New Delaware Chapter 11 Filing – White Eagle Asset Portfolio, LP
White Eagle Asset Portfolio, LP, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12808). Cole Schotz previously reported on the chapter 11 filings of two of White Eagle’s affiliates on November 15, 2018. The Debtors are now seeking joint administration under Case No. 18-12808. According to the First Day Declaration, the Debtors are all indirect subsidiaries of Emergent Capital, Inc. (OTCMKTS: EMGC). The Declaration further explains that White Eagle Asset Portfolio owns a portfolio of 586 life insurance policies, filed for chapter 11 as a result of collections activity by its pre-petition lender, LNV Corporation, and intends to file an adversary against LNV. The Debtors have filed a motion for use of cash collateral, which the Debtors believe will be entered on a consensual basis. No claims and noticing agent has been proposed. The cases have been assigned to the Honorable Kevin Gross.
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