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    Landamerica title subsidiaries subject to rehabilitation; availability of reinsurance uncertain
    2008-12-04

    On November 25, LandAmerica Financial Group, Inc. (“LandAmerica”) filed a Chapter 11 petition in Virginia, seeking bankruptcy protection. By separate agreement (the “Stock Purchase Agreement”), LandAmerica agreed to sell Commonwealth Land Title Insurance Company (“Commonwealth”) to Chicago Title Insurance Company (“Chicago Title”) and Lawyers Title Insurance Company (“Lawyers”) and United Capital Title Insurance Company (“United”) to Fidelity National Title Insurance Company (“Fidelity”).

    Filed under:
    USA, Nebraska, Virginia, Insolvency & Restructuring, Insurance, Litigation, Dentons, Bankruptcy, Debtor, Financial regulation, Liability (financial accounting), Reinsurance, Liquidation, Holding company, Subsidiary, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Dentons
    LandAmerica Financial Group seeks bankruptcy protection
    2008-11-26

    Late the night of Nov. 25, LandAmerica Financial Group, Inc. and its subsidiary, LandAmerica 1031 Exchange Services, Inc., filed a Chapter 11 petition in the U.S. Bankruptcy Court for the Eastern District of Virginia ("Bankruptcy Court"), seeking bankruptcy protection for both entities. The action does not cover Commonwealth Land Title Insurance Company or Lawyers Title Insurance Company, two LandAmerica subsidiaries that are each domiciled in the State of Nebraska.

    Filed under:
    USA, Nebraska, Virginia, Insolvency & Restructuring, Insurance, Litigation, Dentons, Bankruptcy, Debtor, Security (finance), Fiduciary, Liquidation, Due diligence, Underwriting, Title insurance, Subsidiary, Title 11 of the US Code, Insurance commissioner, United States bankruptcy court, US District Court for Eastern District of Virginia
    Location:
    USA
    Firm:
    Dentons
    Dealing with financially distressed purchasers of goods
    2008-11-19

    Sellers should be proactive in taking steps to protect themselves from a distressed buyer’s non-payment.  

    In the current economic downturn, sellers are dealing with many formerly good customers whose financial health is deteriorating. To protect their interests, sellers should assess their rights under applicable contracts and law and develop a strategy to minimize their exposure.

    Step 1 – Assess the Parties’ Contractual Rights

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Insurance, McDermott Will & Emery, Contractual term, Bankruptcy, Credit (finance), Breach of contract, Waiver, Accounts receivable, Default (finance), Force majeure, Payment protection insurance, Uniform Commercial Code (USA)
    Location:
    USA
    Firm:
    McDermott Will & Emery
    What happens when an insurance company goes bust?
    2008-12-30

    *As seen on Bankruptcy Law360.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Dinsmore & Shohl LLP, Debt, Liability (financial accounting), Liquidation, Liquidator (law), Subsidiary, Casualty insurance, Parent company, US Federal Government, American International Group, National Association of Insurance Commissioners, Title 11 of the US Code, Insurance commissioner
    Location:
    USA
    Firm:
    Dinsmore & Shohl LLP
    Bankruptcy court holds inadequate consideration exclusion bars coverage
    2008-12-16

    A federal bankruptcy court, applying New York law, has dismissed an adversary proceeding brought by a bankrupt home mortgage company against its directors and officers liability insurers, holding that coverage for a pre-petition lawsuit against the mortgage company was barred by application of an “inadequate consideration” exclusion. Delta Fin. Corp. v. Westchester Surplus Lines Ins. Co., Case No. 07-11880 (CSS) (Jointly Administered) (Bankr. D. Del. Dec. 15, 2008). The court also held that the coverage dispute was a non-core proceeding.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Unsecured debt, Waiver, Consideration, Mortgage loan, Fair market value, Holding company, Cashflow, Delaware Supreme Court, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Second Circuit affirms dismissal of insureds' constructive trust counterclaim over reinsurance bankruptcy settlement proceeds
    2009-01-13

    The “Ades” and “Berg” groups of investors (the “Ades Berg Group”), were parties who joined in the bankruptcy proceedings of the Bennett Funding Group, Inc. and related companies (the “Bennett Group”), based on claims that, among other things, the Bennett Group had defrauded them in an investment scheme. The Bennett Group was insured under a reinsurance contract issued by Sphere Drake Insurance PLC (“Sphere Drake”). A settlement was reached in the course of the bankruptcy proceedings between some groups of investors and Sphere Drake.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Jorden Burt LLP, Bankruptcy, Debtor, Fraud, Reinsurance, Prejudice, Constructive trust, Trustee, Supreme Court of the United States, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Do I need insurance for my title insurance?
    2009-01-23

    In the insurance industry, title insurance is known as a “long-tailed” liability risk, which means that it is common for claims to be made many years after policies are issued. For this reason, owners of real estate, their lenders and their counsel have long scrutinized the financial health of title insurance underwriters.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Real Estate, Seyfarth Shaw LLP, Bankruptcy, Liability (financial accounting), Reinsurance, Liquidation, Underwriting, Default (finance), Title insurance, Subsidiary, Parent company, Bank reserves
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP
    Pennsylvania Supreme Court recognizes an "ordinary course of business" exception to preference actions brought by liquidator of reliance insurance company
    2009-03-02

    On February 23, 2009, Pennsylvania became the second state to recognize an "ordinary course of business" exception to preference actions brought under a state insolvency statute where the defense is not expressly provided for in the statute. In Joel S. Ario, Insurance Commissioner of the Commonwealth of Pennsylvania, in His Official Capacity as Liquidator of Reliance Insurance Company, Appellant v. H.J. Heinz Company, H.J. Heinz Company, L.P., H.J. Heinz Finance Company, and Portion Pac, Inc., et al., Appellees, No. 21 MAP 2006 (Pa. Feb.

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Insurance, Litigation, Duane Morris LLP, Bankruptcy, Debt, Liquidation, Liquidator (law), Insurance commissioner, Pennsylvania Supreme Court
    Location:
    USA
    Firm:
    Duane Morris LLP
    What is happening to AIG?
    2009-03-02

    This morning, March 2, 2009, American International Group, Inc. ("AIG") announced a loss of $61.7 billion for the fourth quarter of 2008, a total net loss for 2008 of $99.29 billion, and a major restructuring of its operations, including a new federal infusion of $30 billion, forgiveness of certain debts, and relaxation of prior bailout terms. For comparison purposes, all insured losses for all insurance companies (not just AIG) relating to Hurricane Katrina are estimated at slightly more than $40 billion.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Reed Smith LLP, Bond market, Bankruptcy, Debt, Bailout, Holding company, Subsidiary, Preferred stock, Casualty insurance, Mortgage-backed security, US Department of the Treasury, American International Group, Federal Reserve (USA), MetLife, Moody's Investors Service
    Authors:
    Ann V. Kramer , Paul Walker-Bright , Timothy P. Law
    Location:
    USA
    Firm:
    Reed Smith LLP
    Pennsylvania Supreme Court establishes "ordinary course of business" exception in preference actions under state's insurance insolvency statute
    2009-03-09

    When an insurance company becomes insolvent, one key issue is the extent to which the insurer's liquidator may recover prior payments made by the insurer. On February 23, 2009, the Supreme Court of Pennsylvania issued a significant decision limiting such recoveries. The court held that payments made by a failed Pennsylvania insurance company in the ordinary course of business are not recoverable by the statutory liquidator of the insolvent insurer.

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Insurance, Litigation, Dinsmore & Shohl LLP, Debtor, Debt, Liquidation, Liquidator (law), Insurance commissioner, Pennsylvania Supreme Court
    Authors:
    Stephen G. Schweller
    Location:
    USA
    Firm:
    Dinsmore & Shohl LLP

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