Colorado Bankers (CB Life)...

[ccwpc]

Surprise surprise. Another appeal was filed again. The NC supreme court needs to stop this ridiculous game and deny the appeal this time.

Can someone explain to me how if the companies are taken over by the rehabilitator/ state, how he is still able to appeal the liquidation order if he no longer controls the companies?

 

[rats0001]

Least surprising headline if true, haven't seen anything yet. Looks like another year or two minimum.

 

[ccwpc]

Least surprising headline if true, haven't seen anything yet. Looks like another year or two minimum.

It's in this month's rehabilitator report I got in my email.

Another year or two even if the appeal is denied?

 

[rats0001]

I get the monthly rehabilitator report, haven't seen it my email yet.
I'm no lawyer, but I watch this closely, and from what I've read, first the NC Supreme Court has to decide if they will take the appeal. I assume like the US Supreme Court they take the summer off. If they take it then lindberg and the rehabilitator have to submit their arguments. I don't know if they have oral arguments, but if they do its another delay. Then they will render a decision, who knows when. Then 3 months after lindberg loses, the state guarantee is organized. They have to get the $$ to pay off the policyholders from the other insurance companies in every state where there are claims, before we get our $$ back.
Poster Allen Trent on this board, an insurance agent I believe, has raised the point several times that other insurance companies don't want to pay any assessments, because this case is obviously fraud, not like unfavorable mortality, or unusual health claims that sink other companies.
Hopefully lindberg will be in prison while this is going on, if the May 6 trial ever starts.

Feds reject proposal to split Lindberg, Gray retrials on bribery, fraud charges

Federal prosecutors oppose a plan to split the bribery and fraud retrials of Greg Lindberg and John Gray. Both are scheduled to return to federal court on May 6. The government submitted its latest court filing Friday.

www.carolinajournal.com

 

[ACDC]

The best case scenario would be if the NC Supreme court quickly rejects the appeal and the liquidation proceeds. Neither way, this will delay the June 2024 liquidation date by a few months to as much as a few years if the appeal is granted. If Lindberg is find guilty in the upcoming trial, it will speed up the liquidation process.

 

[Allen Trent]

has raised the point several times that other insurance companies don't want to pay any assessments, because this case is obviously fraud, not like unfavorable mortality, or unusual health claims that sink other companies.

That could be especially true for the bigger carriers & those that don't even sell annuity to get huge bills for not only fraud, but for products they don't even sell.

The single state Midwest company I talked to recently said they were told their share would be only about $300k, but that is because their market share of life/health/annuity premium in their single state is so small.

Thinking larger carriers covering 50 states, even if they didn't write Annuity, could owe tens of millions I would bet and that might be enough for them to try to ask why the proposed sale of the company isn't being further considered.

 

[Newby]

There was a similar case years ago where a crook named Doug Cassidy had a funeral insurance company that sold Preneed life insurance policies for around 15 years but he and his family had been stealing the money and running it as a house of cards. When it finally settled the state guarantee funds only covered the original face amounts the policies started at not the full death benefits. They said the losses were too great. They couldn’t get the insurance industry to agree to cover the entire amounts because there no money left in the policies at all.
Some of the people had the policies long enough that their death benefit was supposed to be twice what they had to settle for.

American Greed did a show about it.

Six Defendants Sentenced To Total Of 36 Years In Prison In National Prearranged Services Case

www.justice.gov

 

[ccwpc]

So being the fact that he donated to the political parties with stolen money, shouldn't they be obligated to give that money back?

 

[Allen Trent]

So being the fact that he donated to the political parties with stolen money, shouldn't they be obligated to give that money back?

the politicians already blew the money I am sure on paying their family members & close friends to be part of their campaign expenses

 

[Newby]

So being the fact that he donated to the political parties with stolen money, shouldn't they be obligated to give that money back?

Yes. The honest politicians will definitely pay the dirty money back.

Like that Sam Freedman money or whatever his name was. I’m sure they paid all that back.