Four years after Glacial Energy Holdings went bankrupt, the energy retailers collapse continues to reverberate as demonstrated by a judge’s ruling this week letting a group of reinsurers off the hook for more than $26 million an investor is trying to recoup.

Glacial owed Vantage Commodities Financial Services $44 million. When it failed to pay up, Vantage turned to its captive insurer, Assured Risk Transfer PCC, or ART, which denied coverage on the grounds that Vantage failed to properly collateralize the loan.