MATTER OF LIQUIDATION OF FREESTONE INS.

C.A. No. 9574-VCL.

143 A.3d 1234 (2016)

IN the MATTER OF the LIQUIDATION OF FREESTONE INSURANCE COMPANY.

Court of Chancery of Delaware.

Decided: July 7, 2016.


Attorney(s) appearing for the Case

Diane J. Bartels , Diane J. Bartels Law Office, Wilmington, Delaware; James J. Black , Jeffrey B. Miceli , Mark W. Drasnin , Black & Gerngross, PC, Philadelphia, Pennsylvania; Counsel for the Honorable Karen Weldin Stewart, CIR-ML, Insurance Commissioner of the State of Delaware, in her capacity as Receiver of Freestone Insurance Company in Liquidation.

Eric Lopez Schnabel , Robert W. Mallard , Alessandra Glorioso , Dorsey & Whitney LLP, Wilmington, Delaware; Michael B. Fisco , Michael M. Krauss , Faegre Baker Daniels LLP, Minneapolis, Minnesota; Counsel for U.S. Bank National Association.


OPINION

Freestone Insurance Company ("Freestone") is a Delaware-domiciled insurer that has been placed in liquidation. The liquidation proceeding is governed by the Uniform Insurers Liquidation Act (the "Uniform Act"), which Delaware adopted in 1953.

Under the Uniform Act, the chief insurance regulator...

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