New Delaware Chapter 11 Filing – Lamington Road Designated Activity Company LLC

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Lamington Road Designated Activity Company LLC (Case No. 18-12615) and its subsidiary, White Eagle General Partner, LLC (Case No. 18-12614), have filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware.  Lamington Road, based in Dublin, Ireland, indirectly owns a 100% interest in the proceeds of certain life insurance policies acquired using $370 million in financing from Imperial Finance & Trading.  Markley Asset Portfolio is Lamington’s 100% equity holder.  The Petition further discloses that the fair value of the life insurance policies Lamington Road holds, according to a June 30, 2018 valuation, was approximately $568 million.  No other filings have been docketed.  The cases have been assigned to the Honorable Kevin Gross.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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