$184M Sale Of New Stream Life Insurance Assets OK'd

Law360, Wilmington (May 16, 2011, 7:21 PM EDT) -- New Stream Secured Capital Inc. won bankruptcy court approval Monday to sell its portfolio of life settlement investments to a McKinsey & Co. affiliate for $184 million after an unsecured creditors committee-led effort to shop the assets failed to produce a topping bid.

The hedge fund’s prepackaged Chapter 11 plan — which will pay back creditors with proceeds from the sale — initially contemplated locking in the offer from McKinsey and selling the portfolio pursuant to the plan, but mounting opposition from unsecured creditors and investors...
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