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Replies to post #73 on Scottish Re Group Ltd Perp Pfd (SKRUF)

Replies to #73 on Scottish Re Group Ltd Perp Pfd (SKRUF)
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nick38

02/15/12 2:22 PM

#74 RE: insomniac #73

Seems like there is not a ground swell of people with Pros and Cons. The first question we need answered is: Under what circumstance must Scruf pay the Dividend. I haven't been reading the financial notes (just a lazy loser) but I speculate that the hedge funds and other new owners are restricted in receiving dividends in some way by the Preferred senior position in dividend payment. If anyone has read up on this it would be helpful to know how desperately "Scottish Re Group" needs to get rid of the Preferred. If we had a handle on that then the decision to tender at $16.00 (or not) would be easier.
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nick38

02/15/12 2:23 PM

#75 RE: insomniac #73

Seems like there is not a ground swell of people with Pros and Cons. The first question we need answered is: Under what circumstance must Scruf pay the Dividend. I haven't been reading the financial notes (just a lazy loser) but I speculate that the hedge funds and other new owners are restricted in receiving dividends in some way by the Preferred senior position in dividend payment. If anyone has read up on this it would be helpful to know how desperately "Scottish Re Group" needs to get rid of the Preferred. If we had a handle on that then the decision to tender at $16.00 (or not) would be easier.
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h_man_investor

02/17/12 8:21 AM

#80 RE: insomniac #73

It's also important to note that the 15% institutional shareholder (Crumline) sold their entire position in a private transaction at the tender price.

It's apparent that Crumline dictated the price for the tender at the price they were willing to sell.

During the last tender which failed miserably, Crumline's price was $12.

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56Chevy

03/04/12 6:44 PM

#125 RE: insomniac #73

What are the pros and cons of tendering versus keeping this??Im leaning towards keeping this and waiting for 25 in a couple of years. Opinions anyone? Thanks in Advance

You asked for advice/opinions...I gave one. Three years is along time...just ask the Wamu people. They thought they were owed more too and ended up screwin' themselves. The best offer isn't always the last offer.

Take the $16.