Replies to post #85 on Scottish Re Group Ltd Perp Pfd (SKRUF)

[h_man_investor]

Sorry, but Yes they are. Liquidation preference on the Mezz Equity (convertible preferred shares) is $791mm as of September 30, 2011. That puts the 8.5% preferreds -$295.6mm out of the money before the preferreds see $0.01 and $372mm before the recovery is greater than $16/share.

If you think otherwise, please explain.