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MATTER OF MILLS v. FLORIDA ASSET FINANCING CORPORATION

31 A.D.3d 849 (2006)

818 N.Y.S.2d 333

In the Matter of HOWARD MILLS, as Superintendent of Insurance of the State of New York and Rehabilitator of Frontier Insurance Company, Respondent, v. FLORIDA ASSET FINANCING CORPORATION et al., Appellants.

Appellate Division of the Supreme Court of the State of New York, Third Department.

July 6, 2006.

Rose, J.

Petitioner, as rehabilitator of Frontier Insurance Company, commenced this proceeding seeking Supreme Court's approval of a proposed agreement whereby National Indemnity Company (hereinafter NICO), a reinsurer of Frontier, would pay Frontier approximately $45 million and forgive approximately $145 million of Frontier's debt in exchange for a reduction in NICO's reinsurance obligation. Respondents objected and Supreme Court initially dismissed the petition...

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