American Names Discharged in Bankruptcy

© Forbes, April 17, 2000 all rights reserved. For reprints of the following article, contact Forbes Magazine at http://www.forbes.com.

Forbes - 'The Informer'
William P. Barren, Editor

Life Liberty, and Discharge of Debt

Some 26 Americans facing ruinous cash demands as investor "names" in the Lloyd's of London insurance market have found unexpected relief in U.S. bankruptcy courts. Apparently fearful, in part, of submitting itself to Yankee jurisdiction over fraud allegations, Lloyd's has meekly-- and quietly-- abandoned all $14 million of its claims against the 26 without even seeking partial repayment. --- Tomas Kellner

A Truth about Lloyd's Note:
The number of such bankruptcies by U.S. Names is currently 28, plus 6 Canadians who for various reasons could also file in the United States, and the total amount of claims abandoned by Lloyd's now stands at $17,706,232.29 (see table below).

In non-bankruptcy cases in which Lloyd's has not been able to avoid U.S. jurisdiction, Lloyd's pattern has been to negotiate sealed out-of-court settlements, thus also avoiding any introduction of the evidence against them into the public record of the U.S. courts.

NAME/STATE* US DOLLARS BRITISH POUNDS
N.B. - NM $661,133.28 413,208.30
D.B. - NM $1,088,846.00 680,528.75
C.B. - TX $1,407,072.00 879,420.00
MB $877,388.80 548,368.00
G.D. - NY $193,637.01 121,023.13
I.B. - NV $200,000.00 125,000.00
K.C. - CAN $537,798.46 336,124.04
D.C. - CA $2,187,465.01 1,367,165.63
C.D. - IL $588,010.77 367,506.73
D.D. - OH $836,032.59 522,520.37
S.E. - NY $192,000.00 120,000.00
A.E. - MN $267,901.09 167,438.18
J.H. - FL $512,000.00 320,000.00
H.J. - CA $338,000.00 211,250.00
F.K. - FL $677,000.00 423,125.00
M.L. - CA $628,947.01 393,091.88
E.L. - CA $938,166.00 586,353.75
N.L. - NM $287,000.00 179,375.00
R.L. - NM  
D.M. - NM $219,683.82 137,302.39
W.M. - NM $282,539.84 176,587.40
R.M. - NM $300,000.00 187,500.00
M.M. - NM $300,000.00 187,500.00
J.M. - IL $616,489.07 385,305.67
J.M.O. - NY $320,000.00 200,000.00
C.R. - CAN $194,588.56 121,617.85
H.R. - CAN $1,034,517.23 646,573.27
S.R. - CAN $418,180.66 261,362.91
J.S. - IL $380,290.06 237,681.29
E.T. - CAN $890,457.26 556,535.79
J.T. - CAN $331,087.76 206,929.85
Totals $ 17,706,232.29 11,066,395.18
*CAN = CANADA    
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