A Bankruptcy Judge ruled that a foreign insurer must post bond prior to filing a motion to compel arbitration, in In re MF Global Holdings Ltd. (MF Global Holdings Ltd. v. Allied World Assur. Co.), 569 B.R. 544 (Bankr. S.D.N.Y. 2017).
A U.S. District Judge denied motions for leave to appeal this Order, in MF Global Holdings Ltd. v. Allied World Assur. Co., Nos. 17 Civ. 742, 17 Civ. 953, 2017 WL 2819870 (S.D.N.Y. June 29, 2017).
Thereafter the foreign (Bermuda) insurer apparently got religion, or at least got a bond, but the judge apparently never said so. It is certain that the Bermuda insurer got additional attorneys to represent it in the Bankruptcy Court, but of course the judge did not mention that, either. What the Bankruptcy Judge did say was that the Bermuda insurer admitted the Bankruptcy Court's jurisdiction over it and withdrew its contrary motions. Then the Bankruptcy Judge granted the motion of the now-enlightened insurer, and entered an Order compelling arbitration, in In re MF Global Holdings Ltd. (MF Global Holdings Ltd. v. Allied World Assur. Co.), 571 B.R. 80 (Bankr. S.D.N.Y. 2017).
Please Read The Disclaimer. ©2017 by Dennis J. Wall. All Rights Reserved.
Comments