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  • I.

    Factual Background

  • A.

    The Parties

In 1999, Trenwick Group Inc. operated a specialty insurance and reinsurance

organization issuing policies around the world. Trenwick Group Inc., which was a

holding company, had five direct subsidiaries at that time and was a publicly-traded

corporation. The most important of those subsidiaries for purposes of this case is

Trenwick America Corporation (“Trenwick America”), which eventually became a

wholly-owned subsidiary of Trenwick Group Inc.’s successor, Trenwick Group Limited.

For the sake of clarity, I refer to both Trenwick Group Inc. and Trenwick Group Limited

simply as “Trenwick.” At all times, Trenwick was the ultimate parent and the company

whose shares were publicly listed.

On August 20, 2003, both Trenwick and Trenwick America filed for chapter 11

bankruptcy protection in the U.S. District Court for the District of Delaware.1 As part of

Trenwick America’s Plan of Reorganization, the plaintiff Litigation Trust was formed

and invested with the right to bring claims belonging to Trenwick America. Exercising

that right, on September 20, 2005, the Litigation Trust filed this action.

1

, United States Bankruptcy Court, District of Delaware, Case No.

03-12635 (2003).

8

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