January 27, 2003 - Los Angeles - The Los Angeles Superior Court approved the sale of the NACICIL-owned building located in Arcadia. The building was under construction when the company was seized in March 2002, and therefore became an asset of the Estate. Further details on the building sale can be found in the court order.
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BILL LOCKYER, Attorney General
of the State of California
W. DEAN FREEMAN
Lead Supervising Deputy Attorney General
MARK P. RICHELSON
Supervising Deputy Attorney General
MARLA K. MARKMAN
RAYMOND B. JUE
Deputy Attorneys General
State Bar No. 61656
300 South Spring Street, Room 5212
Telephone: (213) 897-2480
Facsimile: (213) 897-5775
Attorneys for Applicant, Insurance Commissioner
of the State of California
SUPERIOR COURT OF THE STATE OF CALIFORNIA
FOR THE COUNTY OF LOS ANGELES
INSURANCE COMMISSIONER OF THE
STATE OF CALIFORNIA,
Applicant,
v.
NATIONAL AUTOMOBILE AND
CASUALTY INSURANCE COMPANY, a
California corporation,
Respondent.
Case No.: BS074743
ORDER AUTHORIZING SALE
OF REAL PROPERTY AND
APPROVAL OF PURCHASE
AND SALE AGREEMENT
Date: January 27, 2003
Time: 9:30 a.m.
Place: 85
The Application For Order Authorizing Sale of Real Property and Approval of Purchase and Sale Agreement ("the Application") came on for hearing on December 19, 2002 and January 27, 2003, in Department 85 of the above-entitled court before the Honorable Dzintra I. Janavs, Judge presiding. The Insurance Commissioner of the State of California ("the Commissioner"), applicant, appeared through his counsel of record, Bill Lockyer, Attorney General of the State of California, by Raymond B. Jue, Deputy Attorney General.
Having read and considered the Application and the supporting papers filed by the applicant, and having heard the arguments of counsel, and good cause appearing therefore,
IT IS HEREBY ORDERED that:
The Commissioner, as liquidator of respondent National Automobile and Casualty Insurance Company, is authorized to sell the Arcadia property for the sum of $3,329,278 to 51 Group LLC in accordance with the terms of the Agreements attached as Exhibit B to the Application and is further authorized to comply with the terms of the Agreements; and
The Commissioner, as liquidator of respondent National Automobile and Casualty Insurance Company, is authorized to take any and all actions necessary to accomplish the purposes of the Order issued herein.