Colorado Bankers (CB Life)...

[rats0001]

Just saw this headline on AM Best, I have no access to article, maybe someone here does

NC Insurance Department Rejects Lindberg Insurance Companies’ Rehabilitation Plan
The North Carolina Department of Insurance has rejected a plan by Global Growth, the private investment firm started by jailed entrepreneur Greg Lindberg, to sell three insurance companies in

3 years in rehab tomorrow, the end of this still nowhere in sight imo.

Also from Triangle Journal

Exclusive: Global Growth CEO details insurance business, payback plan after Lindberg saga

and this:

‘DEATH IS THE ONLY WAY OUT OF THIS PRODUCT.'
How Greg Lindberg’s insurance web – cloaked in a bribery scandal – could financially ruin many lives

 

[rats0001]

The end is in site, NCDOI plan will end rehabilitation in 2029.

Finally found the letters sent by Global Growth to the NCDOI, here's the link

https://www.globalgrowth.com/post/g...o-the-nc-department-of-insurance-commissioner

and

https://www.globalgrowth.com/post/g...litation-plan-and-commits-1b-to-policyholders

 

[rats0001]

Of course Holbrook is not correct, when you read the rehabiltators quarterly reports(always filed late now) not of the affiliated investments are paying the interest as stated in the agreements.
Obviously all of these companies are insolvent and should be liquidated asap. Even the Southland liquidation is going nowhere. The sale of Pavonia, not insolvent but in rehabilitaton, took 3 years, and I sort of remember this Puerto Rico company mucking up several deals.
The situation is hopeless, maybe my great great grandchildren will collect on this policy.

 

[rats0001]

Not sure about that, but sounds logical. Don't know if you followed it but here is a link to a letter from the Michigan Rehabiltator regarding Pavionia, which Lindberg also owned.
It is really long, but it seems to summarize why if will take almost forever to work out the Colorado mess, and Pavonia was solvent.
https://www.michigan.gov/difs/-/med...7-22.pdf?rev=faca122acba34ca3bd89a5ae9c52771a

 

[rats0001]

March 31, 2022 rehabilitation report out, finally. Didn't see much new. Situation still hopeless.

 

[rats0001]

Does anybody understand if the letter of 8/3/22 on the CBLife.com website is of any importance? I read it but it seems to have no context.

 

[rousemark]

Don't understand if his conviction was overturned, why would he not be eligible for release. or, at least have bail set pending trail.

 

[rats0001]

absolutely unbelievable

CBL sued Academy Financial, I think for the 40MM default. There was a 1 year period for discovery, that seems like a long time to me.
Now I see discovery was EXTENDED to 9/23/22, and some motions stuff until 10/31/22. Probably not the last extension, would be my guess. This will take forever maybe longer.

Colorado Bankers Life Insurance Company et al v. Academy Financial Assets, LLC et al (5:20-cv-00517), North Carolina Eastern District Court

ORDER granting62 Motion for Extension of Time to Complete Discovery; granting62 Motion for Extension of Time to File Dispositive Motions. The deadline set in the Court's Scheduling Order for the Parties to complete discovery is hereby extended until and through Friday, September 23, 2022 and the deadline to file potentially dispositive motions is hereby extended until and through Monday, October 31, 2022. Signed by District Judge James C. Dever III on 9/8/2022. (Sellers, N.)

 

[rats0001]

lindberg retrial to start 3/6/2023

 

[jdeasy]

Why isn’t the state guaranty fund taking care of this?