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Melville Capital brokers sells remaining A&O Life Funds life settlement portfolio

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Melville Capital has successfully completed the sale of A&O’s remaining life insurance portfolio. MC was retained as the exclusive Life Settlement Broker and Advisor to Jeff Marwil, of Proskauer Rose, the Trustee in In re Life Fund 5.1, LLC (A&O), Case No. 09-32672 in connection with bankruptcy proceedings in the United States Bankruptcy Court, Northern District of Illinois, Eastern Division.

A&O’s principal business was acting as a buyer of existing life insurance policies but, due to a myriad of issues, each of the A&O Life Fund entities filed for Chapter 11 bankruptcy protection in Chicago on September 2, 2009. Documents filed in the bankruptcy court list more than 700 individual investors as creditors.

The engagement was led by MC President Robert Stark and Managing Director Doug Himmel. MC is the country’s premier Life Settlement Broker practicing in the insolvency arena with headquarters in New York and offices in Los Angeles, Phoenix and Charleston SC.

Himmel says: "A&O was an extremely complicated case based on several factors, including the alleged fraud perpetrated by the Principals of A&O. Our engagement began in November 2009 and we are pleased that, along with the Trustee and his team, we were able to deliver such significant value to the Estate over such a long appointment."

Other MC bankruptcy engagements include, among others: (i) In re Princeton Ski Shop, Inc., Case No. 07-26206 (District of New Jersey) (retained by the Official Committee of Unsecured Creditors); (ii) In re Ronco Corporation, et al., (jointly administered under case no. 1:07-12000 GM) (Central District of California) (retained by the Chapter 7 Trustee); (iii) In re Thomas K. Helton, Inc. d/b/a Home Lumber Company (Case No. 07-12671-JKC-11) (Southern District of Indiana) (retained by Liquidating Agent) (iv) In re Gary K. Wilder (Wildwood Industries), Case No. 09-71141 (Central District of Illinois) (retained by the Chapter 11 Trustee).

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