I understand the necessity to "wind up" the proceedings in Bermuda, and to make sure that everything is settled by law, but why is the JL so involved with intercompany matters? I would think the external creditors would be the only business of the courts, and emerging from BK in the US would simply be satisfying the external creditors. This word spaghetti is really bothersome. Because the Bermuda courts use "winding up" instead of BK, and then say it is "liquidation," it appears they have no choice but to shut the doors and sell everything off. Yet a few years down the road, and people are still writing new business in a syndicate formed after the courts became involved.
Now they say that the voting interest is an asset, but don't ask the shareholders to vote.
