Post your thoughts here on the receivership of Shendoah Life.

Does anyone know anything about "an entity called Sigma Finance"?  Previous RT stories have noted that Shenandoah invested in Freddie, Fannie and Sigma.  Just curious b/c the only things I can find when googling Sigma are a corporate address in the Cayman Islands (not a good sign) and a reference to a UK hedge managed by Gordian Knot (a similarly troubling reference - look it up).  Who/what is Sigma?  Were they managing Shenandoah's investments?  Or are they a bit player?  Just wondering who on earth would have driven the decision to invest in Freddie and Fannie when the writing was already on the wall.

I found this on Sigma Finance....

Company Overview

Sigma Finance, Inc. issues and sells commercial papers and medium-term notes in the United States. It offers financing services. The company also provides short and long term industrial loans. Its clients include financial institutions, bank holding companies, captive finance companies, investment banks, monoline insurance companies, and insurance companies. The company was incorporated in 1993 and is based in the United States. Sigma Finance, Inc. operates as a subsidiary of Sigma Finance Corporation.

Their now in receivership.

Stupid of Shenandoah to invest in Fannie and Freddie when it was pretty obvious what was going to happen....

I am a Shenandoah Life policyholder.  I received a form letter from them, dated Feb 3, 2009, that says "Shenandoah Life is a financially sound, conservatively managed company..."  (I added the bold to the quote.)  Nine days later they were in receivership!  I have my doubts as to whether this letter was entirely accurate on the date when it was mailed to me.  I wonder when they quit sending these letters and making these statements, and also I wonder if any of their customers made investment decisions based on the statements contained in these letters.