LaSalle Re preference dividend to be paid July 28

By Caroline Salls

Pittsburgh, July 8 - LaSalle Re Holdings Ltd.'s joint liquidators said a preference dividend will be paid to holders of the company's series A preferred stock on July 28, according to a notice sent to shareholders.

The preferred shareholders will receive a $25 per share preference dividend, and these shareholders are entitled to receive unpaid dividends before payment of any other shareholder.

The preference dividend will be paid to series A preferred stockholders of record at the close of business on July 17.

Joint liquidators Mike Morrison and John Wardrop said they also intend to distribute LaSalle's $32 million shareholder surplus to the company by July 21.

As previously reported, the initial distribution to the company's series A preferred shareholders will total $31.5 million, or $10.50 for each series A preferred share.

The liquidators said the initial distribution to the series A preferred shareholders represents substantially all of the company's assets.

However, they said the company still has a small number of contingent assets that could result in future realizations.

As a result, the liquidators said an additional distribution could be made to the preferred shareholders before the company is formally dissolved.

Any further distribution is expected to be made in the next 12 months.

In addition, the liquidators said the bar date set for filing of creditor claims against the company has passed, and all creditor claims have been or will be paid in full.

LaSalle Re, a Bermuda-based reinsurance company, filed for Section 304 bankruptcy protection in 2004 in connection with its Bermuda liquidation proceedings.

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