Financial Services Industry
Industry: Email Alert RSS FeedELIC bond sale is considered 'done deal.' (Executive Life Insurance Co.)
National Underwriter Life & Health-Financial Services Edition, May, 1995 by Haggerty, Alfred G.
Executive Life Insurance Co's rehabilitation plan will not be reviewed by the California Supreme Court, after lower courts approved of most of the plan and the California Supreme Court refused to review the case. The life insurance firm's junk bond portfolio was sold to Altus Finance for $3.25 billion, which critics claim was $800 below the market value of the bonds. Executive Life went bankrupt when it lost millions in junk bonds.
The California Supreme Court has declined to review a decision approving the bulk of the rehabilitation plan for Executive Life Ins. Co.
This prompted even attorneys for opponents of the plan to say that Altus Finance, which purchased the failed insurer's junk bond portfolio for $3.25 billion, "got to pop the corks on the champagne...
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