Home > Boards > US OTC > Insurance > Scottish Re Group Ltd Perp Pfd (SKRUF)

Yeah pretty simple: mezz preferreds have a mandatory

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h_man_investor   Wednesday, 08/26/15 04:19:58 PM
Re: insomniac post# 196
Post # of 247 
Yeah pretty simple: mezz preferreds have a mandatory convert next May so they are taking offers on the different pieces of the company now. If they are successful in selling the entire company to a single buyer the preferreds are a goose egg
($0). If they sell the pieces then the preferreds are worth $25. It will be difficult to sell the different businesses as one.

If they don't sell, then the mezz converts and the preferreds will be in the pole position but who knows when you'll get your money.

By this time of year the company had already released their 2q financials so maybe they are up to something else.

They also go to court in September in the Davis lawsuit. They guy holds 2.5m shares of the preferred (if memory serves me correct). So I think they are unlikely to do a tender without him onboard.


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