The stock of AORE
and Orpheus have been pledged as collateral for the senior notes.
On December 7, 2012 AORE completed its re-domestication from Bermuda to Barbados.
While AORE remains willing to entertain further commutations, such transactions will only be pursued on economically acceptable terms.
The Company will seek to enhance shareholder value by re-activating AORE in a way that produces incremental cash flow and earnings.
With its application to the Barbados FSC, AORE has submitted a business plan to begin writing short-tail, non-catastrophe, property/casualty reinsurance business upon its licensing and continuance in Barbados, while continuing to run-off its existing financial guaranty reinsurance portfolio.
AOG will remain a Bermuda-domiciled holding company with 100% ownership of the common equity in AORE.
The rental market is red hot," said the broker, who previously worked with both Stellar and the AORE
partners when they converted The Olcott at 27 West 72nd Street for rental to condo.
Reports entitled, "Stratification of AORE
Reinsured Portfolio Before and After Commutation with FGIC, Pro forma as of December 31, 2011" and "Mortgage and CDO Exposure (Q4 2011) Before and After Commutation with FGIC, Pro forma as of December 31, 2011" will be posted to AOG's website under "Investor Information" and "Exposure Info.