FOR IMMEDIATE RELEASE
NEW YORK – Nov. 2, 2009 – HB Litigation Conferences has announced the selection of chairmen for a global insurance law conference titled “Solvent Schemes of Arrangement: Latest Developments in the U.K. & U.S.” to be held in New York City on Jan. 26, 2010.
Chairing HB’s “Solvent Schemes of Arrangement” conference will be Benedict Lenhart of Covington & Burling LLP in Washington, DC; Patrick McGrath of Navigant Consulting Inc. in Chicago; Howard Seife of Chadbourne & Parke LLP of New York; and John Winter, CEO of Ruxley Ventures Ltd. of London.
Covington represented the group of policyholders opposing the Scottish Lion scheme of arrangement, and that also represented another group of policyholders opposing the earlier BAIC and WFUM solvent schemes.
“The panel will offer an in-depth overview of developments in the U.S., U.K. and other significant insurance markets on a topic of considerable importance to policyholders and insurance carriers,” said Tom Hagy, CEO of HB Litigation Conferences.
Topping the agenda will be the ramifications of an October, 2009 decision by a Scottish court favorable to policyholders Goodrich Corp., ExxonMobil Corp., Textron, Inc., ITT Corp. and Zapata Corp., a collection of creditors who opposed the solvent scheme proposed by The Scottish Lion Insurance Company.
The policyholders said the plan would terminate important and irreplaceable insurance coverage issued by Scottish Lion that would respond to long-term risks such as those stemming from U.S. asbestos, toxic torts and environmental litigation. Scottish Lion had argued that these companies had no right to challenge the insurer’s scheme of arrangement because it had achieved sufficient votes by its creditors.
The Scottish Court agreed with objections raised by the policyholders to the Scottish Lion scheme, writing that “in a situation where the Company is sound financially, why should one group of creditors who might wish to enter into a commutation agreement with the Company be entitled to force other creditors to participate against their will?”
For more information about the “Solvent Schemes of Arrangement Conference,” which is also being offered via a live Webcast, contact HB Litigation Conferences by phone at (484) 324-2755, by email at info@LitigationConferences.com, or by visiting the conferences section at HB’s website at www.LitigationConferences.com.
HB Litigation Conferences is a nationally certified provider of continuing legal education conferences, webinars, teleconferences and multi-media products in the areas of insurance, reinsurance, toxic torts, asbestos, construction, products and financial litigation. Tom Hagy, HB’s CEO, is former editor and publisher at Mealey Publications and vice president at LexisNexis. Sharon Boothe, HB’s president, was Mealey’s Conferences director since its first program in 1992 through 2008.