Colorado Bankers (CB Life)...

[rats0001]

Recent article said lindberg personally liable for the 600,000,000 to Uslico in lawsuit lindberg lost on appeal. Not sure if liable in the 167,000,000 lawsuit lindberg also lost last week. I think the insurance companies putting up the $ now will get a lot back when lindberg looses the $1 billion lawsuit by colorado suing lindberg and GBIG. As GBIG supposed is valued at $5 billion.

 

[rats0001]

Lindberg may have to pay his lawyers from now on.

 

[Tahoe Ray]

Yeah, but they don't hold a ton of liquid cash as the annuities they sell require sizeable reserves & then the premiums ate invested in bonds/mortgages, etc.

Luckily, they likely have had ample warning that the eventual assessments were coming

They have more excess capital than all of CB's assets. I'm sure they'll be fine (along with Corebridge, MassMutual, JNL, Allianz, etc.).

No one's going to be crying poor on this one.

 

[ccwpc]

Article is paywalled

SEC demands insurance exec answer to alleged misappropriation of $57mn

Greg Lindberg owned four North Carolina-domiciled insurance companies.

www.insuranceinsiderus.com

 

[rats0001]

SEC hasn't done criminal charges as far as I know. Only a civil fine.

 

[Jrbeccles]

I wonder if we will still receive the 1% interest on our funds until we get the monies from the SGA, or is that now officially over?

 

[ccwpc]

Why is this getting put off?

Convicted NC Insurance Mogul Puts Off 2nd Criminal Trial

www-law360-com.cdn.ampproject.org

 

[rats0001]

reason sounds flimsy

Judge grants delay for Greg Lindberg to prepare fraud defense

A North Carolina judge granted Greg Lindberg a delay Friday in one of several ongoing civil and criminal cases.

insurancenewsnet.com

 

[rats0001]

73 days til nov 30

 

[Dan T]

some movement next month