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Scottish Re Group Ltd Perp Pfd (SKRUF)

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Last Post: 7/4/2019 5:25:23 AM - Followers: 7 - Board type: Free - Posts Today: 0

Scottish Re Group Limited (in Liquidation) was a holding company organized under the laws of the Cayman Islands with its principal executive office in Bermuda. It engaged in the reinsurance of life insurance, annuities and annuity-type products. These products are written by life insurance companies and other financial institutions primarily located in the United States.
 
It had operating companies in Bermuda, Ireland, and the United States. The primary subsidiaries were Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) dac, and Scottish Re (U.S.), Inc.
 
In early 2008, it ceased writing new business and notified its existing clients that they would not be accepting any new reinsurance risks under existing reinsurance treaties, thereby placing the remaining treaties into run-off. Subsequent to the delisting from the New York Stock Exchange as of 4/07/08, the ordinary shares and non-cumulative perpetual preferred shares no longer had further reporting obligations under Section 12(b) of the Securities Exchange Act of 1934. In addition, it also had fewer than 300 holders of record of our securities as of 1/01/08 and, as a result, went dark.
 
Effective 8/24/11, SRGL completed a merger pursuant to the laws of the Cayman Islands with a newly formed subsidiary of affiliates of Cerberus Capital Management, L.P. and MassMutual Capital Partners LLC, in which SRGL was the surviving entity and the investors brilliantly owned 100 percent.
 
SRGL filed a petition for provisional liquidation in Bermuda, and also filed a petition for winding up proceedings in the Cayman Islands, on 5/17/17. Eleanor Fisher of Kalo and John McKenna of FRSL were appointed as joint provisional liquidators by way of order of the Supreme Court of Bermuda, dated 5/18/17. The provisional liquidation in Bermuda was permanently stayed as of 4/23/18 way of an order of the Bermuda Court dated 3/29/18. Eleanor Fisher of Kalo and John McKenna of FRSL were subsequently appointed as joint official liquidators by way of an order of the Grand Court of the Cayman Islands dated 2/15/18.
 
On 1/28/18, Scottish Holdings, Inc. and Scottish Annuity & Life Insurance Company (Cayman) Ltd. each filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 of the United States Bankruptcy Code. The Debtors’ cases have been assigned to Judge Laurie Selber Silverstein. These cases are being jointly administered for procedural purposes, meaning that all pleadings filed in these cases will be maintained on the case docket for Scottish Holdings, Inc., Case No. 18-10160. 
 
Scottish Re Group Ltd, Non-cumulative Perpetual Preferred Shares, liquidation preference US$25 per share would rank ahead of the ordinary shares in the waterfall.
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PostSubject
#247   I have been following the Scottish Re story Enterprising Investor 07/04/19 05:25:23 AM
#246   Thanks for your in put. Any information Banjo50 07/03/19 11:10:00 PM
#245   “Does not compute”. Sorry. Liquidating an insurance company takes many Enterprising Investor 07/03/19 08:49:26 PM
#244   In a best case scenario, what is a Banjo50 07/03/19 08:20:57 PM
#243   SCOTTISH RE GROUP LTD (SKRUF) Enterprising Investor 07/02/19 07:02:12 PM
#242   Scottish Re (Dublin) dac Solvency and Financial Condition Enterprising Investor 07/02/19 06:45:17 PM
#241   Order Converting the Debtors’ Chapter 11 Cases to Enterprising Investor 07/02/19 06:09:19 PM
#240   Sale and Restructuring Plan and the Commencement of Enterprising Investor 07/02/19 06:03:08 PM
#239   SKRUF will have some residual value down the Enterprising Investor 07/02/19 05:57:07 PM
#238   I thought I posted some more recent information? Please Enterprising Investor 07/02/19 11:57:47 AM
#236   So is SKRUF worth 40 cents or is Banjo50 07/02/19 11:45:57 AM
#235   You are correct. It was $16.00.. Times have insomniac 07/01/19 03:10:45 PM
#234   Wow. What happened here? I have Banjo50 06/30/19 11:44:37 AM
#233   EI Thanks very much .. Your insight is insomniac 12/18/18 02:52:56 PM
#232   Scottish Re is very early in its process. Enterprising Investor 12/16/18 11:05:04 AM
#231   EI You have been in Aiciq for many insomniac 12/14/18 07:10:15 PM
#230   Volume may be picking up due to certain Enterprising Investor 12/14/18 06:46:15 AM
#229   Notice of Creditors’ Meeting on 11/21/18 (10/31/18) http://www.scottishre.com/p Enterprising Investor 12/14/18 06:00:03 AM
#228   EI Why do you think its insomniac 12/14/18 03:30:56 AM
#227   Correct. SKRUF holders will end up with the proceeds Enterprising Investor 12/13/18 08:20:46 PM
#226   EI What do you make of insomniac 12/13/18 04:07:31 PM
#225   Judge Silverstein approves the restructuring plan for SRGL Enterprising Investor 08/24/18 02:55:24 PM
#224   EI Is there any hope for SKRUF insomniac 08/18/18 01:08:40 PM
#223   Notice of Hearing Date for Winding Up Petition Enterprising Investor 03/22/18 01:35:47 PM
#222   Case Information Enterprising Investor 03/22/18 01:34:51 PM
#220   Scottish Re Group Limited Announces a Sale and Enterprising Investor 03/22/18 01:24:12 PM
#219   Thanks EI for the update . I didn't insomniac 11/07/17 11:49:36 PM
#218   From Third Quarter 2017 Consolidated Financial Statements (10/27/17) Enterprising Investor 10/31/17 08:20:02 PM
#217   Was Davis elected to the Board ? I insomniac 10/31/17 12:21:38 PM
#216   E I What is your opinion insomniac 10/27/17 06:45:05 PM
#215   Order Adjourning Hearing of Winding-Up Petition (9/14/17) Enterprising Investor 10/20/17 10:14:27 AM
#214   Scottish Re to wind up after long struggle (5/26/17) Enterprising Investor 10/20/17 10:12:20 AM
#213   Notice of Winding Up Petition (8/31/17) Enterprising Investor 10/20/17 10:10:59 AM
#212   Any updates on Skruf ?? insomniac 08/16/17 03:42:48 PM
#211   Read post 198 . He mentions that the insomniac 07/01/17 12:09:00 AM
#210   Read post 198 . He mentions that the insomniac 07/01/17 12:05:02 AM
#209   hey i own this one - been working CordElam 06/29/17 12:21:25 AM
#208   Randomly Enterprising Investor 06/27/17 07:55:30 PM
#207   Is there anyone out there following SKRUF ?? insomniac 06/26/17 03:22:59 PM
#206   EI are you still following Skruf? it insomniac 05/31/17 06:16:05 PM
#205   EI Are there any updates on insomniac 01/06/17 02:46:00 AM
#204   Davis v. Scottish Re Group Limited, et al. Enterprising Investor 05/27/16 02:51:11 AM
#203   Conversion of CCPP Shares Enterprising Investor 05/27/16 02:41:41 AM
#202   A post from 2,498 days ago on the Enterprising Investor 05/27/16 02:39:11 AM
#201   Scottish Re Group Limited 1Q 2016 Consolidated Financial Enterprising Investor 05/27/16 02:27:58 AM
#200   S&P withdraws Ballantyne Re Reg XXX life securitization Enterprising Investor 12/02/15 10:59:32 AM
#199   thanks for the updates insomniac 08/30/15 02:39:32 AM
#198   Yeah pretty simple: mezz preferreds have a mandatory h_man_investor 08/26/15 04:19:58 PM
#197   Scottish Re working with Sandler O’Neill on sale (8/24/15) Enterprising Investor 08/26/15 01:35:01 PM
#196   H Man Are you still alive?/ insomniac 08/26/15 12:35:10 PM
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