Melville Capital (MC), a firm focused on monetizing and liquidating life insurance policies, has completed the sale of A&O Life Funds' remaining life insurance portfolio.
Melville Capital was retained as the exclusive Life Settlement Broker and Advisor to Jeff Marwil, of Proskauer Rose, the Trustee in In re Life Fund 5.1, LLC ("A&O"), in connection with bankruptcy proceedings in the US Bankruptcy Court, Northern District of Illinois, Eastern Division.
Melville Capital said it produced $3.42m in this latest sale and $4.84m in total.
A&O’s principal business was acting as a buyer of existing life insurance policies. Documents filed in the bankruptcy court list more than 700 individual investors as creditors.
Melville Capital president Robert Stark and managing director Doug Himmel have led the engagement.
Himmel said A&O was an extremely complicated case based on several factors, including the alleged fraud perpetrated by the Principals of A&O. Their engagement began in November 2009 and they are pleased that, along with the Trustee and his team, they were able to deliver such significant value to the Estate over such a long appointment.
Melville Capital is a life settlement broker practicing in the insolvency arena with headquarters in New York and offices in Los Angeles, Phoenix and Charleston South Carolina.