Yes, the DD-layers on this ONION are deep.
Reviewed the Swiss Re Trenwick Preferred purchase agreement Ex 99-5 last night
Trenwick's Sereis B Cumulative Convertible Perpetual Preferred Shares with a liquidation preference of $100 per share for a aggregate purchase price of $40 Million. The purchase was made pursuant to a Second Agreement between European Re and Trenwick.
Concurrently with the purchase of the preferred arbitration proceeding, increase the dividend rate applicable to the preferred shares by 2.% and reduce the restriction on European Re's ability to transfer the preferred shares from three years to six months. (give time for the child to upstream it to Swiss Re...IMHO)
Both parties have attended the "Solvent Schemes of Arrangement" Party and LaSalle is the first one to exit....it would seem that it's in both parties BUSINESS INTEREST to follow as MUCH as possible to the TRENWICK PARENT Company....IMHO
TWKer's may travel alone or occasionally with a few others for a period of time but, regardless of this, they are a close knit group of people. TWKer's meet at "jungle" gatherings where they get to visit with old friends and meet new friends.
