A "scanned" copy of the original court document is available in PDF format (see above PDF icon link). In compliance with the American Disability Act, an alternate version is available below, in HTML format, suitable for text browsers and screen readers. While this HTML version was produced using OCR (Optical Character Recognition) software, then manually edited and verified, no responsibility is assumed for any error, omission, or inaccuracy. Please contact webmaster@caclo.org to report any errors or accessibility problems. For a true copy of the court document, please refer to the PDF version.
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,
|
Applicant,
|
v. |
EXECUTIVE LIFE INSURANCE
COMPANY, a California corporation, and
DOES 1 through 1000,
|
Respondents.
|
|
No. BS 006912
DECLARATION OF WILLARD
ROBERTS IN SUPPORT OF 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
|
|
I, Willard Roberts, declare as follows:
- I am employed by the Conservation & Liquidation Office of the California Department of Insurance, and serve as the Estate Trust Officer for Executive Life Insurance Company ("ELIC"), a position I have held since July 1996. I make this declaration in support of the motion of Commissioner Garamendi, in his capacity as conservator, liquidator and rehabilitator (the "Commissioner") of ELIC for an order approving the distribution of $100,000,000 of Altus Litigation Proceeds pursuant to the ELIC Rehabilitation Plan (the "Motion"). I have personal knowledge of the matters set forth herein and could and would competently testify to the truth thereof, if necessary. I have reviewed the Motion, and except as otherwise expressly stated herein, capitalized words or terms used herein have the meanings ascribed to them in the Motion.
- Consistent with the Final Settlement Agreement in the Civil Action and the District Court's May 5, 2004 Amended Order, the Commissioner received the $110 million victim compensation payment for the benefit of the ELIC estate from the U.S. Department of Treasury on May 25, 2004.
- Of the $110 million received by the Commissioner pursuant to the Amended Order, the Commissioner has reserved $10 million for fees and expenses incurred in connection with the Civil Action. Accordingly, $100 million of the $110 million in Altus Litigation Proceeds received by the Commissioner to date is available for distribution pursuant to the Rehabilitation Plan.
- To date, the Commissioner has paid approximately $14.3 million in attorneys' fees and approximately $3.3 million in reimbursable costs to his litigation counsel in the Civil Action (the firm of Thelen, Reid & Priest LLP) from ELIC estate funds available for payment of expenses of the ELIC estate.
I declare that the above statements are true under penalty of perjury under the laws of the State of California. Executed this 19th day of August, 2005, at San Francisco, California.
By: |
Willard Roberts |
|
Willard Roberts |
W03 155930001/1185334/v5