LaSalle Re Holdings Ltd. (fka LSRAF)

[temp luvs amy]

I just did a bit of digging, and found this.

http://www.trenwick.com/NoteholderInformation.htm

It seems to indicate maturity dates of the notes. It would also seem to indicate that the JL has priviledged access to financials, and would have reason to indicate "that they will only be redeemed or sold at a small fraction of their aggregate face value."

I don't believe they will be "redeemed" at all. They will more likely be "distributed" from a BK court estate. You don't redeem senior notes at a fraction. You sue for BK if face value is not paid, and you are lucky to get a fraction. That's why they call them "senior notes," ie. they have a primary claim in a BK estate. A few BIG BANKS will apparently be the lead plaintiffs, and our distribution will be syncronized with theirs.

OTOH, I found no new BK filings from TALLC. As we should know, an insurance operation in runoff is not a good sign. Typically, they aren't writing any new business in a struggle to stay solvent.