Insurance – Sale of Claims
Our client had a multi-million dollar claim which was insured. Unfortunately, the primary insurance company had gone into receivership almost 10 years earlier and the bar date for submitting claims had passed. We filed an application for late claim and it was allowed by the receivership court. We then assisted the client in submitting the claim to the receiver, where, after extended negotiations, it was finally approved. However, it was unknown when, or even if, substantial payment would be received. We were able to assist the client in “selling” the claims to an investor for a significant percentage of the total value.