One of the Yahoos suggested I might again be of assistance over here. I promise not to be acerbic. Even to Beachbuoy. But it does seem as if you are tilting at windmills after all of these years. Read the 8-K that was published last month. If you have already read it, read it again, but more carefully this time. Major points:
1. LaSalle Re has been wound up. It's runoff is essentially complete. This was essentially the only asset held by LaSalle Re Holdings.
2. LaSalle Re upstreamed what was left of its capital base, all of $32 million, to LSRH. LSRH in turn made a distribution of $31.5 million to its preferred shareholders. This is less than 1/2 of what the preferred shareholders were owed and the balance is still owing.
3. The only asset left that can be monetized is the $5 million face note issued by Trenwick America LLC to Trenwick Group Ltd (TGL). As stated in the 8-K:
a) The actual amount that will be realized is highly uncertain and probably not even close to the $5 million face;
b) Any money realized will go to LSRH as partial payment of the $87 million that TGL owes LSRH, and that, in turn will go to the LSRH preferred shareholders.
In summary:
1. Trenwick America and its subs are no longer affiliated with Trenwick Group Ltd.
2. LaSalle Re Holdings' major sub, LaSalle Re has been wound up and there are no more assets left save for a near-worthless debt owed it by...Trenwick Group Ltd.
Note carefully the comment in the 8-K that there is no realistic probability of any distribution to the common shareholders of TGL. Otherwise, have fun.
AI
