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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,
Rehabilitator and Liquidator 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
ORDER GRANTING
MOTION OF INSURANCE
COMMISSIONER OF THE STATE OF
CALIFORNIA FOR AN ORDER
APPROVING DISTRIBUTION OF
SPECIFIED ALTUS LITIGATION
PROCEEDS CONSISTENT WITH
FINAL ARBITRATION DECISION
Date: June 29, 2007
Time: 8:30 a.m.
Dep't: 36
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This matter came before the above-captioned Court (the "Court") on the motion (the "Motion"), dated May 31, 2007, of the Insurance Commissioner of the State of California, in his capacity as conservator, rehabilitator and liquidator (the "Commissioner") of Executive Life Insurance Company ("ELIC"), for an order approving the distribution of specified Altus Litigation proceeds consistent with the Final Arbitration Decision. 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 June 29, 2007 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, the statements and arguments of counsel at the Hearing, and all pertinent pleadings filed with the Court; and all capitalized words or terms not defined herein having the meanings ascribed to them in the Motion; and due and proper notice of the Motion and the Hearing having been given; and the Court on this date having issued its Judgment In Conformity With Final Arbitration Decision pursuant to the Commissioner's Petition To Confirm Final Arbitration Decision dated May 31, 2007; and after due deliberation and consideration, and based on the foregoing and good and sufficient cause appearing therefor,
THE COURT HEREBY ORDERS AND ADJUDGES THAT:
- The Motion is granted;
- The Commissioner is authorized to take all actions necessary to proceed with the distribution of the Altus Litigation proceeds specified in the Motion as set forth in the Motion;
- Without limiting the generality of paragraph 2 above, the Commissioner is authorized to enter into the Special AVI Agreement with Aurora and NOLHGA, and the Special AVI Agreement shall be binding upon the Commissioner and the ELIC estate;
- Aurora is authorized to proceed with the performance of its obligations under the Special AVI Agreement, including, without limitation, the distributions by way of payments and creditings provided for thereunder; and
- All distributions (whether by way of payments or creditings) provided for under the Special AVI Agreement are hereby authorized and approved.
| Dated: 29 JUN 2007 |
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Gregory W. Alarcon HON. GREGORY ALARCON
JUDGE OF THE SUPERIOR COURT |
