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PRINCIPAL GROWTH STRATEGIES, LLC v. AGH PARENT LLC

C.A. No. 2019-0431-JTL.

PRINCIPAL GROWTH STRATEGIES, LLC, et al., Plaintiffs, v. AGH PARENT LLC, et al., Defendants.

Court of Chancery of Delaware.

Decided: January 25, 2024.

Attorney(s) appearing for the Case

Brett D. Fallon , FAEGRE DRINKER BIDDLE & REATH LLP, Wilmington, Delaware; Warren E. Gluck , Richard A. Bixter, Jr. , HOLLAND & KNIGHT LLP, New York, New York; Attorneys for Plaintiffs.

R. Craig Martin , Amy Evans , DLA PIPER LLP (US), Wilmington, Delaware; Ellen E. Dew , DLA PIPER LLP (US), Baltimore, Maryland; Aidan M. McCormack , R. Brian Seibert , Steven M. Rosato , DLA PIPER LLP (US), New York, New York; Attorneys for Defendants Senior Health Insurance Company of Pennsylvania (in Rehabilitation) and Fuzion Analytics, Inc.

Paul D. Brown , Joseph B. Cicero , CHIPMAN BROWN CICERO & COLE, LLP, Wilmington, Delaware; Aaron Z. Tobin , Kendal B. Reed , Michael J. Merrick , CONDON TOBIN SLADEK, THORNTON, PLLC, Dallas, Texas; Attorneys for Defendants BHLN-Agera Corp., BOLN-Agera Corp., and BBLN-Agera Corp.

A. Thompson Bayliss , April M. Kirby , ABRAMS & BAYLISS LLP, Wilmington, Delaware; Adam J. Kaiser , Elizabeth A. Buckel , ALSTON & BIRD LLP, New York, New York; Attorneys for Defendants Bankers Conseco Life Insurance Company, Washington National Insurance Company, CNO Financial Group, Inc., and 40|86 Advisors, Inc.

Joanna J. Cline , Emily L. Wheatley , TROUTMAN PEPPER HAMILTON SANDERS LLP, Wilmington, Delaware; Counsel for Defendant Universal Life Insurance Company of Puerto Rico.

MEMORANDUM OPINION ADDRESSING PLEADING-STAGE ARGUMENTS FOR DISMISSAL

Two hedge funds made risky and illiquid investments. When those investments generated losses, the funds faced a liquidity crisis. To secure additional capital, the fund principals formed a reinsurer. The reinsurer entered into agreements with insurers that...

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