Trenwick Group, Ltd.(fka TWKGQ)

[temp luvs amy]

I would think that net reserve was a significant number. We can't forget 20% interest in S4444 either. I don't why they keep saying TGL distribution is unlikely with those kind of numbers unless they are willfully ignoring them. This think looks more and more like word spaghetti. "Winding up" equals liquidation and liquidation equals distribution, but you can't distribute a 20% interest of a going concern, and you can't distribute the "net reserves" of a runoff reinsurance pool.

I guess we can take consolation in the recognition that this is the first reinsurance "winding up" that Bermuda courts have ever had to complete. Is the $87 million to La Salle so large that the liquidators can't see past it into the net reserves, or are they denying that interest? Is it our error? Is there not such a defined interest in those two syndicates? The 8k appeared to say that they would explain the interests, and fails to mention either the 839 or the 4444 syndicates.