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IN THE MATTER OF LIQUIDATION OF FREESTONE INSURANCE COMPANY

C.A. No. 9574-VCL.

IN THE MATTER OF THE LIQUIDATION OF FREESTONE INSURANCE COMPANY.

Court of Chancery of Delaware.

Decided: December 24, 2014.

Attorney(s) appearing for the Case

Eric Lopez Schnabel , Robert W. Mallard , Alessandra Glorioso , DORSEY & WHITNEY LLP Wilmington, Delaware; Michael R. Stewart , Michael B. Fisco , FAEGRE BAKER DANIELS LLP, Minneapolis, Minnesota; Attorneys for U.S. Bank National Association.

Christopher P. Simon , Joseph Grey , CROSS AND SIMON, LLC, Wilmington, Delaware; James J. Black, III , Jeffrey B. Miceli , Mark Drasnin , BLACK & GERNGROSS, P.C., Philadelphia, Pennsylvania; Attorneys for the Insurance Commissioner of the State of Delaware as Receiver for Freestone Insurance Company.

MEMORANDUM OPINION

LASTER, Vice Chancellor.

Freestone Insurance Company ("Freestone"), a Delaware-domiciled insurer, is currently in receivership under the administration of the Insurance Commissioner of the State of Delaware (the "Commissioner"). When delinquency proceedings began, Freestone maintained cash and securities valued at approximately $175 million (the "Assets") in a custodial account at U.S. Bank, N.A. As part of the delinquency proceedings...

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