IN RE LTC HOLDINGS, INC.

Case No.: 14-11111 (CSS) (Jointly Administered) Adv. No.: 15-51889 (CSS) Adv. No.: 16-51036 (CSS) (consolidated with Adv. No. 15-51889).

597 B.R. 554 (2019)

IN RE: LTC HOLDINGS, INC., et al., Debtors. Alfred T. Giuliano, Chapter 7, Trustee, Plaintiff, v. The Insurance Company of the State of Pennsylvania, Defendant. Alfred T. Giuliano, Chapter 7, Trustee, v. The Insurance Company of the State of Pennsylvania, Lexon Surety Group LLC d/b/a Lexon Insurance Company and Bond Safeguard Insurance Company, Defendant.

United States Bankruptcy Court, D. Delaware.

Signed February 4, 2019.


Attorney(s) appearing for the Case

Klehr Harrison Harvey Branzburg LLP, Richard M. Beck , 919 Market Street, Suite 1000, Wilmington, DE 19801 and Chapman and Cutler LLP, David T. Audley , Michael T. Benz , 111 West Monroe Street, Chicago, Illinois 60603, Counsel for BMO Harris Bank, N.A.

Whiteford Taylor & Preston LLC, Thomas J. Francella, Jr. , 405 North King Street 500, Wilmington, DE 19801 and Chiesa Shahinian & Giantomasi PC, Armen Shahinian , Andrew S. Kent , Scott A. Zuber , One Boland Drive, West Orange, NJ 07052, Counsel for the Insurance Company of the State of Pennsylvania.

Fox Rothschild LLP, Seth A. Niederman , 919 Market Street, Suite 300, Wilmington, DE 19899-2323, and Michael G. Menkowitz , William H. Stassen , Dana S. Katz , 2000 Market Street, 20th Floor, Philadelphia, PA 19103-3222, Counsel for Alfred T. Giuliano, Chapter 7 Trustee for the Estate of LTC Holdings, Inc., et al.,


OPINION

INTRODUCTION

Bankrupt and insolvent entities tend to struggle in the runup to bankruptcy or insolvency. Teetering finances, poor management, or simply a bad business model may plague these companies. Economic difficulties may exacerbate these pressures and leave companies vulnerable...

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