On June 19, 2008, Triad Guaranty Inc. (Nasdaq: TGIC) stated that it has ended its negotiations with Lightyear Capital LLC to form a new mortgage insurance company and that Freddie Mac had denied an appeal of a subsidiary's suspension as an approved mortgage insurer. The company said it will reduce its workforce by 100 and will work with the the Illinois Division of Insurance to assure an orderly transition as it wraps up its business. "We are continuing to work with our financial advisor, Goldman Sachs, to explore whether other strategic alternatives are available, but we are not optimistic that any opportunities will surface," said Triad CEO Mark Tonnesen in a statement. The stock fell almot 45% on the news.

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