Continental General Insurance amends Alpha Metallurgical Resources filing

TL;DR

Continental General Insurance just updated its stake in Alpha Metallurgical Resources (AMR).

AI Summary

Continental General Insurance Co. filed an amendment (Amendment No. 1) to its Schedule 13D on March 19, 2024, regarding its holdings in Alpha Metallurgical Resources, Inc. The filing indicates a change in the reporting person's beneficial ownership of the issuer's common stock.

Why It Matters

This amendment signals a potential shift in the ownership structure or investment strategy of Continental General Insurance Co. concerning Alpha Metallurgical Resources, which could influence market perception and stock performance.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings can indicate significant changes in a major shareholder's position, potentially impacting the stock price.

Key Players & Entities

• Continental General Insurance Co. (company) — Reporting Person
• Alpha Metallurgical Resources, Inc. (company) — Issuer
• MICHAEL GOR (person) — Mentioned in filing header, likely related to the filing or company

FAQ

Key Financial Figures

• $0.01 — ame of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $7,972,376 — wned by Percy Rockdale is approximately $7,972,376 excluding brokerage commissions. Percy
• $44.972 — ly held, which had an exercise price of $44.972 per Series A Warrant. 1,589 of the Sha
• $26,975,709 — directly owned by CGIC is approximately $26,975,709, excluding brokerage commissions. Mr.
• $293.5300 — of prices at which Shares were sold was $293.5300 to $293.6950 per share. The Reporting P
• $293.6950 — which Shares were sold was $293.5300 to $293.6950 per share. The Reporting Persons undert
• $294.5900 — of prices at which Shares were sold was $294.5900 to $295.4200 per share. The Reporting P
• $295.4200 — which Shares were sold was $294.5900 to $295.4200 per share. The Reporting Persons undert
• $299.0450 — of prices at which Shares were sold was $299.0450 to $300.0200 per share. The Reporting P
• $300.0200 — which Shares were sold was $299.0450 to $300.0200 per share. The Reporting Persons undert
• $300.0900 — of prices at which Shares were sold was $300.0900 to $300.2750 per share. The Reporting P
• $300.2750 — which Shares were sold was $300.0900 to $300.2750 per share. The Reporting Persons undert

Filing Documents

• sc13da113108004_03072024.htm (SC 13D/A) — 187KB
• 0000921895-24-000685.txt ( ) — 188KB

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration .

is hereby restated

Item 3 is hereby restated to read as follows: 782,788 of the Shares directly owned by Percy Rockdale were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 782,788 Shares directly owned by Percy Rockdale is approximately $7,972,376 excluding brokerage commissions. Percy Rockdale received 4,309 Shares upon the exercise of certain Series A Warrants (the “Series A Warrants”) previously held, which had an exercise price of $44.972 per Series A Warrant. 1,589 of the Shares directly owned by MG Capital Management were received in connection with a reorganization of the Issuer on account of certain bonds issued by a predecessor of the Issuer. MG Capital Management received 102 Shares upon the exercise of certain Series A Warrants previously held, which had an exercise price of $44.972 per Series A Warrant. The Shares directly owned by CGIC were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 605,449 Shares directly owned by CGIC is approximately $26,975,709, excluding brokerage commissions. Mr. Gorzynski acquired 1,810 Shares underlying certain RSUs, inclusive of 1,586 Shares underlying RSUs that will vest on May 2, 2024, in connection with his service as a director of the Issuer. The RSUs settle on a deferred basis upon Mr. Gorzynski's separation from service from the Issuer.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Items 5 (a) – (c) are hereby restated to read as follows: (a) – (b) The aggregate percentage of shares of Common Stock for the MG Reporting Persons and Mr. Gorzynski reported herein is based upon 13,007,215 Shares, which is the total number of outstanding Shares as of March 8, 2024 as reported in the Issuer’s Preliminary Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on March 15, 2024. As of the date hereof, Percy Rockdale beneficially owned 787,097 Shares, constituting approximately 6.1% of the Shares outstanding. As of the date hereof, MG Capital Management beneficially owned 1,691 Shares, constituting less than 1% of the Shares outstanding. By virtue of his relationships with Percy Rockdale and MG Capital Management, as discussed in further detail in Item 2, Mr. Gorzynski may be deemed to beneficially own the Shares beneficially owned by each of Percy Rockdale and MG Capital Management. Percy Rockdale and Mr. Gorzynski have shared voting and dispositive power over the Shares and warrants directly held by Percy Rockdale. MG Capital Management and Mr. Gorzynski have shared voting and dispositive power over the Shares and warrants directly held by MG Capital Management. 8 CUSIP No. 020764106 As of the date hereof, Mr. Gorzynski directly beneficially owned 1,810 Shares underlying certain RSUs, inclusive of 1,586 Shares underlying RSUs that will vest on May 2, 2024, and excludes 4,486 Shares held by Mr. Gorzynski’s spouse, constituting less than 1% of the Shares outstanding. Mr. Gorzynski disclaims beneficial ownership of the Shares held directly by his spouse. As of the date hereof, CGIC may be deemed to beneficially own 605,449 Shares constituting approximately 4.7% of the Shares outstanding. By virtue of its relationship with CGIC discussed in further detail in Item 2, CIG may be deemed the beneficial owner of the Shares beneficially owned by CGIC. By

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: March 19, 2024 Percy Rockdale LLC By: /s/ Michael Gorzynski Name: Michael Gorzynski Title: Sole Manager MG Capital Management Ltd. By: /s/ Michael Gorzynski Name: Michael Gorzynski Title: Sole Director Continental General Insurance Company By: /s/ Michael Gorzynski Name: Michael Gorzynski Title: Executive Chair Continental Insurance Group, Ltd. By: /s/ Michael Gorzynski Name: Michael Gorzynski Title: President Continental General Holdings LLC By: /s/ Michael Gorzynski Name: Michael Gorzynski Title: Executive Chair /s/ Michael Gorzynski Michael Gorzynski 10 CUSIP No. 020764106 SCHEDULE A Transactions in the Securities of the Issuer During the Past 60 Days Date Security Amount of Shs. Bought/(Sold) Approx. price ($) per Share CONTINENTAL GENERAL INSURANCE company 03/15/2024 Common Stock 3330 291.3470 1 03/15/2024 Common Stock 473 292.5981 2 03/15/2024 Common Stock 368 293.5996 3 03/15/2024 Common Stock 5716 295.2383 4 03/15/2024 Common Stock 113 295.82 03/15/2024 Common Stock 4570 299.3411 5 03/15/2024 Common Stock 430 300.1727 6 1 The reported price represents a weighted average sale price. The range of prices at which Shares were sold was $ 291.2050 to $ 291.8550 per share. The Reporting Persons undertake to provide to the Staff, the Issuer or a security holder full information regarding the number of Shares sold at each separate price. 2 The reported price represents a weighted average sale price. The range of prices at which Shares were sold was $ 292.2300 to $ 292.7650 per share. The Reporting Persons undertake to provide to the Staff, the Issuer or a security holder full information regarding the number of Shares sold at each separate price. 3 The re

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