Replies to post #6013 on Trenwick Group, Ltd.(fka TWKGQ)

[lifegear]

What guarantees payment to TWKGQ and TAC?...

Also from the 2003 MBO agreement, payment can only be made to the shareholders if the LOC's have been satisfied in full. They confirmed that NO DRAW was made from the LOC's last Dec7 so it doesn't even affect our guaranteed payment.


"In addition, any amount payable to Trenwick and TAC pursuant to the LSUK Notes will occur only after the Letters of Credit issued by the Banks to support underwriting activities of the Oaks through year of account 2003, and Flinstone through year of account 2006, have expired and the Banks' claims under the LoC Facility have been satisfied in full."

[lifegear]

Proof of NO DRAW on LOC's due to RITC....

which eliminated the liabilities of TWKGQ. LOC's have expired and now we are guaranteed payment for the $67M LSUK Notes.

$67M / 36.76M = $1.82 PER SHARE


"As a result of this RITC, the Oaks's underwriting exposure to the Syndicate
will be crystallised and there will be no draw on the LOCs. As a result, the
LOCs, the obligations under which are guaranteed by the Company and TGL, will
be cancelled and, upon such cancellation, any contingent liability that the
Company has to the LOC Banks under the guarantees will cease."

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