SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Schedule 13G

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Scottish Re Group Ltd.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G73537410

(CUSIP Number)

May 31, 2008

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

x Rule 13d-1(b)

o Rule 13d-1(c)

o Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No.			G73537410
1) Name of Reporting Person			Lehman Brothers Holdings Inc.
S.S. or I.R.S. Identification No. of Above Person			13-3216325
2) Check the Appropriate Box if a Member of a Group			(a) o
			(b) o
3) SEC Use Only
4) Citizenship or Place of Organization			Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
	5)	Sole Voting Power			-0-
	6)	Shared Voting Power			-0-
	7)	Sole Dispositive Power			-0-
	8)	Shared Dispositive Power			-0-
9) Aggregate Amount Beneficially Owned by Each Reporting Person				-0-
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares				o
11) Percent of Class Represented by Amount in Row 9				0%
12) Type of Reporting Person				HC/CO

CUSIP No.			G73537410
1) Name of Reporting Person			Lehman Brothers Inc.
S.S. or I.R.S. Identification No. of Above Person			13-2518466
2) Check the Appropriate Box if a Member of a Group			(a) o
			(b) o
3) SEC Use Only
4) Citizenship or Place of Organization			Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
	5)	Sole Voting Power			-0-
	6)	Shared Voting Power			-0-
	7)	Sole Dispositive Power			-0-
	8)	Shared Dispositive Power			-0-
9) Aggregate Amount Beneficially Owned by Each Reporting Person				-0-
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares				o
11) Percent of Class Represented by Amount in Row 9				0%
12) Type of Reporting Person				BD/CO

CUSIP No.			G73537410
1) Name of Reporting Person			Lehman Brothers Special Financing Inc.
S.S. or I.R.S. Identification No. of Above Person			11-2751029
2) Check the Appropriate Box if a Member of a Group			(a) o
			(b) o
3) SEC Use Only
4) Citizenship or Place of Organization			Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
	5)	Sole Voting Power		-0-
	6)	Shared Voting Power		-0-
	7)	Sole Dispositive Power		-0-