ELNY Beneficiary Blasts Receiver's Bid For Insolvency

Law360, New York (January 10, 2012, 1:40 PM EST) -- A move to liquidate the Executive Life Insurance Co. of New York, which has a $1.6 billion deficit, has reignited a long-dormant court case and prompted a challenge Tuesday by a policyholder who says beneficiaries could lose hundreds of millions of dollars altogether under the proposal.

Daniel J. Tucker, who like many other ELNY beneficiaries is supposed to receive lifetime payments for a serious personal injury, said in an objection filed by Kobre & Kim LLP attorneys that the request by ELNY's court-appointed receiver “seeks sweeping...
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