EMERGENT CAPITAL, INC. (NYSE:EMG) Files An 8-K Other Events
Item 8.01 Other Events.
As previously disclosed by Emergent Capital, Inc. (the Company),
following the consummation of the Master Transaction Agreements
made as of March 15 and May 12, 2017, as amended to date and from
time to time (collectively, the Master Transaction Agreements),
by and between the Company, PJC Investments, LLC, a Texas limited
liability company (PJC), and the Consenting Convertible Note
Holders party to each Master Transaction Agreement (Consenting
Holders), five members of the Companys Board of Directors (the
Board) will resign and PJC or its designee will be entitled to
designate four directors, and certain Consenting Holders will be
entitled to designate one director (each, a Designee), to fill
the resulting vacancies. The Designees consist of:
following the consummation of the Master Transaction Agreements
made as of March 15 and May 12, 2017, as amended to date and from
time to time (collectively, the Master Transaction Agreements),
by and between the Company, PJC Investments, LLC, a Texas limited
liability company (PJC), and the Consenting Convertible Note
Holders party to each Master Transaction Agreement (Consenting
Holders), five members of the Companys Board of Directors (the
Board) will resign and PJC or its designee will be entitled to
designate four directors, and certain Consenting Holders will be
entitled to designate one director (each, a Designee), to fill
the resulting vacancies. The Designees consist of:
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Name
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Age
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Patrick J. Curry
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Joseph E. Saracheck
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Matthew T. Epstein
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James Hua
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Robert Knapp
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Set forth below is a brief description of the business experience
of each Designee, as well as certain specific experiences,
qualifications and skills that the Board may use to determine
that each of the persons set forth below is qualified to serve as
a director. As of June 20, 2017, each of the Designees
beneficially owned less than 1% of the Companys common stock.
There are no family relationships between any of the Designees
and any director or executive officer of the Company or any other
Designee.
of each Designee, as well as certain specific experiences,
qualifications and skills that the Board may use to determine
that each of the persons set forth below is qualified to serve as
a director. As of June 20, 2017, each of the Designees
beneficially owned less than 1% of the Companys common stock.
There are no family relationships between any of the Designees
and any director or executive officer of the Company or any other
Designee.
Patrick J. Curry
Mr. Curry currently serves as the President and Chief Executive
Officer of PJC Investments, LLC. Previously, from 1997 to 2003,
Mr. Curry served as Executive Vice President and a director of
Central Freight Lines, Inc. From 1994 to 1997, Mr. Curry was the
President and Chief Executive Officer of Universal Express
Limited, LLC. From 1991 to 1993, Mr. Curry served as President
and Chief Executive Officer of Lortex, Inc. Prior to these roles,
Mr. Curry was also a licensed stock and bond broker for Legg
Mason Wood Walker, Inc. and a financial analyst for Hercules
Aerospace, Inc. Mr. Curry has previous experience in investing in
entities in the life settlement business. Mr. Curry has a
Bachelor of Business Administration in Finance from Texas AM
University.
Officer of PJC Investments, LLC. Previously, from 1997 to 2003,
Mr. Curry served as Executive Vice President and a director of
Central Freight Lines, Inc. From 1994 to 1997, Mr. Curry was the
President and Chief Executive Officer of Universal Express
Limited, LLC. From 1991 to 1993, Mr. Curry served as President
and Chief Executive Officer of Lortex, Inc. Prior to these roles,
Mr. Curry was also a licensed stock and bond broker for Legg
Mason Wood Walker, Inc. and a financial analyst for Hercules
Aerospace, Inc. Mr. Curry has previous experience in investing in
entities in the life settlement business. Mr. Curry has a
Bachelor of Business Administration in Finance from Texas AM
University.
Joseph E. Saracheck
Mr. Sarachek has been the founding principal of Triax Capital
Advisors since 2001. Mr. Saracheck currently serves as Chapter 11
Trustee appointed by the US Department of Justice to turnaround a
multi-million dollar agricultural business. Prior to founding
Triax, Mr. Sarachek was a portfolio manager and consultant with
Balfour Investors. Prior to joining Balfour, Mr. Sarachek was a
partner at the New York office of the law firm of McDermott, Will
Emery where his primary focus was principal outside counsel to
several investment partnerships, which acquired bank debt, trade
claims, and distressed assets. Mr. Sarachek is a director of
Chazak Value Corp. and Kominox, a Korean experimental cancer
research corporation. Mr. Sarachek has previous experience in
investing in entities in the life settlement business.
Advisors since 2001. Mr. Saracheck currently serves as Chapter 11
Trustee appointed by the US Department of Justice to turnaround a
multi-million dollar agricultural business. Prior to founding
Triax, Mr. Sarachek was a portfolio manager and consultant with
Balfour Investors. Prior to joining Balfour, Mr. Sarachek was a
partner at the New York office of the law firm of McDermott, Will
Emery where his primary focus was principal outside counsel to
several investment partnerships, which acquired bank debt, trade
claims, and distressed assets. Mr. Sarachek is a director of
Chazak Value Corp. and Kominox, a Korean experimental cancer
research corporation. Mr. Sarachek has previous experience in
investing in entities in the life settlement business.
Matthew T. Epstein
Mr. Epstein currently serves as a Senior Analyst for Evermore
Global Advisors. Previously, from 2005 to 2014, Mr. Epstein
served as a Senior Analyst for W.R. Huff. Mr. Epstein has a
Bachelor degree in Finance and International Business from New
York University and an M.B.A. from Columbia University, and is a
CFA charter holder.
Global Advisors. Previously, from 2005 to 2014, Mr. Epstein
served as a Senior Analyst for W.R. Huff. Mr. Epstein has a
Bachelor degree in Finance and International Business from New
York University and an M.B.A. from Columbia University, and is a
CFA charter holder.
James Hua
Mr. Hua currently serves as Portfolio Manager for Opal Advisors
and as Chief Investment Officer for Sheppard Wealth Management.
Previously, from 2011 to 2012, Mr. Hua served as Investment
Analyst for Freestone Capital. From 2009 to 2011, Mr. Hua served
as Controller of Liberty Capital. Mr. Hua has a Bachelor of Arts
in Business Administration with a concentration in Accounting
from the University of Washington.
and as Chief Investment Officer for Sheppard Wealth Management.
Previously, from 2011 to 2012, Mr. Hua served as Investment
Analyst for Freestone Capital. From 2009 to 2011, Mr. Hua served
as Controller of Liberty Capital. Mr. Hua has a Bachelor of Arts
in Business Administration with a concentration in Accounting
from the University of Washington.
Robert Knapp
Mr. Knapp is the Managing Director of Ironsides Partners LLC,
which is a registered investment advisor that specializes in
discounted assets and distressed credit investments. Mr. Knapp is
also (i) a director of MVC Capital, Inc., which is listed on the
New York Stock Exchange, (ii) a director and audit committee
member of Castle Private Equity AG, which is listed on the SIX
Swiss Exchange, (iii) a director of the Africa Opportunity Fund
Limited, which is listed on the London Stock Exchange, and (iv) a
director of MPC Container Ships AS, which is listed on the Oslo
Brs Merkur Market.
which is a registered investment advisor that specializes in
discounted assets and distressed credit investments. Mr. Knapp is
also (i) a director of MVC Capital, Inc., which is listed on the
New York Stock Exchange, (ii) a director and audit committee
member of Castle Private Equity AG, which is listed on the SIX
Swiss Exchange, (iii) a director of the Africa Opportunity Fund
Limited, which is listed on the London Stock Exchange, and (iv) a
director of MPC Container Ships AS, which is listed on the Oslo
Brs Merkur Market.
About EMERGENT CAPITAL, INC. (NYSE:EMG)
Emergent Capital, Inc., formerly Imperial Holdings, Inc., is a specialty finance company that invests in asset classes, primarily life settlements. The Company, through its subsidiary companies, owns a portfolio of approximately 630 life insurance policies (life settlements). The Company purchases individual policies and portfolios of life insurance policies and manages those assets based on actuarial and market data. The Company provides customized liquidity solutions to owners of illiquid financial assets in two markets, which include life finance and structured settlements. The Company focuses on lending to outright purchases of portfolios, to tertiary trades, as well as individual secondary market purchases. The Company invests in short and long-term life settlement investments.
