Winding up of Syndicate 839: What happens to the $583M in cash reserves?
Doesn't the following indicate that all the profits and cash held in trust will be distributed to shareholders? They have confirmed that no draw was made from the bank LOC's (Dec07 LSRAF 8K) so I assumed that whatever debt there was should have been minimal after all these years of multiple subsidiary liquidation.
Should the $583M in cash reserves remain after the winding up process, we're looking at a maximum windfall distribution of $15.86 per share for TWKGQ/TAC since we own the 100% economic interest of Syndicate 839 imho. What do you think?
"Upon the winding up of the Oaks' financial affairs, which is not
anticipated to occur prior to 2009, their economic interests, consisting of
profits, if any, from their underwritings, together with any cash held in trust
at Lloyd's to support underwriting activities released to them by Lloyd's, would
be used to repay their creditors, including the LoC Banks, and the INTERCOMPANY DEBT, with the remaining amounts, if any, to be payable to LaSalle Re as LSUK's
sole shareholder to the extent permitted under applicable law."
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