Order of Liquidation Payments....
Per 2003 MBO, upon winding up of Syndicate 839, all the profits and cash in trust are released:
1. to repay their creditors (DONE - debt down to zero confirmed by Sep08 Gazette News)
2. to repay the LoC Banks (Not Applicable since NO DRAW was made from the LOC's confirmed by LSRAF Dec07 8K)
3. to repay the INTERCOMPANY DEBT - PENDING imho
What are the intercompany debts:
a. $67M Note owed to TWKGQ and TAC by LSUK
b. $5M Note owed to TWKGQ by TAC
c. perhaps unpaid dividends for owners of Syndicate 839 which are TWKGQ and TAC
4. with the remaining amounts, if any, to be payable to LaSalle Re as LSUK's
sole shareholder to the extent permitted under applicable law (DONE - Net Asset Surplus of $10.50 cash per share was distributed to 3M Preferred Shareholders last July)
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"The only thing necessary for the triumph of evil is for good [people] to do nothing." --Edmund Burke
