LaSalle Re Holdings Ltd. (fka LSRAF)

[mrholty]

Gotcha.

Is there any way the commons get anything?

I believe the only thing with any assets is Trenwick American Reinsurance Co (where the $5M in loans is sitting). What happens and I doubt it but they sell Trenwick American ReIn for a positive book value of $10M. LSRAF would get their $5M loan plus interest back over 3M shares and lets say $2. Who would get the $10M of positive book value once it was sold.

Would that flow to LSRAF holders as they are preferred or does it go to the Trenwick common. I need a map of who rolls up to whom.

(Note: I don't think there will be a positive book value otherwise the business would have already been sold.