May 01, 2012

Executive Life Insurance Company of New York (ELNY): Now What?

On April 16, 2012, the Supreme Court of the State of New York, Nassau County, entered an Order of Liquidation and Approval of the ELNY Restructuring Agreement (Order) and accompanying memorandum decision. The Order was entered over the objections of a number of ELNY payees, and followed an 11 day hearing that took place in March 2012. Among other things, the Court: approved the Restructuring Agreement that had been submitted by the New York Superintendent of Financial Services (Superintendent); found ELNY to be insolvent; converted the Rehabilitation of ELNY to a Liquidation effective as of the closing date of the Restructuring Agreement; and directed counsel for the New York Liquidation Bureau to serve a copy of the decision with notice of entry upon all ELNY payees.

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