EMERGENT CAPITAL, INC. (NYSE:EMG) Files An 8-K Other Events

EMERGENT CAPITAL, INC. (NYSE:EMG) Files An 8-K Other Events
Item 8.01 Other Events.

On December 4, 2019 Emergent Capital, Inc. (“Emergent”) and certain of its subsidiaries (together with Emergent, the “Company”) entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with Sun Life Assurance Company of Canada (“Sun Life”) and Wilmington Trust, N.A. as securities intermediary (“Wilmington Trust”). The Settlement Agreement relates to Sun Life Assurance Company of Canada v. Imperial Holdings, Inc., et al., Case No. 13-cv-80385 BRANNON (consolidated with Case No. 13-cv-80730) (S.D. Florida) (the “Legal Action”), which has been ongoing since 2013.
to the Settlement Agreement, (i) thirty life insurance policies issued by Sun Life and held by the Company, primarily by White Eagle Asset Portfolio, L.P. (“White Eagle”), were canceled in exchange for a lump sum payment from Sun Life $36,100,000, (ii) the Legal Action will be dismissed with prejudice, (iii) Sun Life agreed not to challenge the validity of or to seek to deny coverage (other than for non-payment of premiums) for certain life insurance policies issued by it and held by White Eagle that were specifically excluded from the settlement or have already matured, and (iv) Sun Life released all claims against the Company and Wilmington Trust, and the Company and Wilmington Trust released all claims against Sun Life.
In order to effectuate the settlement, a portion the proceeds under the Settlement Agreement was used to repurchase the policies from White Eagle. Any remaining proceeds were allocated in accordance with the requirements of the Amended and Restated Limited Partnership Agreement of White Eagle.
About EMERGENT CAPITAL, INC. (NYSE:EMG)

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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.

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