do with commercial lending in general. ALNC has not been a particularly savvy commercial lender so I wonder how much extend and pretend they are actually doing. Since they weren't particularly competitive in that area, maybe they didn't take on any above average risk. Or maybe they did. The article raises the spector for all banks doing a material amount of commercial lending.

"Meanwhile, you have never indicated where you stand and what your target price would be."

$36 and I'd sell you everything today.

"So please, let's talk about stocks and not your personal vendetta against Jack Webb."

I have no vendetta against Webb. I just figure a guy who gets all his stock as a gift on top of being overpaid doesn't have the same interest as a pure stockholder like me.