Somehow this statement shows that debt owed to Lasalle Re was forgiven when Trenwick Group contributed the Oaks to Lasalle Re. Then Lasalle Re agreed to invest $81M which could be part of the intercompany claim that they mentioned in the latest 8K. What is unclear is if this is also a part of the $75M liquidation preference distribution.
"On December 10, 2002, Trenwick, LaSalle Re and LaSalle Re Holdings entered into an agreement pursuant to which Oak Dedicated Limited, Oak Dedicated Two Limited and Oak Dedicated Three Limited, three corporate members at Lloyd's (collectively, the "Oak Entities"), were contributed by Trenwick to LaSalle Re, and certain indebtedness owed to Trenwick by the Oak Entities was forgiven. In connection with the foregoing, LaSalle Re agreed to invest $81 million in the Oak Entities, which together with the renewal of the letter of credit facility, provides funds at Lloyd's which enabled Trenwick to underwrite at Lloyd's for the 2003 year of account. The Oak Entities will receive 43% of the economic interest (prior to the deduction of the Banks' letter of credit fees and profit participation) in the 2003 year of account at Lloyd's. The Oak Entities will also participate in the economic interest in the results of 2002 and prior years of account.
The two other principal corporate members are Oak Dedicated Four Limited, which is owned indirectly by Trenwick, and Acorn Corporate Capital Limited, which is owned by Trenwick but whose economic interest has been assigned to NICO."
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