IIC Founder Denied Bid To Intervene In Liquidation

Law360, Wilmington (March 24, 2014, 8:51 PM EDT) -- A Delaware Chancery judge on Friday denied a bid by a company owned by the founder of Indemnity Insurance Corp. RRG to intervene in liquidation proceedings, ruling that it didn't address the allegations that led to regulators’ petition to liquidate the nightclub insurer.

In a 23-page opinion, Vice Chancellor J. Travis Laster did leave the door open for RB Entertainment Ventures LLC — a company owned by IIC founder and former CEO Jeffrey B. Cohen, which he purports has a 99 percent stake in the insurer...
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