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JEFFREY L. SCHAFFER (Bar No. 91404)
ETHAN P. SCHULMAN (Bar No. 112466)
HOWARD, RICE, NEMEROVSKI, CANADY,
FALK & RABKIN
A Professional Corporation
Three Embarcadero Center, 7th Floor
San Francisco, California 94111-4065
Telephone: 415/434-1600
Facsimile: 415/217-5910
Attorneys for the Insurance Commissioner of the
State of California in his capacity as Conservator,
Liquidator and Rehabilitator of Executive Life
Insurance Company
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
INSURANCE COMMISSIONER OF THE
STATE OF CALIFORNIA,
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Applicant,
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v. |
EXECUTIVE LIFE INSURANCE
COMPANY, a California corporation, and
DOES 1 through 1000,
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Respondents.
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No. BS 006912
[PROPOSED] ORDER GRANTING
MOTION OF INSURANCE
COMMISSIONER OF THE STATE OF
CALIFORNIA FOR AN ORDER
APPROVING DISTRIBUTION OF $100
MILLION OF ALTUS LITIGATION
PROCEEDS PURSUANT TO ELIC
REHABILITATION PLAN
Date: October 12, 2005
Time: 8:30 a.m.
Dep't: 36
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This matter came before the Court on the motion (the "Motion"),1 dated August 30, 2005, of the Insurance Commissioner of the State of California, in his capacity as conservator, liquidator and rehabilitator (the "Commissioner") of Executive Life Insurance Company ("ELIC"), for an order approving the distribution of $100 million of Altus Litigation Proceeds pursuant to the ELIC Rehabilitation Plan. Jeffrey L. Schaffer and Ethan P. Schulman of Howard Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation, appeared on behalf of the Commissioner at the hearing on the Motion held by the Court on October 12, 2005 at 8:30 a.m. (the "Hearing"); other appearances at the Hearing were as noted on the record. The Court having considered the papers filed in support of and in opposition or other response to the Motion (including, without limitation, the Motion, the supporting Memorandum of Points and Authorities, and the supporting Declarations of Karl Belgum, Lauren Roberson and Willard Roberts), the arguments of counsel, and all pertinent pleadings filed with the Court; and due and proper notice of the Motion and the Hearing having been given; and after due deliberation and consideration and good and sufficient cause appearing therefor,
THE COURT HEREBY ORDERS AND ADJUDGES THAT:
- The Motion is hereby granted; and.
- The Commissioner is hereby authorized to distribute the subject $100 million of Altus Litigation Proceeds (subject to the "de minimis exception" described in Part IV of the Motion ) as follows:
- approximately $33.9 million to the Opt Out Trust, for distribution to the Opt Out Contract Holders pursuant to the terms of the Opt Out Trust Agreement; and
- approximately $66.1 million to Aurora, for distribution by Aurora as follows:
- such amount as remains due to the PGAs pursuant to Section 17.1.2.2.2(iv) of the Enhancement Agreement, estimated to be approximately $2 million; and
- approximately $64.1 million (by a combination of cash distributions and credits to Restructured Account Values as provided in Section 9.1 of the Rehabilitation Agreement) for the direct benefit of Non-Opt Out Contract Holders (or their non-PGA, third-party subrogees, as applicable) pursuant to Article 10 and Section 17.1.2.2.2(iv) of the Enhancement Agreement.
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Hon. Gregory Alarcon
Superior Court Judge |
W03 083005-155930001/W01/1238485/v2 |
1Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Motion.