On July 2, Minkow abruptly resigned for "health reasons." By this time, his company's stock had fallen to $3.50 a share—an 81 percent drop from its high in February. Minkow later revealed that on June 27, six days earlier, an independent law firm ZZZZ Best retained to investigate the allegations of wrongdoing asked for the addresses for all of the company's restoration jobs. Minkow knew that those projects did not exist, and decided to resign. Later, he reportedly told a member of his board that the insurance restoration business had been a sham from the very beginning.