It is rather unusual for a company to declare a $55-per-share dividend. When the payout is voted by a board filled with newcomers from another company that has just acquired control, eyebrows go up all around. Last week they were raised when Manhattan-based Great American Insurance Co. decided to dip into its $300 million surplus to distribute a total of about $171 million in securities. Reason: National General Corp., a Los Angeles-based moviemaker and would-be conglomerate, recently picked up 75% control of Great American Holding Corp., the fire and casualty insurance firm's parent holding company.
A raid by National General...
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