Scottish RE Group Ltd (CE) (SKRUF) News

I do not.

If I did, I would gladly tell you but we might be in competition for shares.😀

Hey EI-
Hope you remember from 10 years ago on AICPQ and others.
I'm finally coming back around on some cash to invest and came back to this.
Wanted to look to see if I could add shares here - seeing that it trades on the OTC expert exchange. My brokers (Schwab and Fido) both do not allow me to add here. It appears to trade by appointment but do you know any broker who allows this?

Not sure how to interpret, but this was posted on 5/5/23.

"Delaware's insurance commissioner has told the state's Chancery Court that he's giving up his attempt to rehabilitate reinsurer Scottish Re (US) Inc., saying there is no way to return the company to solvency in a reasonable time and that liquidation is the best path forward."

Bankruptcy Law360<news-alt@law360.com>

I’m remain optimistic.

However, it will most likely be no sooner than five years.

Looks like the preferred shareholders get nothing. Interesting since the common shareholders got 30 cents.

According to the invoice:

Paul Davis litigation continues. Cerberus has been subpoenaed.

SRUS appears to be headed to rehabilitation. Equity may not survive.

Interim Application for Compensation // Sixth Interim Application for Compensation for Services Rendered and Reimbursement of Expenses for Ashby & Geddes, P.A., Trustee's Attorney, period: 6/1/2022 to 10/31/2022, fee: $50,380.50, expenses: $316.56. Filed by Ashby & Geddes, P.A.. Hearing scheduled for 12/8/2022 at 02:30 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2, Wilmington, Delaware. Objections due by 12/1/2022.

Source: PACER [Docket 906]

No Objections. Hearing cancelled.

Approved

Paul Davis, Plaintiff–Appellant, v. Scottish Re Group Limited, et al., Defendants–Respondents, Jonathan Bloomer, et al., Defendants 30 N.Y.3d 247 (2017).

https://casetext.com/case/davis-v-scottish-re-grp-ltd-7

Paul Davis holds more than 2.4 million shares (representing approximately 48%) of the Non–Cumulative Perpetual Preferred Shares.

https://casetext.com/case/davis-v-scottish-re-grp-ltd-2

Please note that this opinion was reversed on appeal.

There are five entities rolling up to the parent.

Report only covers Scottish Re Dublin (SRD).

I upload what is available, when available.

It looks like it might be worth between $1.50 and $2.00 per share or am I reading it wrong?

Scottish Re (Dublin) dac SFCR Report 2021 (4/11/22)

http://www.scottishre.com/pdf/Scottish%20Re%20(Dublin)%20dac%20-%20Solvency%20and%20Financial%20Condition%20Report%202021.pdf

I DO

Me.

Anyone still follow this company?

Any news from the February meeting?

Notice of Fourth Meeting of Creditors (12/21/21)

2/15/22 at 11.00 (Cayman Islands Time)

http://www.scottishre.com/pdf/SRGLLiquidation/SRGL%20-%20Notice%20of%20Creditors%20Meeting%20on%2015%20February%202022.pdf

Liquidations generally take at least ten years.

AICIQ filed for bankruptcy in 2005. It’s AIC sub went through the Section 363 sale process last January. The transaction finally closed effective 11/30/21. I expect a second distribution sometime in March.

E I are you looking maybe 7 years for a final resolution ? I recall you saying that these liquidations take years ?? Im holding also ...

I plan to hold.

Bought more last week.

Any suggestions on what to do about this stock being vaporized in Sept. 2021

SKRUF is stuck at $.1050 x $.24.

I do find it interesting that there are several market makers with bids in the $.20 to $.25 range. I expect further decay as time passes. It will be interesting to see where SKRUF trades later this year. You said this July of 2019..its been 6 months and is now Jan. 2020. Time to check your prediction EI.
I would say its spot on!

Todays pps:
Scottish Re Group Li (SKRUF)
0.0737 0.0 (0.00%)
Volume: 0

* Todays MM bid is .08. At this rate it should be sub-penny by year end. I'll wait.

I have been following the Scottish Re story for a decade.

There is a good amount of information stored here. People have shared differing opinions.

I have already profited.

I do find it interesting that there are several market makers with bids in the $.20 to $.25 range. I expect further decay as time passes. It will be interesting to see where SKRUF trades later this year.

Thanks for your in put. Any information is better than no information.

“Does not compute”.

Sorry.

Liquidating an insurance company takes many years.

LaSalle Re took ten years (2003 to 2013). Preferred holders eventually received $10.60.

Acceptance Insurance Companies, Inc. filed for Chapter 11 bankruptcy in 2005. The case converted to Chapter 7 in 2010. Preferred holders will eventually receive a distribution well in excess of the last trade of nine cents. See AICPQ.

Other names include Primus Guaranty in the CDO space and mortgage insurers Triad Guaranty and PMI Group.

In a best case scenario, what is a share worth? Opinions are welcome. Hopefully supported by evidence.

SCOTTISH RE GROUP LTD (SKRUF)
Last Trade [tick] 0.2500[+]
52 Week High 2.2750 on 08/24/2018
52 Week Low 0.2500 on 05/24/2019

Scottish Re (Dublin) dac Solvency and Financial Condition Report (12/31/18)

http://www.scottishre.com/pdf/Scottish%20Re%20(Dublin)%20dac%20SFCR%202018.pdf

Order Converting the Debtors’ Chapter 11 Cases to Cases under Chapter 7 of the Bankruptcy Code (4/16/19)

http://www.scottishre.com/pdf/chapter11/Conversion%20Order.pdf

Sale and Restructuring Plan and the Commencement of Chapter 11 Proceedings (4/18/19)

On 29 January 2018, SRGL announced that it had commenced, on 28 January 2018, implementation of a sale and restructuring plan for SALIC and certain of its subsidiaries (the “Sale and Restructuring”). The Sale and Restructuring plan is being implemented through U.S. Chapter 11 insolvency proceedings for SALIC and SALIC’s U.S. subsidiary, SHI, in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) (the “SALIC/SHI Chapter 11”).

In connection with the SALIC/SHI Chapter 11, SRGL announced that a stock purchase agreement (the “Stalking Horse SPA”) had been executed between SALIC and SHI, on the one hand, and HSCM Bermuda Fund Ltd., a Bermuda-domiciled investment fund (“Hudson”) managed by Hudson Structured Capital Management (“Hudson Structured”), on the other.

Hudson Structured caused Hudson to execute certain documents associated with the SALIC/SHI Chapter 11 in order for Hudson to act as plan sponsor of the SALIC/SHI Chapter 11. In conjunction with the SALIC/SHI Chapter 11, SALIC filed a number of first day motions on 30 January 2018, intended to allow it to operate in the ordinary course of business during the restructuring process. Upon closing of the Stalking Horse SPA, the Buyer was to own 100% of the stock of the reorganized SALIC including ownership of SHI, SRUS, SRLB, and the Company.

Certain of the SALIC’s subsidiaries, such as the Company, SRUS, and SRLB (together, the “NonDebtors”), are not debtors in the SALIC/SHI Chapter 11 and as such, contracts and relationships between the Non-Debtors and their reinsurance and other counterparties, vendors, and employees are largely unaffected by the SALIC/SHI Chapter 11 filing. In March 2018, SALIC’s wholly-owned subsidiary, Scottish Financial (Luxembourg) S.a r.l. (“SFL”), which was not expected to be acquired as part of the Sale and Restructuring, filed an application with the Luxembourg District Court, sitting in commercial matters (“Luxembourg Court”), to commence a voluntary bankruptcy proceeding. Thereafter, on 16 April 2018, the Luxembourg Court opened a bankruptcy proceeding over SFL and appointed an independent bankruptcy receiver for SFL.

SALIC faced acute liquidity issues in the first quarter of 2018 as a result of the historically adverse performance of the Group’s legacy book of yearly renewable term (“YRT”) reinsurance business, and the growing strain created by payments coming due in the first quarter of 2018 on twenty (20) consecutive quarters of accrued and deferred interest on certain trust preferred securities guaranteed by SALIC.
With the liquidity constraint facing SALIC, the SALIC/SHI Chapter 11 process is designed to:

• Permit SALIC to continue as a going concern during the reorganization process, and to continue to provide uninterrupted performance of its obligations to its third-party and affiliated reinsurance counterparties and business partners; • Permit the SALIC businesses, post-reorganization and under new ownership, to continue to actively participate in the U.S. life reinsurance and annuity industries; and

• Preserve the existing jobs of the employees of SALIC and its subsidiaries.

As contemplated by the Stalking Horse SPA, on 28 February 2018, the Bankruptcy Court entered an Order Approving Bidding Procedures In Connection With An Auction For Plan Sponsorship or Other Alternative Transaction that essentially establishes a framework for an auction process during the pendency of the SALIC/SHI Chapter 11 proceedings in which alternative restructuring transactions from other parties may be offered to and considered by SALIC/SHI in consultation with the Official Committee of Unsecured Creditors appointed in SALIC/SHI Chapter 11 cases (the “Creditors Committee”). The designation of the winning bidder was subject to Bankruptcy Court approval.

On 25 May 2018, SALIC/SHI received bids for alternative restructuring transactions from two other parties, one of which was considered by SALIC/SHI, in consultation with the Creditors Committee, to be a qualified bid in accordance with the bidding procedures approved by the Bankruptcy Court, for onward submission to the auction process to compete with Hudson. The qualified bid was from a newly formed Cayman Islands company controlled by or affiliated with Connecticut-based asset management firm, Hildene Capital Management LLC (“Hildene”). The auction took place on 30 May 2018, between Hildene and Hudson, in which Hildene emerged as the winning bidder following the auction process. Hildene was confirmed as the winning bidder by the Bankruptcy Court, through a winning bidder order, on 12 June 2018, following an uncontested Bankruptcy Court hearing on 4 June 2018. As part of the same order, Hudson was confirmed as the backup bidder. Also on 12 June 2018, the Bankruptcy Court entered an order approving the stock purchase agreement (the “SPA”) between SALIC and Hildene. Following the emergence of Hildene as the confirmed winning bidder, the Bankruptcy Court approved an accompanying disclosure statement following a hearing on 28 June 2018.

The disclosure statement was then distributed by SALIC/SHI to eligible creditors on 3 July 2018, to solicit votes on a Chapter 11 plan of reorganization incorporating the terms of the new restructuring transaction from Hildene (the “Plan”), and request the Bankruptcy Court to confirm the Plan. The Plan was unanimously accepted by all voting classes, and was confirmed by the Bankruptcy Court on 22 August 2018.

The SPA was subject to certain closing conditions related to the SALIC/SHI Chapter 11, as well as the receipt by Hildene of all required regulatory approvals necessary to effectuate a change of control of the affected entities. Recognizing that regulatory approval can take time, SALIC, SHI, and Hildene had always understood and expected that there would be a longer-than-usual period between confirmation and the Plan effective date. Thus, the SPA with Hildene provided for an outside closing date of 9 December 2018. As at 31 December 2018, the Plan had not gone effective. There were two primary reasons that the SPA had not yet closed and the Plan had not yet gone effective before year-end. First, certain of the necessary regulatory approvals remained pending. Second, and not entirely unrelated, the Company’s U.S. affiliate, SRUS, has continued to experience significant deterioration in its financial condition due to unprecedented levels of current and projected adverse mortality experience, predominantly in respect of the business ceded to SRUS by one particular ceding company (“Cedent One”). None of this YRT business is ceded to the Company.

Adverse mortality experience on Cedent One’s business increased dramatically during 2018 to even higher levels, rendering the preliminary solution unworkable and requiring a new solution. Without such a solution, the funding need at the Group is expected to be even greater at a closing and into the foreseeable future.

Therefore, SALIC, with Hildene’s cooperation and assistance, were actively pursuing such a solution through negotiations with Cedent One.

During December 2018 and January 2019, Hildene had indicated a willingness to extend the outside closing date pursuant to an amendment to the SPA to attempt to reach a satisfactory resolution of the issues described earlier. Hildene and SALIC were continually in discussions concerning, and were close to memorializing, such an extension to the SPA.

However, a new obstacle to the closing of the SPA had emerged which was that the fourth quarter 2018 financial results of SRUS and SALIC were far worse than originally expected, and, without renegotiating additional business negatively impacting SRUS and SALIC, the capital contributions required of Hildene at closing and in the future, would remain prohibitively high and be subject to an unacceptable level of risk of depletion. As a result, Hildene required as a further condition to proceeding with the extension and subsequent closing of the SPA, at a minimum, that SALIC and SHI favourably resolve the business with another third-party ceding company (“Cedent Two”) adversely affecting SRUS’s capital and surplus and SALIC’s liquidity.

During January and February 2019, SALIC engaged in extensive negotiations with Cedent Two in an effort to reach a resolution acceptable to both Cedent Two and Hildene. Despite these efforts, a settlement proposal could not be agreed, and on 16 February 2019, Hildene informed SALIC that it would not pursue closing the SPA. Accordingly, the SALIC and SHI board of directors sent a notice of termination to Hildene on 16 February 2019, and, immediately afterward, contacted Hudson, the company that had entered into a stalking horse stock purchase agreement with SALIC and SHI on 28 January 2018 (and as stated earlier), on the possibility of reengaging on a new transaction.

During February and March 2019, SALIC and Hudson engaged in a more fulsome discussion regarding reengaging to pursue a new transaction. Hudson did provide an indicative bid on 9 March 2019, but following review, this was not deemed acceptable by SALIC and the Creditors Committee.

Following this development, SALIC and the Creditors Committee were in discussions regarding next steps in the SALIC/SHI Chapter 11, which included engaging again with Hildene, in an effort to find an alternative restructuring transaction.

On 27 March 2019, the Creditors Committee filed with the Bankruptcy Court a motion to convert the SALIC/SHI Chapter 11 restructuring process to Chapter 7 (liquidation) proceedings. A hearing on the conversion motion has been scheduled in the Bankruptcy Court for 17 April 2019.

SKRUF will have some residual value down the road.

However, the road is long.

I thought I posted some more recent information?

Please allow me some time to bring everyone up to date.

Sorry.

So is SKRUF worth 40 cents or is it worth nothing? All opinions are welcome.

You are correct. It was $16.00.. Times have unfortunately changed ..

Wow. What happened here? I have a vague recollection that years ago the BOD offered to buy back preferred shares at around $16.00. Maybe I got it wrong. Does anyone else remember this differently? Is it a buy at 40 cents? All opinions are welcome.

EI Thanks very much .. Your insight is greatly appreciated ..

Scottish Re is very early in its process.

A better question might be how much can SKRUF holders expect to receive? At 9/30/17, Scottish Re only had $3.6 million in equity, which means that the most SKRUF holders could expect would be $1.12 per share unless liabilities are settled for dramatically less than book value during the liquidation process.

LaSalle Re Holdings is probably the best case study regarding time.

Its liquidation took almost ten years.

Insolvency proceedings were initiated in 8/20/03. At 6/30/03, the last period that financials were reported, shareholders' equity was $44.7 million. Series A had a total liquidation value of $75 million, which meant the maximum recovery would never be higher than 60 percent.

LaSalle Cover Company LLC launched a tender offer late in 2004, initially offering $1 per share. LCC's members were Costa Brava Partnership III, LP and White Bay Capital Management LLC. The general partner of Costa Brava Partnership III, LP was Roark, Rearden & Hamot LLC. Seth W. Hamot was the sole member and manager of Roark Rearden & Hamot LLC and Andrew R. Siegel was sole member and manager of White Bay Capital Management. The offer was increased to $1.17 with LCC eventually owning 1,271,179 shares or 42.4 percent.

The liquidation resulted in a distribution to LaSalle Re of approximately $37 million. LSRAF holders eventually received $10.60. The first $10.50 was paid on 7/28/08, and the final liquidation dividend of $.10 was paid on 2/15/13.

EI You have been in Aiciq for many years right?? If you were to guess, how long do you expect Skruf might take to be finalized ??

Volume may be picking up due to certain investors having access to better information.

Only a creditors who could provide evidence of a claim were given a seat at the table. Once there, they were briefed on the progress of the liquidation, discussed reports and voted on the liquidators’ compensation plan.

If the story was good, some creditors would naturally want to begin building a preferred stake. I have no idea if there are any constraints to using the information legally. A lawyer would need to chime in.

Building a meaningful stake without moving prices requires patience especially when the security is trading pink or gray. I get frustrated on a regular basis as my bids at or above 52-week highs consistently get beat. Competition is good in one aspect - the investment slowly becomes worth more over time despite no news.

It should be noted that insurance company liquidations can take a very long time to resolve. I’m currently involved in two (PRSG and AICIQ).

Notice of Creditors’ Meeting on 11/21/18 (10/31/18)

http://www.scottishre.com/pdf/SRGLLiquidation/SRGL%20-%20Notice%20of%20Creditors%20Meeting%20on%2021%20November%202018.pdf

EI Why do you think its getting a bit of interest now ???

Correct.

SKRUF holders will end up with the proceeds from liquidation. However we will not know the results for some time.

I have a small stake used for reporting purposes only.

EI What do you make of this stock starting to move ?? My last recall is that preffered is first in line if the company is sold in pieces rather than entirety ?

Judge Silverstein approves the restructuring plan for SRGL subsidiary Scottish Holdings Inc. (8/22/18)

An affiliate of Hildene Capital Management LLC won SHI at auction in June.

SRGL is a non-Debtor. Assets are limited.

EI Is there any hope for SKRUF in your opinion ? Your thoughts are greatly appreciated . Thanks in Advance .

Notice of Hearing Date for Winding Up Petition (2/01/18)

http://www.scottishre.com/content/News_NoticesAndDocuments.asp

Case Information

On January 28, 2018, Scottish Holdings, Inc. and Scottish Annuity & Life Insurance Company (Cayman) Ltd. (collectively, the “Debtors”) each filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors’ cases have been assigned to Judge Laurie Selber Silverstein. These cases are being jointly administered for procedural purposes, meaning that all pleadings filed in these cases will be maintained on the case docket for Scottish Holdings, Inc., Case No. 18-10160. The Docket can be accessed through the website maintained by the United States Bankruptcy Court for the District of Delaware http://www.deb.uscourts.gov.

General Information
Scottish Holdings, Inc.
Case No. 18-10160

Scottish Annuity & Life Insurance Company (Cayman) Ltd.
Case No. 18-10161

http://www.scottishre.com/content/Chapter11Restructuring.asp

Scottish Re Group Limited Announces a Sale and Restructuring Plan and the Commencement of Chapter 11 Proceedings by Certain of its Subsidiaries (1/29/18)

HAMILTON, Bermuda--(BUSINESS WIRE)--Scottish Re Group Limited (“Scottish Re”) announced today that it has commenced implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (Cayman) Ltd. (“SALIC”), and SALIC’s U.S. subsidiary, Scottish Holdings, Inc. (“SHI”), on January 28, 2018.

The sale and restructuring plan is being implemented through the commencement by SALIC and SHI of U.S. Chapter 11 proceedings in the United States Bankruptcy Court of Delaware on January 28, 2018 (the “SALIC/SHI Chapter 11”).

In connection with the SALIC/SHI Chapter 11, Scottish Re announced that a stock purchase agreement (the “SPA”) has been executed between SALIC and SHI, on the one hand, and an investment fund advised by Hudson Structured Capital Management Ltd. (“Hudson Structured” or the “Buyer”), on the other. Upon closing of the SPA, Hudson Structured will own 100% of the stock of the reorganized SALIC. Hudson Structured executed certain documents associated with the SALIC/SHI Chapter 11 in order to act as plan sponsor of the SALIC/SHI Chapter 11.
The SALIC/SHI Chapter 11 is a critical step in Scottish Re’s sale and restructuring plan, which in addition to the sale of SALIC and SHI, also includes the sale to Hudson Structured of certain of SALIC’s subsidiaries, including Scottish Re (U.S.), Inc. (“SRUS”) and Scottish Re (Dublin) dac (“SRD”) (the “Sale and Restructuring”). The restructuring process, which has culminated in the execution of the SPA, was announced in the Scottish Re press release of May 23, 2017, at the time Scottish Re commenced voluntary provisional winding up proceedings in Bermuda with ancillary proceedings in the Cayman Islands.

Certain Scottish Re subsidiaries, such as SRUS, SRD, and Scottish Re Life (Bermuda) Limited (“SRLB” and together with SRUS and SRD, the “Non-Debtors”), are not debtors in the SALIC/SHI Chapter 11 and as such, contracts and relationships between the Non-Debtors and their reinsurance and other counterparties, vendors, and employees are largely unaffected by the SALIC/SHI Chapter 11 filing.

SALIC faces acute liquidity issues in the first quarter of 2018 as a result of the historically adverse performance of Scottish Re’s legacy book of yearly renewable term (“YRT”) reinsurance business, and the growing strain created by the upcoming payments due on 20 quarters of accrued and deferred interest on trust preferred securities guaranteed by SALIC.

Two of SALIC’s wholly-owned subsidiaries, SHI and Scottish Financial (Luxembourg) S.á.r.l. (“SFL”), entered into a series of capital markets transactions from 2002 to 2004 in which those entities sold bonds to various trusts. Those trusts in turn issued trust preferred securities to the market (the “TRUPS”). SALIC guaranteed the payment and other obligations of SHI and SFL in connection with the TRUPS transactions. Currently, $86 million of aggregate principal amount of TRUPS obligations (net of an additional $43 million of TRUPS owned by SALIC’s parent, Scottish Re) remain outstanding. As permitted under the terms of the TRUPS, SHI and SFL began deferring interest payments on the TRUPS commencing in the first quarter of 2013. Interest may only be deferred on the TRUPS for a maximum of twenty (20) consecutive quarters, and, as a result, accrued and deferred interest in an amount of approximately $20 million (net of an additional approximately $11 million of deferred interest amounts owing to Scottish Re in respect of the TRUPS held by Scottish Re) must be paid in the first quarter of 2018. SHI and SFL lack the resources to make this payment, and SALIC is unable to pay the TRUPS deferred interest and still meet its other obligations, including reinsurance obligations to third-party ceding companies, as well as to SRUS, in 2018.

SALIC devised and executed a restructuring plan to try and resolve its liquidity issue in a timely fashion and to maximize value to its stakeholders. Among the steps taken by SALIC were the engagement of Keefe, Bruyette & Woods, Inc. a Stifel Company, to identify a buyer, and retention of legal counsel in New York, Delaware, Bermuda and the Cayman Islands who are very familiar with Scottish Re and insurance restructuring options.

With the impending liquidity constraint facing SALIC, the SALIC/SHI Chapter 11 process is designed to:

Permit SALIC to continue as a going concern during the reorganization process, and to continue to provide uninterrupted performance of its obligations to its third-party and affiliated reinsurance counterparties and business partners;

Permit the SALIC businesses, post-reorganization and under new ownership, to continue to actively participate in the U.S. life reinsurance and annuity industries;

Provide SALIC and (as a result of SRGL’s ownership of certain of the SHI/SFL TRUPS) SRGL, with the opportunity to maximize value for their stakeholders;

Permit SALIC to address legacy liabilities in a manner that is fair to creditors; and

Preserve the existing jobs of the employees of SALIC and its subsidiaries.

The Board of Directors of Scottish Re voted on January 24, 2018 to authorize and direct SALIC to file the SALIC/SHI Chapter 11 and generally to implement the Sale and Restructuring. In addition, following the Bermuda Court appointment in May 2017 of John McKenna of Finance & Risk Services Ltd., of Bermuda and Eleanor Fisher of Kalo (Cayman) Limited of the Cayman Islands as Joint Provisional Liquidators of Scottish Re (the “JPLs”), the JPLs have worked with Scottish Re to effectuate the Sale and Restructuring.

The SPA is subject to certain closing conditions related to the SALIC/SHI Chapter 11, as well as the receipt by Hudson Structured of regulatory approvals necessary to effectuate a change of control of SALIC, SRUS, SRD and SRLB. In addition, it is anticipated that the bankruptcy court will conduct an auction process to solicit alternative transactions that meet criteria to be established by the court. In the absence of an unmatched superior bid during the auction, Hudson Structured should be confirmed as the winning bidder and is expected to close the Sale and Restructuring. Scottish Re is hopeful that the Sale and Restructuring will be approved by the third quarter of 2018, including receiving the aforementioned regulatory approvals, as well as having the SALIC/SHI restructuring plan confirmed by the US Bankruptcy Court.

In conjunction with today’s announcement, SALIC will file a number of first day motions that are intended to allow it to operate in the ordinary course of business during the restructuring process. It is anticipated that SFL will in the near future petition the Luxembourg District Court for liquidation under Luxembourg’s Commercial Code.

About Scottish Re:

Scottish Re is a global life reinsurance specialist with operating businesses in the United States of America, Ireland, Bermuda, and the Cayman Islands. Its primary subsidiaries include Scottish Re (U.S.), Inc., Scottish Re (Dublin) dac, and Scottish Annuity & Life Insurance Company (Cayman) Ltd. Additional information about Scottish Re can be obtained from its web site at www.scottishre.com.

About Hudson Structured Capital Management Ltd.:

Hudson Structured Capital Management Ltd., founded in 2015, invests in reinsurance and insurance-linked assets across all lines of businesses through an array of innovative structures that allow risk transference, including from the life and property/casualty sectors, to the capital markets. Its focus is on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets and are experiencing a shift from balance sheet to market financing.
www.hscm.com

https://www.businesswire.com/news/home/20180128005081/en/Scottish-Group-Limited-Announces-Sale-Restructuring-Plan

Thanks EI for the update . I didn't get my voting doc until after the close of the election.. NO matter now, maybe Davis pulls off a coup, and this stock goes to 25..