How should I handle socket disconnections in .NET

class ConnectionWrapper {
    NetworkStream stream;
    StreamReader reader;
    Endpoint endPoint;
    bool endOfStream;
    int maxRetries = 5;

    public void connect() {
        // ... code to initialize a (TCP) socket to endPoint
        this.stream = new NetworkStream(socket, true);
        this.reader = new StreamReader(stream);
    }

    string readNextMsg() {
        try {
            string msg = reader.ReadLine();
            if (msg == "EOF") endOfStream = true;
            return msg;
        }
        catch (IOException e) {
            Exception ex = e;
            while (maxRetries-- > 0) {
                try { connect(); ex = null; }
                catch (Exception e2) { ex = e2; }
            }
            if (x != null) throw ex;
        }
    }
}

class ConnectionWrapper {
    NetworkStream stream;
    StreamReader reader;
    Endpoint endPoint;
    bool endOfStream;
    int maxRetries = 5;
    ArrayList arr;

    public void connect() {
        // ... code to initialize a (TCP) socket to endPoint
        this.stream = new NetworkStream(socket, true);
        this.reader = new StreamReader(stream);
    }

    private void initReceiverThread() {
        String line;

        while(stream.isConnected() && (line = reader.readLine()) != null) {
           // notify observers of a change
           arr.add(line);
        }
    }
}

public ArrayList getMessages() {
     ArrayList temp = arr;
     arr.clear();
     return temp;
}