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A tender for a buck a share? Gap up on Monday?
A buck does seems too cheap though.
I put the concept through my logical analyser yesterday. The last info they gave clearly stated that La Salle shares would be cancelled when the liquidation is completed.
Conclusion:
Liquidation is not yet completed.
Temp,no reply to my Email yet. Those cheap shares appear to be gone. Back in Oct. of 08 Lifegear called England and he was able to get some information. I looked for the post but could'nt find it. The only information that they gave him is that news would be out soon. Two weeks later Trenwick reported.
Walzy
Did you get anything? Somebody is bidding it up. Probably an MM computer is just following the trend. Not likely any human error.
Temp, I emailed KPMG today. I mentioned how we were expecting some news in July of 2008, and how I'am looking for an update.
Temp, who know's I might get a response!!!!!!!!!!!!!!!!!
Walzy
Almost 2 years since the last trade, no?
LOL. It just seems that way. Traded today. Who bought it?
My gut says that these dudes have been dragging their feet for so long, we won't be hearing from them any time soon unless the La Salle Cover group (Costa Brava) puts a bug in their ear and makes some dust.
Temp, thinks for the DD. What does your gut tell you about possiable closure?
A little lite reading material for any fans remaining:
Link is pretty long, so look below.
http://www.canopius.com/bin/pdf/original_pdf_file/canopius_2009_results_press_release_(final)(23_03_2010).pdf
Final 2010 report is due in April, so the books of this closure should be upon us.
I have lost a lot of faith since I bought it. Canopius squandered the reserves in British Pound notes as the pound crumbled. This investment depended on Canopius to pull the syndicates into profitability, but they are paying off claims in US dollars while investing in the shrinking pound. Not good.
Temp, I'm like you with cheap stocks. But I'm still hopeful we can make some money on LSRAF.
Walzy
I know I could get cheap shares. This was cheap before it went down. I would probably have an order in if I wasn't cash poor. I am loaded to the gills with cheap stocks. My ARTA doesn't even trade because of an SEC order, but I have a million shares of it. My "Gentlemen's Club" stock is selling for less than cash and they own Real Estate to boot, per the latest Annual report. MLDS.PK is cheap at the ask.
You know that's right. I have seen great investors dying left and right in the past two years. Their shares go on the market as soon as the estate is settled, in some cases.
Why haven't they filed any Form 5 Annual ownership statements? Did they sell the position or have they made absolutely no transactions since 2005? I would think an "annual statement" would require something to be filed every couple of years, or "God fobid"..... Anually.
Back to offering at .36
Evidently someone is not convinced.
? What was my estimate for '09 distribution?
I forgot. $2 or $3.
C'mon liquidators. '08 accounting closed 9 months ago. Are you trying to impress us with incompetence?
Today's trades:
5,000@$.31 $.21/$.31
5,000@$.35 $.21/$15.00 (not a typo)
Indication:
10,000x.$23/500x$2.00
ask at 2.00? volume today was a bit more than normal
LaSalle Cover Company LLC owns 1,271,179 shares (42.4 percent).
LCC is a Delaware limited liability company. Its member were Costa Brava Partnership III, LP and White Bay Capital Management LLC. The general partner of Costa Brava Partnership III, LP is Roark, Reardon & Hamot, Inc.
http://sec.gov/Archives/edgar/data/1001384/000101905605000264/xslF345X02/edgar.xml
http://sec.gov/Archives/edgar/data/1001384/000101905605000065/ex99_a1i.txt
Is somebody getting nervous? Volume alert?
Exactly!
Although it has been a year, I would anticipate a payment out of the blue - prior to year end.
"The £30 million increase in investment returns over 2007 represents a return of
7.5% on average invested funds and was the result of a strategic reduction of
exposures to financial institutions and corp rate credits in September 2007."
Sure, they gained 7.5% in investments in pound denominations. The pound lost 40% to the dollar. If they have to pay many claims in US funds, their reserves are in serious jeopardy.
they have to keep their promise
And it was a bad year for the British Pound. Canopius is probably looking to shore up reserves instead of paying La Salle, and the JL's are more interested in their own paycheck than handing anything to shareholders. If canopius is in rough water, the JL will be on their back to get paid with the numbers in hand. Canopius is probably fighting them because they can't afford to stop writing business.
LaSalle Re received $32 million in July, 2008.
LSRAF has a $25 liquidation preference. However, partial payment of unpaid, accrued dividends is all anyone should expect.
The initial distribution to LSRAF holders in total was $31.5 million or $10.50. The payment was made 7/28/08. This initial distribution to LSRAF holders represents a distribution of substantially all of the assets of LaSalle Re. However, the company still has a small number of contingent assets which may result in further realizations for the estate in the future. Depending on the outcome, an additional distribution to LSRAF holders may be made prior to the formal dissolution of the company. It is anticipated that any further distributions to Series A Preferred Shareholders will occur within 12 months, although the exact timing and the quantum of any further distribution is uncertain.
It has now been a year.
I wonder who sold today, they can't even wait til July is over to make sure there's no cash distribution in the works
even if it's delayed, makes no sense to whack the bid now
welcome to the board, hopefully another cash distribution next month
lifegear - Just got your PM, haven't looked at this yet, but very interesting. Thx
Great info LG! That chart is IMPRESSIVE!
;)
Nice Ibox. So at 2.1875 annual and suspended from 2002 to 2008 is six years.
That is 13.125, so they haven't even covered the dividend?
I actually thought the dividend was lower, but there it is in the box.
I am not sure how that plays, but it seems that the wreck still has a long way before it receives anything.
correct link to enter symbol http://www.quantumonline.com
Thanks for the info LG! I like this one, looking forward to accumulate more!
;)
here's the stock info....
LaSalle Re Holdings Ltd, 8.75% Series A Preferred Shares
just enter the symbol here... http://www.quantumonline.com/search.cfm
Ticker Symbol: LSRAF CUSIP: G5383Q119 Exchange: OTOTC
Security Type: Traditional Preferred Stock
Security's Distribution is Suspended!
SECURITY DESCRIPTION: LaSalle Re Holdings Ltd, 8.75% Series A Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 3/27/2007 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8.75% ($2.1875) per annum paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the date fixed by the board, not more than 60 days or less than 30 days prior to the payment date. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. LaSalle Re Holdings Ltd has merged into Trenwick Group Inc. (NYSE: TWK) effective 9/27/2000.
Stock
Exchange Cpn Rate
Ann Amt LiqPref
CallPrice Call Date
Matur Date Moodys/S&P
Dated Distribution Dates 15%
Tax Rate
OTOTC
Chart 8.75%
$2.1875 $25.00
$25.00 3/27/2007
None WR / NF
1/29/09 Suspended!
3/1, 6/1, 9/1 & 12/1
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
Yes
Goto Parent Company's Record (TWKGQ)
Notes: Nov. 29, 2002--Trenwick Group Ltd. announced today that, in accordance with the terms of Trenwick's current credit facility and forbearance agreement with its letter of credit providers, Trenwick has elected to suspend, with immediate effect and for an indefinite period, dividends or distributions payable on the outstanding Trenwick Group Ltd. Series B Cumulative Convertible Perpetual Preferred Shares, LaSalle Re Holdings Limited's Series A Preferred Shares and Trenwick Capital Trust I 8.82% Exchange Subordinated Capital Income Securities.
IPO - 3/25/1997 - 3.00 Million Shares @ $25.00/share. Link to IPO Prospectus
Previous Ticker Symbol: LSH-A Changed: 3/25/03
Market Value $ 1.5 Million
Click for current LSRAF price quote from the PINK SHEETS
Click for current LSRAF price quote from the NASDAQ
Company's Online Information Links
HOME PAGE: http://www.trenwick.com/
Company's Investor Relations Information Goto Investor Relations Information
Company's Online News Releases Goto News Releases
Online Company Profile Goto Online Profile
Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Goto SEC Filings
Company's Email Address Links
Inv Rel Email Address investor-relations@trenwick.com
General Email Address info@trenwick.com
Email Contact Form on Website Goto Email Form
Address and Phone Numbers
Address: One Canterbury Green, Stamford, CT 06901
Main Phone Number 203-353-5500
Fax Number 203-353-5550
Investor Contact (CFO) Coleman D. Ross 441-292-4985
Toll Free Phone Number Unknown
CEO - James F. Billet, Jr. CFO - Coleman D. Ross
par value is 1.00 but face value is $25.00, ibox is wrong
was that you Estrella? =) try .26 bid, got filled some last week
I would have thought there was more supply at the old ask. MM games?
the 7/8/08 8K indicated another distribution within 12 months
1 year anniversary since that 8K is July 7, 2009
I'm betting on another 8-K next month
isn't the face value $25.00? why is ibox showing 1.00?
Waiting for another possible distribution as well. Hopefully it will be more than 25 cents.
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SECURITY DESCRIPTION: LaSalle Re Holdings Ltd, 8.75% Series A Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 3/27/2007 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8.75% ($2.1875) per annum paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the date fixed by the board, not more than 60 days or less than 30 days prior to the payment date. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. LaSalle Re Holdings Ltd has merged into Trenwick Group Inc. (NYSE: TWK) effective 9/27/2000. |
Stock Exchange | Cpn Rate Ann Amt | LiqPref CallPrice | Call Date Matur Date | Moodys/S&P Dated | Distribution Dates | 15% Tax Rate |
---|---|---|---|---|---|---|
OTOTC Chart | 8.75% $2.1875 | $25.00 $25.00 | 3/27/2007 None | WR / NF 1/29/09 | Suspended! 3/1, 6/1, 9/1 & 12/1 Click for MW ExDiv Date Click for Yahoo ExDiv Date | Yes |
Notes: Nov. 29, 2002--Trenwick Group Ltd. announced today that, in accordance with the terms of Trenwick's current credit facility and forbearance agreement with its letter of credit providers, Trenwick has elected to suspend, with immediate effect and for an indefinite period, dividends or distributions payable on the outstanding Trenwick Group Ltd. Series B Cumulative Convertible Perpetual Preferred Shares, LaSalle Re Holdings Limited's Series A Preferred Shares and Trenwick Capital Trust I 8.82% Exchange Subordinated Capital Income Securities. |
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4.
Timing and quantum of the initial preference liquidation dividend to the Company’s Series A Preferred Shareholders
Under the Company’s constitutional documents, the Company’s Series A Preferred Shareholders are entitled to receive:
i. a preference dividend in a liquidation of $25 per share; and
ii. accrued but unpaid dividends in a liquidation prior to payments to other shareholders.
The Funds available for distribution to shareholders of the Company will be paid to holders of the Company’s Series A Preferred Shares in priority to the Company’s common shareholders to the extent described above.
The initial distribution to the Company’s Series A Preferred Shareholders will total approximately $31.5 million. This equates to $10.50 for each Series A Preferred Share of the Company.
This preference dividend is payable on July 28, 2008 to the holders of Series A Preferred Stock of record on the books of the Company at the close of business on July 17, 2008.
5. Estimated timing of further dividends to the Company’s Series A Preferred
Shareholders
This initial distribution to the Company’s Series A Preferred Shareholders represents a distribution of substantially all of the assets of the Company.
However, the Company still has a small number of contingent assets which may result in further realizations for the estate in the future. Depending on the outcome of the realisation efforts, an additional distribution to the Company’s preferred shareholders may be made prior to the formal dissolution of the Company.
It is anticipated that any further distributions to Series A Preferred Shareholders will occur within 12 months, although the exact timing and the quantum of any further distribution is uncertain.
http://www.sec.gov/Archives/edgar/data/1001384/000095014208001284/form8k_070708.htm
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