Trenwick Group, Ltd.(fka TWKGQ)

[lifegear]

Who will benefit the most if LSUK with $583M in reserves is bought out?-->>

TWKGQ holders imho since according to the following, they don't expect Lasalle LSRAF to receive material value from the interest in Lloyds since the economic interests belong to Trenwick Group Ltd TGL and TAC

the $35M net asset was already distributed to LSRAF last July but they could be entitled to unpaid dividends imho
--------------------------------------------------------

http://knobias.10kwizard.com/filing.php?param=&ipage=5333538&DSEQ=1&SEQ=&SQDESC=SECTION_BODY&exp=

The estimated net asset value of US$35 million ASSUMES THAT LASALLE WILL RECEIVE NO MATERIAL VALUE from its economic interest in its underwriting subsidiaries at
Lloyds (see below).

Based on current information, the JPLs estimate that it should be possible for
the liquidator of LaSalle to make a distribution to the Company by May 2008.

4. THE PROPOSED SALE OF THE COMPANY'S LLOYD'S OPERATIONS

At present the Company acts as a joint guarantor in respect of approximately
US$58 million of Series 3 LOCs (the "LOCs"), issued by a group of banks (the
"LOC Banks"), that provide Funds at Lloyd's to support the underwriting for
Syndicate 839 at Lloyd's (and certain other underwriting vehicles that provide
capital to other Lloyds syndicates, including Packchance Ltd).

The capital for Syndicate 839 was provided by the Oaks, and the Company,
through its subsidiary, LSUK, holds 100% of the beneficial ownership in the
Oaks. However, LSUK issued subordinated loan notes to TAC and TGL totalling
almost $67 million and, as such, the economic interest in LSUK is effectively
held by TAC and TGL.

...6. TGL (and therefore the Company) will receive some value for its residual
interests in the Lloyds's business.






___________________________________________________
"The only thing necessary for the triumph of evil is for good [people] to do nothing." --Edmund Burke