Replies to post #167 on Scottish Re Group Ltd Perp Pfd (SKRUF)

[h_man_investor]

Same as its been. Senior in a wind up or liquidation and junior in a change in control.

The clock is ticking- the preference shares convert to common stock in 3 years.

[h_man_investor]

Hey- how you been? Any idea if the dividend paid last year reduces the liquidation preference in a change of control?

The change in control liquidation preference accrues for 5 years which ended last May. It should max out at $217.5mm yet the company is still increasing the liquidation preferenceon the balance sheet above this amount.

It isn't clear what happens in the event of a change in control if the dividends paid reduce the$217.5mm amount.