X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Traci Rollins and Jason Joffe, Squire Patton Boggs.

Traci Rollins and Jason Joffe

Squire Patton Boggs

A Squire Patton Boggs team led by Florida regional managing partner Traci Rollins is representing British American Insurance Co., known as BAICO, an insolvent Caribbean-based insurance company with policyholders in the U.S.

The liquidation proceeding is venued in the Bahamas, but Rollins utilized Chapter 15 of the U.S. Bankruptcy Code for cross-border proceedings to have the foreign proceeding recognized by U.S. courts to pursue assets for BAICO’s estate.

The assets included tort claims alleging BAICO directors and officers led BAICO into an imprudent real estate transaction. A Green Island Holdings LLC development plan for a 6,000-acre Osceola County cattle ranch failed and was the cause of BAICO’s financial collapse.

At the direction of the judicial manager for BAICO, Rollins and West Palm Beach partner Jason Joffe filed adversary actions in West Palm Beach bankruptcy court in 2011 against BAICO directors and officers blamed for its insolvency under a claim of breach of fiduciary duty.

In August, U.S. Bankruptcy Judge Erik P. Kimball ordered a director, Fort Lauderdale millionaire Lawrence Duprey, to pay a judgment of $123 million. Collection attempts are now underway, and recovered funds will become part of the bankruptcy estate for the benefit of BAICO’s policyholders.

The judge rejected arguments that a default judgment should be stricken against Duprey, who challenged service and cited his age.

Kimball noted Duprey was personally served in 2012. In a 2015 proposed order, the judge rejected any age-related issues, noting Duprey at 81 offered no evidence of diminished capacity.

“His age alone would not cause the court to reach this conclusion,” Kimball wrote in a footnote. “Indeed, Mr. Duprey is younger than one member of this court.”

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.