It is a holding company, but with some surprises. I would have expected or hoped that Trenwick held the shares of the subs, but as a holding company, would largely not have assets or liabilities directly. Dividends may flow up but the liabilities were with the individual subs.
It seems like the liability in this case flowed up.. that Trenwick was obligated for LaSalle.
I had hoped, that even though some subs had negative worth, that others (the Oaks) would have a surplus that would be distributed through the sub to Trenwick and be available to the common shareholders. It almost seems like the liability flowed up. Odd and curious.
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