Satisfaction of Judgment Filed by Frank M. Schepers on behalf of Acceptance Insurance Companies Inc. (12/23/2015)
On 7/14/14, the USDC for the Southern District Court of Indiana entered a judgement in favor of Continental Casualty Company against Granite Re and several other parties jointly and severally in the amount of $44,295,056 plus interest.
Granite Re appealed to the Seventh Circuit on 7/29/14 (pending). No stay of execution was filed and no supersedeas bond was posted.
on 8/07/14, Continental filed a Filing of Foreign Judgement in the District of Lancaster County, Nebraska to domesticate the judgement in Nebraska.
The District Court entered a judgement on 1/27/15 in favor of Continental against Granite Re subjecting Granite Re's interest as holder of the Granite Re Judgment to the payment of the Continental Judgement and assigned Granite Re's interest to Continental.
[The first time I saw the information detailed above was in a NAIC filing for the period ending 9/30/15. I had no idea the rest of the story would play out so quickly.]
Following the entry of the Nebraska Continental Judgement, Continental and the Rehabilitator entered into settlement negotiations pertaining to the Granite Re Judgement, which resulted in a Settlement Agreement dated 11/11/15.
The Settlement Agreement provided that AIC would pay Continental $11 million and Continental released AIC and AICIQ (the parent) from any and all liabilities related to the Granite Re Judgement.
On 12/02/15, the District Court of Lancaster Country, Nebraska approved the Settlement Agreement.
Source: PACER [Docket 565]
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