ELNY - Executive Life of New York

  • Edward Stone Law - ELNY
  • Karen L. Shaw et al v The United States 
  • Trevor Langkamp v The United States
    • No. 15-764C  filed March 20, 2017
    • No. 18-2052 - Appeals Court Decision - 14p
      • (p2) - Because we conclude that the court erred in holding that the United States had no continuing liability for the future monthly and periodic lump-sum payments specified in the agreement, we reverse and remand.
  • 2012 1106 - ThinkAdvisor - The Complete ELNY Saga, By Bill Coffin, Elizabeth D. Festa, Warren S. Hersch, Michael K. Stanley, Shawn Moynihan - [link]
    • [The Complete ELNY Saga: 21 Years of Mismanagement, Corruption, Broken Promises and Shattered Lives]
    • In this month’s issue of National Underwriter Life and Health, we will present a special investigative project that examines the complete history of the Executive Life Insurance Company of New York insolvency.
    • Long remembered as one of the life industry’s greatest fiascoes, the ELNY situation is nearing an unsatisfactory conclusion as hundreds, even thousands of payees are finding themselves suddenly cut short by an insolvency process allowed to ramble on for more than two decades, while those charged with safeguarding the public trust on this have wasted billion of dollars, conducted themselves in a questionable manner and betrayed the very fiduciary duty they were sworn to uphold.
Executive Life Insurance Company of New York
Estate Profile:
Date of Rehabilitation: 04/23/1991
Date of Liquidation: 08/08/2013
Termination of Policies: None
Proof of Claim Filing Deadline: 12/08/2013
Dividend Distribution: None
Bar Date: None

nylb.org/elny.htm

  • Corporate – Year Ended December 31, 2011 Compared to Year Ended December 31, 2010
  • Operating loss before income taxes decreased $168.8 million from $399.1 million to $230.2 million primarily driven by a $199.2 million reduction in interest costs as a result of a $2.7 billion debt to equity conversion during the second quarter of 2011 and $1.3 billion debt to equity conversion in the fourth quarter of 2011.
    • In addition, operating expenses in 2010 included a charge of $24.0 million related to an insurance industry insolvency fund for Executive Life Insurance Company of New York (“ELNY”) compared to a charge of $4.0 million in 2011.  (p72)

2012 0625 - ING - SEC - 6-k 

  • 1992 0326 - ELNY - Plan of Rehabilitation for Executive Life Insurance Company of New York - 18p
  • 1992 1216 - ELNY - Plan of Rehabilitation - 8p
  • 2012 0416 - Reuters - Executive Life liquidation plan gets NY court's OK
    By Nick Brown - [link]
  • 2012 0423 - ELNY - Plan of Rehabilitation - Agreement of Restructuring in Connection with the Liquidation of Executive Life Insurance Company of New York - 129p
  • 2013 - LC - ELNY - In the Matter of the Rehabilitation of Executive Life Insurance Company of New York
    • Motion for Leave to Appeal to the New York State Court of Appeals - 74p 
  • 2019 - ELNY - Executive Life Insurance Company of New York in Liquidation Financial Statements – Modified Cash Basis December 31, 2019 and 2018 (With Independent Auditors’ Report) - 26p
  • This is what is happening now with Executive Life of New York (ELNY).
    • The company was not insolvent when it was seized but became so in the clutch of the New York Liquidation Bureau over the years, and now industry is not only paying millions in the state guaranty fund, but many more millions toward voluntary funding mechanism for policyholders.
    • Even with all the heavily negotiated and painstakingly developed plans and stop-gap measures in the ELNY liquidation plan, some annuitants will be left incomplete, the ultimate black eye for the industry based upon promises and for insurance regulation designed to prevent such shortfalls for policyholders.

2013 0917- ThinkAdvisor - ACLI calls Lawsky's letter on reserves 'irresponsible', By Elizabeth D. Festa - [link]