Melville Capital, LLC Brokers the Sale of Antietam Funding, LLC Life Settlement Portfolio, Delivering Over $10,750,000 to the Bankrupt Estate
NEW YORK, April 17, 2012 /PRNewswire/ -- Melville Capital, LLC has successfully advised on the sale of Antietam Funding's remaining life insurance portfolio that closed March 28, 2012.
The parent owner of Antietam is bankrupt hedge fund SageCrest II and through controlled entities like Antietam, purchased or financed life insurance policies. Melville was retained as the exclusive Life Settlement Broker and Advisor to the estate and Jack D. Huber , of Navigant Capital Advisors, the Wind-Down and Workout Manager in In re SageCrest II LLC, et al. ("SageCrest"), Case No. 08-50754 in connection with bankruptcy proceedings in the United States Bankruptcy Court, District of Connecticut, Bridgeport Division.
The engagement was jointly managed by Melville's President Robert Stark and its Managing Director Doug Himmel . Melville is the country's premier Life Settlement Broker practicing in the area of restructuring and insolvency with headquarters in New York and offices in Los Angeles, Phoenix, and Charleston, SC.
Stark commented, "SageCrest is a complicated bankruptcy involving many entities and high-profile bank creditors. It was imperative that these policies, substantially the last remaining assets in the bankruptcy, be sold expeditiously but also at true market pricing and I believe we hit this mark. The sale could not have closed without the contribution of the entire working group of advisors and attorneys."
About Melville Capital
Melville Capital is a Life Settlement Broker focused on monetizing and liquidating existing life insurance policies. In insolvency matters, often there is substantial cash flow generated to individuals/companies in transition, policy owners, Turnaround and Bankruptcy advisors, and Trustees. Melville represents the policy owner, insured and referral source in negotiating and accepting bids from competing Institutional Investors and handles all aspects of the transaction. The net result is a lump sum cash settlement that is often much greater than the cash surrender value and relieves the policy owner of all future premium payments.
Melville has served in the capacity of life settlement broker and/or advisor to a variety of individuals and entities, including the following bankruptcy cases, among others: (i) In re Princeton Ski Shop, Inc. (Case No. 07-26206) (District of New Jersey) (retained by the Official Committee of Unsecured Creditors); (ii) In re Ronco Corporation, et al. (Jointly Administered under Case No. 1:07-12000 GM) (Central District of California) (retained by the Chapter 7 Trustee); (iii) In re Thomas K. Helton Inc. d/b/a Home Lumber Company (Case No. 07-12671-JKC-11) (Southern District of Indiana) (retained by Liquidating Agent); (iv) In re Wilder, (Case No. 09-71141 (MPG)) (Central District of Illinois, Eastern Division) (retained by the Chapter 7 Trustee); (v) In re Bokavich, (Case No. 09-11106-WCH) (District of Massachusetts, Eastern Division) (retained by the Chapter 7 Trustee); and (vi) In re M. Fabrikant & Sons, Inc. and Fabrikant - Leer International, Ltd., (Case No. 06-12737) (Southern District of New York) (retained by the Debtors); (vii) In re Life Fund 5.1, LLC ("A&O"), (Case No. 09-32672) (Northern District of Illinois, Eastern Division) (retained by the Chapter 11 Trustee).
SOURCE Melville Capital, LLC
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