Former Pittsburgh Steeler wide receiver (and longtime Cleveland Browns nemesis) Lynn Swann may be on the receiving end of a big break. If not, he stands to lose millions of dollars.
Full text of the Court's opinion
In a 7-0 decision, the Ohio Supreme Court in Hudson v. Petrosurance, Inc., Slip Opinion No. 2010-Ohio-4505, held that the Ohio's Liquidation Act does not authorize the Superintendent of Insurance to pay interest to an insurer’s creditors and other preferred claimants on allowed claims before paying the funds remaining in the insolvent estate to the insurer's shareholders.
USA, Ohio, Insolvency & Restructuring, Insurance, Litigation, Bricker & Eckler LLP, Shareholder, Interest, Liquidation, Preferred stock, New York State Insurance Department, Ohio Supreme Court