CLIENT OUTCOMES
Ronco Corporation
In Re Ronco
Corporation, et al.,
(Jointly Administered under Case No. 1:07-12000 GM)
(Central District of California)
Corporation, et al.,
(Jointly Administered under Case No. 1:07-12000 GM)
(Central District of California)
Broker of Record
Corporate Bankruptcy & Term Conversion – Male, Age 73
$15,000,000 Term Policy (Policy was in 30-day Grace Period)
- Bankruptcy of Home Goods Merchant
- Policy Insuring Company Founder
- Failed Private Equity Acquisition
- Senior Creditor Trying to Recover Portion of Exposure
- Life Settlement Solution
- Policy Immediately Brought Back In-Force *
- Policy converted to UL from TERM
- Settlement Amount of ~$2,700,000 roughly equal to entire BK claim of Sr. Lender
MC IronWorks
Michelman-Cancelliere
Iron Works, Inc.
Iron Works, Inc.
TMA Small Cap
Turnaround of the Year
Broker of Record
$2,400,000 UL (CSV = zero)
- Closely held, small business in need of capital injection
- Life Settlement Solution
- Liquidated policies for $293k
- Enabled company to avoid bankruptcy and continue operations
Princeton Ski Shop
Princeton Ski Shop
In re Princeton Ski
Shop, Inc.,
Case No. 07-26206
(District of New Jersey)
Shop, Inc.,
Case No. 07-26206
(District of New Jersey)
Broker of Record
$3,000,000 UL (CSV= $160,000)
- Multi-generational business hampered by inventory overstock and insufficient cash flows
- ‘Key Man’ policies in force on two brothers
- Chapter 11 – Administratively insolvent estate
- Life Settlement Solution
- Liquidated policies for $1.1M
- Generated enough to pay professionals and some creditors
M. Fabrikant & Sons, Inc.
In re M. Fabrikant &
Sons, Inc.,
Case No. 06-12737
(Southern District of New York)
Sons, Inc.,
Case No. 06-12737
(Southern District of New York)
Broker of Record
$8,000,000 UL’s (CSV= $0)
- Chapter 11 of Multi-Generational Jewelry Company
- ‘Key Person’ Policies insuring two Family members
- Life Settlement Solution
- Liquidated policies for $1.55M
Antietam Funding, LLC/National Consolidated Funding LLC II(“SageCrest”)
In re Antietiam Funding,
LLC (“SageCrest”)
Case No. 08-50754)
(Northern District of Connecticut, Bridgeport Division)
Case No. 08-50754)
(Northern District of Connecticut, Bridgeport Division)
Broker of Record
$109,000,000 UL (CSV= $0)
- Chapter 11 of Specialty Lending Hedge fund
- Policy ownership was the result of foreclosures on the premium finance loans’ underlying collateral
- Life Settlement Solution
- Liquidated portfolio of policies for over $10.75M
Life Fund 5.1, LLC/A+O Life Fund, LLC (“A&O”)
In re Life and Fund 5.1, LLC (“A&O”)
Case No. 09-32672
(Northern District of Illinois, Eastern Division)
Case No. 09-32672
(Northern District of Illinois, Eastern Division)
Broker of Record
$76,000,000 UL (CSV= $828,000)
- Chapter 11 of Life Settlement Hedge Fund caused by fraud
- Insufficient assets to maintain premium obligations
- Life Settlement Solution
- Liquidated portfolio of policies for over $4.8M
- Media coverage with more detail provided in the links below
- Life Settlement Solution
DISCLAIMER
Life Settlement amounts are based on numerous factors. The case examples are for illustration purposes and does not represent future offers, statements, percentages or amounts. Actual results will vary. The industry average purchase price obtained by viators ranges from 12-24% of the face amount of a qualified life insurance policy. Some or all of the proceeds of a life settlement may be taxable under federal or state income tax laws from the sale of one’s life insurance policy. Advice from a professional tax advisor is recommended. Melville Capital is a licensed broker or producer.
