Preservation of NOLs within Trenwick Group could only mean one thing - they will make use of the shell while keeping the current shareholders which is required by law.
"The provisional liquidation is being continued, with the agreement of the Bermuda Court, until the Plan has reached its effective date TO ENSURE THE PRESERVATION OF CERTAIN TAX LOSSES WITHIN THE TRENWICK GROUP: the Bermuda Court, however, must remain satisfied that it is in the interests of the creditors of the Company for the provisional liquidation to continue. Once the Plan has reached its effective date, or before that date at the sole discretion of the Bermuda Court, the Bermuda Court is likely to enter a winding-up order against the Company and appoint one or more liquidators (who may be the Joint Provisional Liquidators). The function of the liquidators of the Company will be to realize the assets of the Company and ultimately to distribute the assets of the Company to its creditors and if any surplus remains, distribute to equity security holders."
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