White Eagle Asset Portfolio, LP, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12808). Cole Schotz previously reported on the chapter 11 filings of two of White Eagle’s affiliates on November 15, 2018. The Debtors are now seeking joint administration under Case No. 18-12808. According to the First Day Declaration, the Debtors are all indirect subsidiaries of Emergent Capital, Inc. (OTCMKTS: EMGC). The Declaration further explains that White Eagle Asset Portfolio owns a portfolio of 586 life insurance policies, filed for chapter 11 as a result of collections activity by its pre-petition lender, LNV Corporation, and intends to file an adversary against LNV. The Debtors have filed a motion for use of cash collateral, which the Debtors believe will be entered on a consensual basis. No claims and noticing agent has been proposed. The cases have been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.