[CLC-Discussion] question re: surety in liquidation

[Gibbons, Michael]

  I would avoid incurring fees and costs filing a suit and instead file a POC with the Pennsylvania Insurance Dep’t which is liquidating the assets of First Sealord pursuant to court order  of liquidation entered on Feb. 8, 2012.    This is basically state court bankruptcy.  There was a stay order entered as part of the Liquidation Order.  Not sure of the effect of a Pennsylvania court on a Florida claim or suit but why bother.  Client is likely an unsecured non-priority creditor like scores of others.  Deadline to timely file POC is October 5, 2012.

Michael R. Gibbons  (Bio<http://lowndes-law.com/our-people/michael-r-gibbons>)
Shareholder
Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
450 South Orange Avenue, 8th Floor
Orlando, FL 32801
Phone: 407-418-6378
Fax: 407-843-4444
email: michael.gibbons at lowndes-law.com<mailto:michael.gibbons at lowndes-law.com>
website: http://www.lowndes-law.com<http://www.lowndes-law.com/>

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From: clc-discussion-bounces at lists.flabarrpptl.org [mailto:clc-discussion-bounces at lists.flabarrpptl.org] On Behalf Of Andrea Fair
Sent: Friday, May 18, 2012 12:42 PM
To: clc-discussion at lists.flabarrpptl.org
Subject: [CLC-Discussion] question re: surety in liquidation

I have a client with potential bond claims against First Sealord Surety, Inc., which is in liquidation.  My client does work in many states and their TX attorney told them that they could not file suit against this surety due to the liquidation process (like the automatic stay in bankruptcy) and they have just let some bond claims go by the wayside because of this advice.  I question whether that was good advice.  The deadline is coming up next week on a potential bond claim and I thought I would just file suit and not serve the surety until I get an answer on this issue.  If any of you know the answer and can let me know ASAP, I would greatly appreciate it.  Bottom line: Can I file suit against First Sealord?  If no, what should I do instead to pursue the bond claim?  Of course, I still intend to pursue the GC but I don’t know how the liquidation affects my client’s bond claims.  Thank you in advance for all of the feedback!  I think the way this group discusses issues and shares information is truly amazing and so helpful.

Thx-Andrea


Andrea M. Fair-Purcell
Board Certified Construction Attorney
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FAIR•LAW•PLLC
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13046 Racetrack Road #236
Tampa, FL 33626
(813) 412-1077 phone
(877) 879-4990 fax
www.fairconstructionliens.com<http://www.fairconstructionliens.com>

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