"Trenwick America Corporation (Bankr. D. Del. Case No. 03-12635) reports a $12,622,523 net income in October 2004 and a cumulative $58,834,943 loss during the course of its chapter 11 restructuring."
How fair is that? TB assigned this claim to TGL's benefit. Did you find anything about the terms of this Note?
$23M = $.63 per share original claim
"4.2 Senior notes issued by Trenwick America Corp
In the Joint Provisional Liquidators annual update to shareholders, dated March 2006, it was advised that the Company's subsidiary Trenwick Bermuda ("TB") had asserted a $23 million inter-company claim in TAC's chapter 11 case. This claim was the subject of an objection (the "Objection"), filed by the post-Effective Date successor entity to TAC's Official Committee of Unsecured Creditors (the "TAC Litigation Trust"). The Objection sought, among other things, to recharacterize the claim as equity or, in the alternative, to disallow or equitably subordinate the claim.
The Joint Provisional Liquidators reached a compromise with the TAC Litigation Trust during the year. The compromise was for a consideration of US$5 million in the form of senior notes issued by reorganized TAC and receivable by TB. The US$5 million in senior notes have been assigned by TB to the Company (the "Senior Notes"). The compromise between the Company and TAC was approved by the Supreme Court of Bermuda by an Order dated April 6, 2006 and subsequently by the United States Bankruptcy Court for the District of Delaware by an Order dated May 15, 2006."
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