LaSalle Re received $32 million in July, 2008.
LSRAF has a $25 liquidation preference. However, partial payment of unpaid, accrued dividends is all anyone should expect.
The initial distribution to LSRAF holders in total was $31.5 million or $10.50. The payment was made 7/28/08. This initial distribution to LSRAF holders represents a distribution of substantially all of the assets of LaSalle Re. However, the company still has a small number of contingent assets which may result in further realizations for the estate in the future. Depending on the outcome, an additional distribution to LSRAF holders may be made prior to the formal dissolution of the company. It is anticipated that any further distributions to Series A Preferred Shareholders will occur within 12 months, although the exact timing and the quantum of any further distribution is uncertain.
It has now been a year.
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