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Patriot National Bankruptcy Objection Filed

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The Honorable Trinidad Navarro, Insurance Commissioner of the State of Delaware and in his capacity as receiver of Ullico Casualty Company, filed with the U.S. Bankruptcy Court an objection to Patriot National’s Third Amended Joint Chapter 11 Plan of Reorganization.

The objection explains, “As proposed, the Plan violates § 1129(a)(3) because it has not been proposed in good faith and not by any means forbidden by law in that it violates the McCarran-Ferguson Act and the Younger and Burford abstention doctrines….The Receiver objects to entry of an Order confirming the Plan as proposed as it will interfere with the DUILA and the Liquidation Order by preventing the Receiver from fulfilling his obligations which include the recovery of Assets belonging to Ullico Casualty.”

The objection continues, “Additionally, the Receiver objects to confirmation of the Plan, as proposed, to the extent the Plan purports to vest post-confirmation jurisdiction exclusively in the Bankruptcy Court….As to the Receiver’s authority pursuant to the DUILA and the Liquidation Order, and any Assets of Ullico Casualty that are or may be in the possession of one or more Debtor entities, the Bankruptcy Court lacks subject matter jurisdiction in the first instance pursuant to the McCarran-Ferguson Act. It follows, then, that the Bankruptcy Court may not divest the Court of Chancery of post-confirmation jurisdiction by entering an Order purporting to limit post-confirmation jurisdiction exclusively to the Bankruptcy Court.”

Read more Patriot National bankruptcy news.

The post Patriot National Bankruptcy Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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