AICCO Wins Premium Payout Spat In Silver State Ch. 7

Law360, New York (April 2, 2009, 12:00 AM EDT) -- A Nevada bankruptcy judge has granted insurance premium financier AICCO Inc.'s motion for summary judgment in a spat with Orix Finance Corp. over claims related to Silver State Helicopter LLC's bankruptcy, establishing a common-law precedent in the state that would recognize security interests on unearned insurance premiums.

Judge Mike Nakagawa issued a memorandum decision March 27 authorizing AICCO to collect more than $4 million in unearned insurance premiums from Silver State Helicopters, despite the objections of SSH's Chapter 7 trustee and its senior secured creditor, Orix...
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