Trenwick Group, Ltd.(fka TWKGQ)

[lifegear]

$23M Intercompany claim turned into $5M Note?...

How fair is that? TB assigned this claim to TGL's benefit. Did you find anything about the terms of this Note?

$23M = $.63 per share original claim

"4.2 Senior notes issued by Trenwick America Corp

In the Joint Provisional Liquidators annual update to shareholders, dated March
2006, it was advised that the Company's subsidiary Trenwick Bermuda ("TB") had
asserted a $23 million inter-company claim in TAC's chapter 11 case. This claim
was the subject of an objection (the "Objection"), filed by the post-Effective
Date successor entity to TAC's Official Committee of Unsecured Creditors (the
"TAC Litigation Trust"). The Objection sought, among other things, to
recharacterize the claim as equity or, in the alternative, to disallow or
equitably subordinate the claim.

The Joint Provisional Liquidators reached a compromise with the TAC Litigation
Trust during the year. The compromise was for a consideration of US$5 million
in the form of senior notes issued by reorganized TAC and receivable by TB. The
US$5 million in senior notes have been assigned by TB to the Company (the
"Senior Notes"). The compromise between the Company and TAC was approved by the
Supreme Court of Bermuda by an Order dated April 6, 2006 and subsequently by
the United States Bankruptcy Court for the District of Delaware by an Order
dated May 15, 2006."

http://knobias.10kwizard.com/filing.php?param=&ipage=4901301&DSEQ=2&SEQ=&SQDESC=SECTION_EXHIBIT&exp=

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11/19/08 STATUS OF $5M NOTE..."The JLs are currently exploring possible ways of monetizing their economic interest in the TALLC Notes.

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