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That's would be my understanding of connecting the known dots.
It's not over till the final vote is counted....
Exhibit 99.2 Second Amended and Restated agreement for the Catastrophe Equity Securites Issuance Option
This prior agreement had Trenwick had Swiss Re and Allianz on the hook for $100 Million dollars of Trenwick security investment...this agreement reduce the investment down to $50 Million.
Exhibit 99.3 Certificate of Designation, Preferences and Rights of Series B Cumulative Convertible Perpetual Preferred shares of Trenwick Group Ltd.
Section 4. Liquidation Rights
For the purpose of this Section 4, (i) an amalgamation, consolidation or merger of the Company with one or more corporation or other entities, (ii) a sale, lease or conveyance of all of the shares of capital stock or the property or the business of the Company (iii) a statutory share exchange shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of the Company.
I've been trying to locate a similar agreement for the LaSalle Series A Cumulative Convertible Perpetual Preferred shares
Hopefully the contract are the same which gives the IHUB TWK shareholders more options to value their investment prior to the next 8-K release.
Good-luck in your DD research, and investment.
Yes, plus the tax writeoff when the Company declare the shares worthless, the cost basis of the shares become ZERO and the Company can wait for the Company to clean it's Re books and double dip on the Trenwick Re profit.
The June 30, 2003 10-Q (page 32) Series B preferreds conversion details.
Trenwick conversion calculation - 12.2 million shares, or 33 percent of the TWK common
TWK common shares.
Euro Re's conversion calculation - 48.1 million shares, or 56.6 percent of the TWK common shares.
I'm would expect that the conversion rate is only 33 percent, because Euro Re never took control of the Trenwick Group Ltd., because Swiss Re did not want to place the TWK insurance exposures or losses onto their Swiss Re books.
It's all about shifting the Re's losses around to help maintain the profit on one's Re's books.
It's the Obama pull-back for the McCain Market Rally...
How Important Is the Yen Carry Trade?
Fairly significant, at least for US equity markets.
This does not imply cause and effect per se. As equities decline, the trade goes off, and as equities rally the trade is on.
Is this use of international currency exchange rates arbitrage the types of thing that one had in mind when discussing competitive advantage and global trade?
Did Michael Porter fail to consider the sheer amount of gambling that can overtake markets?
Are the currency market relationships reflecting international trade balances, soundness of national economics, and relative returns based on ... Forex Roulette?
As you may recall in the short term markets given over to speculation may have little or no relationship to fundamentals, which assert themselves in the long term trends.
In the short run, the market is a voting machine but in the long run it is a weighing machine.
This is how equity markets can shake themselves apart. We had always looked to the bond and currency markets as better and more stable indicators of values. Certainly with large short term moves, but always showing more sense when the equity market punters were frothing.
Those trying to conduct productive business with 'real things' in this environment must feel like they are trying to play a game of chess on a roller coaster.
We appear to be in times of general speculation, with wide reversions to the means creating resonances that might shake the world. These are the types of markets that give rise to new powers and great fortunes, test the fabric of relationships, and bring down old institutions.
Is the tail wagging the dog? Again? It appears to be.
Link - http://jessescrossroadscafe.blogspot.com/
I married into the family, 300 years in the making is all it took to create a better copy of myself. I have 30 years to keep my younger self from making the same mistakes I did. I have the eyes of my Father and the wisdom of my Mother.
Watching over Life's House and keeping the Family out of trouble is all I do....Good-Luck and Welcome to the Family
-Just Jester
No, she bagged and tagged me, I've been paying for her bi-yearly Chile trips for the last 26 years.
I'm starting to think that she may have a husband on the other side of the world, I've been waiting 26 years to make my first visit.
Let them feed first from the weak hands...time to share the story later.
Fished out of San Diego during the early mid-70's off the coast of Mexico, and walked away three years later from the Family boat to chase other dreams....
Try working 10-16's on the open ocean fishing for your paycheck....Landlovers have it you easy.
Thanks, you have to read the information forward and backward just to put this puzzle together, at least the puzzle is finally coming together.
Good-Luck
- Just Jester
Did you have a different handle on the Yahoo Board?
Only a few people were into the Devil's details.
Good Morning Madem President
It's raining today also, but when you sleep next to a rain forest one has to expect those things.
Hope all is well on the opposite side of the bed.
Coffee black with a twist of cane, please.
Careful not to wake the rest of the TWKers Family.
- Just Jester
Save it for the last round....
I have 10 to 1 odds on you
I'm gonna have to start subleasing my subpenny DD TWKer's research to an India firm.
As long as I don't get the bar tab @ 60 , you can start the party at 10.
I reviewed all of the 8-K's from Sept 10, 2002 to now, and the 10-Q published on 8/30/2003 regarding the Swiss Re -Series B Preferred Shares.....and the information is spotty.
I'm gonna have to call the fight a draw.
Yes, let me print out all of the SEC 9/10/02 8K (5,7) attachments (Link #3658), so I do not miss quote any information in the two party Cat/Put Reinsurance agreement.
Tag team boxing....I will go a few rounds...do you want the FINAL knockout blow?
I've trying to decide if I should post or if I should let lifegear and msnow bitch-slip each other for the next few days...the answer is simple once you read all of the attached SEC documents.
I will give 10 to 1 odds on Lifegear.
It takes time for him to move to the solid food...
Reinsurance DD should be introduced slowly to allow your baby time to get used to each new taste and texture.
Give us the Links...so that we can confirm the information.
I'm not sure he's may be waiting for the SEVEN count...before reading the last 8-K.
Correct, the first of many, thanks for the memory of old faces and tunes.
Our 26 years of Wimpy Lunch way....the wife eat the fries, I eat the burger,and we share the drink SAVING plan creates WEALTH along the way.
Eating DRY white toast, Drinking FREE coffee, and training GREEN Electrical Engineers will keep the Family happy for another 15 years.
J. Wellington Wimpy
I kept all my pre-2002 shares, but wrote them down to zero using the shareholder letter declaring them to be worthless for the IRS, and flipped a few K'shares in my offshore trading accounts along the way.
If you need IRS support backup, let me know and I will send you a copy.
All my BONUS shares are being used to teach my son how to play the game.
Good-Luck
Just Jester
Details...Details...a nickel in for a dollar out....I'd gladly sell you Tuesday for a 8-K today, but I'm hold out for $2.00 dollar Friday.
All my shares are FREE, I'm playing with MOnK's money today.
You need to stop wearing kkkastle underwear
No problem, one has to keep the fun in the game, takes the pressure off of Engineering deadlines.
Play along and Cash along, we all can play along ye
Twas the night before Eight-K, when all through the IHub
Not a creature was stirring, not even a mouse
The DD's were hung within the IBox with care
In hopes that Eight-K soon would be there
The Trenwickers were nestled, all snug in their beds
While visions of dollars danced in their heads
And Eva in her panties, and Jester in his cap
Had just settled our brains for a long warm winter's nap
When out on the Breakout Board there arose such a clatter
I sprang from the bed to see what was the matter
Away to the bank I flew like a flash
Tore open the checkbook and threw up the cash
The moon on the breast of the new-fallen snow
Gave the lustre of mid-day to objects below
When, what to my wondering eyes should appear
But a miniature sleigh, and eight tiny traders
With little O'monk, so lively and quick
I knew in a moment it must his crew
More rapid than eagles his traders they came
And he whistled, and shouted, and called them by name
"Now, Blockman! now, Joanneg! now, Chivalri and Durkkdiggler!
On, Stevenvegas! on Retireat40! on, Ely-lake and 3respalm!
To the top of the bid! to the top of the bid!
Now bid away! bid away! bid away all!"
Thanks and Good-luck trading
Eight-X should have been Eight-K, visions of Eva must of caused the oversight...
Twas the night before Eight-X, when all through the IHub
Not a creature was stirring, not even a mouse
The DD's were hung within the IBox with care
In hopes that Eight-X soon would be there
The Trenwickers were nestled, all snug in their beds
While visions of dollars danced in their heads
And Eva in her panties, and Jester in his cap
Had just settled our brains for a long warm winter's nap
When out on the Breakout Board there arose such a clatter
I sprang from the bed to see what was the matter
Away to the bank I flew like a flash
Tore open the checkbook and threw up the cash
The moon on the breast of the new-fallen snow
Gave the lustre of mid-day to objects below
When, what to my wondering eyes should appear
But a miniature sleigh, and eight tiny traders
With little O'monk, so lively and quick
I knew in a moment it must his crew
More rapid than eagles his trader they came
And he whistled, and shouted, and called them by name
"Now, Blockman! now, Joanneg! now, Chivalri and Durkkdiggler!
On, Stevenvegas! on Retireat40! on, Ely-lake and 3respalm!
To the top of the bid! to the top of the bid!
Now bid away! bid away! bid away all!"
The END is near.....
Depend upon which side of the globe your on....US clocks are adjusted backward, and Chile the clocks are adjusted forward.
Order of payment for the LaSalle Booty call...
No profits will be distributed from New Holdco, other than to
the Renewing LoC Banks, until the LoCs have expired and the LoC Banks' claim has been satisfied in full.......DONE Refer to the last shareholder letter.
Thereafter, they will be applied to discharge the debt
securities held by TAC. ......DONE Refer to the last shareholder letter.
Thereafter, they will be distributed to LaSalle Re......DONE Refer to the last shareholder letter.
Thereafter, they will be distributed to LSH to satisfy the
claims of holders of the Series A LSH Perpetual Preferreds......DONE Refer to the last shareholder letter.
Thereafter, any residual value in New Holdco will be
distributed to TGL or its successor in interest.<<< We are at this point in time >>>
SEC DD Link -
http://www.sec.gov/Archives/edgar/data/1122211/000116923203005295/d56716_ex99-2.txt