So the LSRAF holders got 10.30, but Dondood says they only get $15 more, but Dondood, I thought you were an accountant or something? Isn't there also a bunch of money in unpaid dividends owed to LSRAF? I can't remember for sure, but I think it was $1 per year. That is another $6 or $7 depending on the timing of the dividend payment suspension. So I think it would be much better to say that LSRAF is still owed about $22 per share. 100 times what it is selling for, and more secure about getting paid than this is, because they get paid first, and then dissolved. That is written in the filings. LSRH will be dissolved.
I figure go for step one, then follow with step two.
Of course, if you read the previous note, the 38 million was paid out, and that is the deal that canopius made for the LSUK Lloyds franchise, so we don't have a "going concern" anymore. We sold that. On the Other hand, the old going concern had a $67 million note to Trenwick, and they owed $87 million to LSRH. That would have been $20 million of the amount canopius paid to Trenwick for LSUK, leaving the $67 million owed. Unfortunately, If the $67 comes back, $66 it goes to LSRH before dissolution, because 3 million shares times $22 comes to $66 million.
There just isn't enough wiggle for a big bonus, but there was $18 million more in BV showing in LSRH before the deal, and that could end up coming back to Trenwick. 50 cents a share.
