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Trenwick Group Ltd. (TWK) Message Board

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  • cigarbat cigarbat Feb 15, 2003 10:28 PM Flag

    Key Thoughts Going Into Earnings

    Albrt

    >>>>Am I missing something here? Why does the 10Q report an equity number that's different from the balance sheet?

    The 40 mil showed up in 3rd qtr. It was a (strange) settlement to a lawsuit. Swiss Re refused to pay $55 Mil in Reinsurance claims, TWK sued, Swiss Re agreed to purchase convertible preferred shares.

    The thing I didn't like is; I don't like the "conversion" (dilution) if TWK's book value is less than $221 Mil. Also, as TWK's rating drops, the dividend cost increases dramatically.

    I thought we all had already discussed this, and, none of like it, but, it was the least of our problems at the time.