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CYNTHIA J. LARSEN (State Bar No. 123994)
THOMAS J. WELSH (State Bar No. 142890)
PAMELA A. STONE (State Bar No. 204232)
ORRICK, HERRINGTON & SUTCLIFFE LLP
400 Capitol Mall, Suite 3000
Sacramento, CA 95814-4407
Telephone: (916) 447-9200
WILLIAM LOCKYER
California Attorney General
300 South Spring Street
Los Angeles, California 90013
Telephone: (213) 897-2482
Attorneys for California Insurance Commissioner
Harry W. Low, in his capacity as Statutory Conservator and
Liquidator of First Capital Life Insurance Company
SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
INSURANCE COMMISSIONER OF THE
STATE OF CALIFORNIA,
Applicant,
v.
FIRST CAPITAL LIFE INSURANCE
COMPANY, a California corporation, and
DOES 1 through 1000, inclusive,
Respondent.
CASE NO. BS 007549
COMMISSIONER'S DECLARATION
OF COMPLIANCE PURSUANT TO
ORDER: (1) APPROVING FINAL
ACCOUNTING; (2) APPROVING
ALL ADMINISTRATIVE EXPENSES
AND ATTORNEYS' FEES
INCURRED THROUGH CLOSURE
AND RESOLUTION OF THE
ESTATE; (3) APPROVING FINAL
DISTRIBUTION PLAN; (4)
DISSOLVING FIRST CAPITAL AND
DISCHARGING COMMISSIONER
AS CONSERVATOR; AND (5)
ESTABLISHING PROCEDURES FOR
DISMISSING AND TERMINATING
PROCEEDINGS
Dept: 35
Judge: Hon. Alexander H. Williams III
The Commissioner's Verified Application For Order (1) Approving Final Accounting; (2) Approving All Administrative Expenses and Attorneys' Fees Incurred Through Closure and Resolution of the Estate, (3) Approving Final Distribution Plan; (4) Dissolving First Capital and Discharging Commissioner as Conservator, and (5) Establishing Procedures for Dismissing and Terminating Proceedings ("Application") was heard on June 2, 2002. The Application was granted and on June 2, 2002, the Court entered its Order Granting Commissioner's Verified Application For Order: (1) Approving Final Accounting; (2) Approving all Administrative Expenses and Attorneys' Fees Incurred Through Closure and Resolution of the Estate; (3) Approving Final Distribution Plan; (4) Dissolving First Capital and Discharging Commissioner as Conservator; and (5) Establishing Procedures For Dismissing and Terminating Proceedings ("Estate Closing Order"), a copy of which is attached hereto as Exhibit A. The Commissioner has now fully complied with the Estate Closing Order and submits this Declaration of Compliance pursuant to Paragraph 8 thereof.
The Commissioner declares as follows:
The Commissioner has paid all incurred but unpaid expenses of administration of the estate as "Class One" claims under Insurance Code section 1033(a)(l), including:
The incurred but unpaid invoices of Orrick, Herrington & Sutcliffe, LLP, the Commissioner's counsel of record, and Morgan Lewis & Bockius, special Pennsylvania claims counsel to the Commissioner, all as set forth in the Application and/or as approved in the Estate Closing Order; and
The Closing Budget of the Commissioner's Conservation & Liquidation Office in the amount of $50,000;
On or about March 21, 2003, the Commissioner finally obtained from the
State Controller's Office a check in the amount of $242,168.09, which represents the $178,610.90 premium tax refund allowed to the estate by the Board of Equalization in June 2002, plus interest in the amount of $63,557.19. The collection of this amount, and the final distribution described in paragraph 3 below, constituted the final material administrative acts that the Commissioner was obligated to undertake in his capacity as liquidator of First Capital.
The Commissioner has made a final distribution to the FCH Liquidation Trust, the holder of the FC Group Claim and the sole remaining allowed creditor of First Capital, in the amount of $254,906.00, on or about May 23, 2003. The unused portion of the Attorneys' Fees Reserve authorized by the Estate Closing Order has been included in the foregoing distribution.
The Commissioner has caused a certified copy of the Estate Closing Order to be filed with the Secretary of State's Office to effect the final dissolution of the corporation.
Contemporaneously with the filing of this Declaration of Compliance, the Commissioner is causing to be filed a Request for Dismissal of this action with prejudice.
The Commissioner believes he has fully complied with the Estate Closing Order and requests that this action be dismissed with prejudice to thereby give effect to the discharge of the Commissioner as Conservator herein.
DATED: May 28, 2003
JOHN GARAMENDI
INSURANCE COMMISSIONER OF THE
STATE OF CALIFORNIA
By: Fred A. Buck
Fred A. Buck
Special Deputy Insurance Commissioner
DATED: May 29, 2003
CYNTHIA J. LARSEN (State Bar No. 123994)
THOMAS J. WELSH (State Bar No. 142890
PAMELA A. STONE (State Bar No. 204232)
Orrick, Herrington & Sutcliffe LLP
400 Capitol Mall, Suite 3000
Sacramento, CA 95814-4497
Telephone: (916) 447-9200
Facsimile: (916) 329-4900
By: Thomas J. Welsh
Thomas J. Welsh
Attorneys for California Insurance Commissioner
Harry W. Low, in his capacity as statutory
Conservator of First Capital Life Ins. Co.
PROOF OF SERVICE BY MAIL
I am a citizen of the United States, more than eighteen years old and not a party to this action. My place of employment and business address is 400 Capitol Mall, Suite 3000, Sacramento, California 95814-4407.
On May 30, 2003, I served the following documents:
COMMISSIONER'S DECLARATION OF COMPLIANCE REGARDING ORDER: (1) APPROVING FINAL ACCOUNTING; (2) APPROVING ALL ADMINISTRATIVE EXPENSES AND ATTORNEYS' FEES INCURRED THROUGH CLOSURE AND RESOLUTION OF THE ESTATE; (3) APPROVING FINAL DISTRIBUTION PLAN; (4) DISSOLVING FIRST CAPITAL AND DISCHARGING COMMISSIONER AS CONSERVATOR; AND (5) ESTABLISHING PROCEDURES FOR DISMISSING AND TERMINATING PROCEEDINGS
REQUEST FOR DISMISSAL
by placing a true copy of this paper in an enveloped addressed to
SEE ATTACHED SERVICE LIST
and then sealing the envelope, affixing adequate first-class postage and depositing it in the United States mail at Sacramento, California.
Executed on May 30, 2003 at Sacramento, California.
I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct.