"...6. Estimated timing of dividends to the Company’s Series A Preferred Shareholders
The JPLs expect that a distribution from LaSalle to the Company as a liquidation dividend could be possible by the end of May 2008. As such, the JPLs anticipate that an initial distribution of substantially all of the Company’s shareholders’ surplus can be made to the Company’s Series A Preferred Shareholders by the end of the second quarter of 2008.
For the avoidance of doubt, no such distribution will be made to the holders of the Company’s Series A Preferred Shares until:
• LaSalle’s shareholder surplus has been distributed to the Company;
• permanent liquidators of the Company have been appointed by the Court;
• the JPLs have called for formal proofs of claim from the Company’s creditors; and
• all valid creditor claims have been paid in full.
The Company also has benefit of contingent assets, the monetary value of which cannot be ascertained at the present time. The expected value of these contingent assets is not estimated to be material, however, the JPLs are currently exploring options that would allow these assets to be monetised so as to avoid the necessity of delaying the ultimate dissolution of the Company..."
John has been a partner since 2000. He is a chartered accountant and licensed insolvency practitioner. He has focused on insurance since 1988 and has further specialised in insolvency, reconstruction and advisory work in the insurance industry since 1993. John has extensive experience of the insurance industry including life assurance, the London Market, brokers and loss adjusting. He was one of the Scheme Administrators of Anglo American Insurance Co Ltd and is currently Scheme Administrator of Sovereign Marine & General Insurance Company Ltd. He is also Scheme Administrator of the UK based insurance entities within the HIH Group and is Provisional Liquidator of Trenwick Group Ltd in Bermuda. He has advised many companies with discontinued business and is Scheme Adviser to Moorgate Insurance Co Ltd, Reliance National Insurance Co (Europe) Ltd, Lion City Run-off Pte Ltd, Oslo Re UK and Oslo Re ASA. He is prospective Scheme Adviser to several companies including companies within the Willis Faber Underwriting Management Pool.
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