FLORIDA DEPARTMENT OF FINANCIAL SERVICES DIVISION OF REHABILITATION AND LIQUIDATION Request for Proposal The Aries Insurance Company

Size: px

Start display at page:

Download "FLORIDA DEPARTMENT OF FINANCIAL SERVICES DIVISION OF REHABILITATION AND LIQUIDATION Request for Proposal The Aries Insurance Company"

Lenard Little
6 years ago
Views:

DEPARTMENT OF FINANCIAL SERVICES Division of Rehabilitation and Liquidation www.myfloridacfo.

1 DEPARTMENT OF FINANCIAL SERVICES Division of Rehabilitation and Liquidation July 1, 2016 FLORIDA DEPARTMENT OF FINANCIAL SERVICES DIVISION OF REHABILITATION AND LIQUIDATION Request for Proposal The Aries Insurance Company The Department of Financial Services, acting as the Receiver for The Aries Insurance Company ( Aries ), seeks proposals for the purchase of all the Receiver s right, title, and interest in two judgments ( Aries Judgments ): 1. Florida Department of Financial Services as Receiver of The Aries Insurance Company v. Marcos Fraynd, Paul Fraynd, Saul Fraynd and Fanny Fraynd, Miami-Dade County Circuit Court, Case No CA-8827 CA 40 in the amount of $76,008,177.47, plus post judgment interest at 6%. 2. Florida Department of Financial Services as Receiver of The Aries Insurance Company v. Marcos Fraynd, Paul Fraynd, Saul Fraynd and Fanny Fraynd, Leon County Circuit Court, Case No K. Background Information Aries was a property and casualty insurance company based in Miami, Florida. It was placed in Receivership for purposes of liquidation on November 14, 2002, by the Circuit Court in and for Leon County. The Receiver will consider proposals to purchase the Aries Judgments. The Receiver reserves the right to reject any and all offers that are not in the best interest of the Receivership Estate and/or the policyholders. If a proposal is accepted, the Receiver, upon execution of a formal Purchase Agreement, will petition the Receivership Court to approve the proposed Purchase Agreement. Parties interested in submitting an offer to purchase the Aries Judgments are invited to submit a Term Sheet that includes the following information: Section I - Description of the Purchaser Should include a written description of the purchaser and the source of funds for the purchase. Section II The Proposed Purchase Amount Should include the proposed purchase amount.

2 Section III Opportunity to Request Information from the Division Parties may submit questions and requests for clarification in writing via to Richard Mariner at and should be received by 5:00 p.m. Eastern Time Zone on Friday, July 15, The Division response will be delivered via . Section IV - Proposal Form and Due Date All proposals should be submitted electronically to Richard Mariner at Richard.Mariner@myfloridacfo.com and should be received by 5:00 p.m. Eastern Time Zone on Friday, July 29, Section V - Approval Process All proposals that meet the specifications in this RFP and are received by the due date will be reviewed by the Receiver to determine which proposal, if any, offers the greatest benefit to the Receivership estate company and/or its creditors and policyholders. The successful bidder will be granted exclusivity for one month to do its due diligence with respect to the Aries Judgments and execute a legally binding Purchase Agreement for the Aries Judgments. The executed Purchase Agreement will be submitted by the Receiver for approval by the Receivership Court.

3 p:'-;;.q7~ p' IN THE CIRCUIT COURT OF THE 1 lth JUDICIAL CIRCUIT IN AND FOR MIAMI-DADE COUNTY, FLORIDA FLORIDA DEPARTMENT OF CIVIL DIVISION FINANCIAL SERVICES, as Receiver of The Aries Insurance Company, Inc., CASE NO.: CA 40 Plaintiff, VS. MARCOS FRAYND, et al. Defendants. I FINAL JUDGMENT This action was tried before the court. On the evidence presented, on March 11,2011, this court issued its Findings of Fact and Conclusions of Law After Non-Jury Trial, which are incorporated in this Final Judgment as if fully set forth herein, and in consideration thereof, and further consideration ofthe affidavits of John Thomas and James Robinson, which detail appropriate prejudgment interest calculations, IT IS ADJUDGED 1. That plaintiff, The Florida Department of Financial Services, as Receiver of The Aries Insurance Company, Inc., whose address is Division of Rehabilitation & Liquidation, 2020 Capital Circle, S.E., Suite 330, Tallahassee, FL , recover from Defendants Marcos Fraynd, Paul Fraynd, Saul Fraynd and Fanny Fraynd, c/o Alan P. Dagen, Esquire, The Law Offices of Alan P. Dagen P.A., 746 Heritage Drive, Weston, FL 33326, jointly and severally, the sums of: Page 1 of 2

4 a) $8,152, as of March 11,2011, for the illegal transfers from Aries to OIG. The judgment shall bear post-judgment interest at the rate of 6% a year, for which let execution issue forthwith. b) $67,856, as of March 11,2011, for the misappropriation and diversion of premiums and return premiums from Aries. The judgment shall bear postjudgment interest at the rate of 6% a year, for which let execution issue forthwith. 2. Defendants Marcos Fraynd, Paul Fraynd, Saul Fraynd and Fanny Fraynd shall each furnish plaintiffs attorney E. Barclay Cale, 1200 Alfred I. dupont Building, 169 East Flagler Street, Miami, Florida, with a Fact Information Sheet in form within 45 days of this date and file a notice of compliance with the clerk of this court as required by Rule ORDERED at the Miami-Dade County Courthouse, Miami, Florida on this gd~y of Copies furnished to: E. Barclay Cale Yamile Benitez-Torviso Alan P. Dagen Conformed Copy APW 1 3 2$i? Gi!l S. Freernzn Circuit Cowt Judge Page 2 of 2

5 Filing # E-Filed 04/18/ :24:39 PM

RECEIVER'S MOTION FOR APPROVAL OF FIRST INTERIM CLAIMS REPORT AND RECOMMENDATION ON CLAIMS

RECEIVER'S MOTION FOR APPROVAL OF FIRST INTERIM CLAIMS REPORT AND RECOMMENDATION ON CLAIMS IN THE CIRCUIT COURT OF THE SECOND JUDICIAL CIRCUIT, IN AND FOR LEON COUNTY, FLORIDA CIVIL ACTION NO.: 2009-CA-1367 FLORIDA BAR NO.: 0151726 IN RE: The Receivership of CORAL INSURANCE COMPANY, a Florida