Life Insurance Buyer Gets New Ch. 11 Stalking Horse Bidder

Law360 (February 14, 2019, 10:33 PM EST) -- A bankrupt purchaser of life insurance policies from wealthy policyholders announced Thursday that it will pursue a Chapter 11 auction of its portfolio of policies with a $5.65 million offer from a new stalking horse bidder that proposes less costly bid protections than a prior offer did.

In a notice filed with the Delaware bankruptcy court, Life Settlements Absolute Return I LLC said it is replacing its former stalking horse bidder with The Settlement Group Inc. after determining that its offer is “significantly more beneficial to the debtors’ estates.”

A prior stalking horse offer from BPCP Life Settlement LLC also proposed...

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