New Delaware Chapter 11 Filing – White Eagle Asset Portfolio, LP

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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.

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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