LaSalle Cover offers $1 per share for 1.5 million LaSalle Re preferred shares

By Jeff Pines

Washington, Dec. 23 - LaSalle Cover Co. LLC is offering $1 per share for 1.5 million LaSalle Re Holdings Ltd. series A preferred shares.

LaSalle Cover said it is not affiliated with LaSalle Re or any other insurance company, according to the paperwork filed with the Securities and Exchange Commission Thursday.

LaSalle Cover's members are Brookline, Mass.-based Costa Brave Partnership III LP, which is controlled by Seth Hamot, and New York-based White Bay Capital Management LLC. The Costa Brava partnership owns 80,651 shares, and Andrew Siegel, a LaSalle Cover principal and sole manager and member of White Bay, owns 51,100 shares.

LaSalle Cover said it is making the offer because there is a limited market for the shares.

The offer is for half of LaSalle's series A preferred shares. According to LaSalle the $1 per share offer is a 300% premium to the closing price on Wednesday.

Unless extended the offer expires Jan. 25.

LaSalle Re, a Bermuda-based reinsurance company, filed for bankruptcy on Aug. 23, 2003.

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