AICI Capital Trust 9% Pfd (fka AICPQ)

[goldcanyon341]

http://commercialforeclosureblog.typepad.com/indiana_commercial_forecl/files/SymonsOpinion.pdf

The above court case, IGF Insurance Company vs Continental Casualty Company (CCC) discusses the history of the sale of the crop insurance lines which were bought by Acceptance Insurance. The case discusses the sale by CCC to IGF, and then the sale to Acceptance Insurance. Starting at paragraph 40, the case opinion discusses the terms of sale to Acceptance Insurance.

This case has some very interesting discussion about the structure of the agreement between IGF and Acceptance Insurance. From that agreement, I can see how the eventual $17.5 million Granite Re creditor claim came to be. I have often questioned why that agreement was written so poorly. After reading the case, I can see what really happened.

All of the Symons companies(Goran, Sig, Pafco, Superior, IGF, IGFH) went into liquidation or bankruptcy. Except, I can find nothing relating to Granite Re. Nothing defining bankruptcy or liquidation. Granite Re is based in Barbados and that may have an effect on my research.

On another subject, I have a question for Mr Holty. Do you have a link to the 2nd quarter results which you are commenting on for Acceptance Insurance. The Nebraska Department of Insurance has the yearly Summary of Business for 2007 thru 2011, but I cannot find the quarterly numbers you speak of.

56Chevy, If you think the above opinion case is worthwhile, I would encourage you to post the link in the Intro material.