Receivership Law and Receiverships
ELB attorneys have extensive experience in the area of receivership law and receiverships, from serving as counsel to Court-appointed Receivers to being appointed by multiple Courts to serve in the capacity of the Receiver over troubled companies and assets subject to creditor liens.
Since 2014, ELB attorneys Ryan Leonard, Robert Edinger and Elaine DeGiusti have represented the Oklahoma Insurance Commissioner in his capacity as the Receiver for Red Rock Insurance Company, Inc. (formerly known as BancInsure, Inc.), which involves the liquidation of an Oklahoma-domiciled insurance company previously licensed in 49 states. The Red Rock Insurance Company receivership alone involves adjudicating claims against the company exceeding $367 million, and has resulted in representation of the Receiver in multiple lawsuits in federal and state courts across the country. Ryan Leonard also currently serves as lead counsel for the Insurance Commissioner in his capacity of Receiver for SeniorSure Healthplans, Inc., another Oklahoma-domiciled insurance company in receivership.
In addition to serving as counsel for the Receiver, ELB attorney Ryan Leonard has been appointed by Courts to serve as the Receiver for troubled companies and assets subject to creditor liens. The actions in which Leonard has been the Court-appointed Receiver include:
Oklahoma Department of Securities v. Seabrooke Investments, LLC et al., Oklahoma County District Court Case No. CJ-2014-4515, a securities fraud case in which the Receiver was responsible for managing and liquidating the assets of multiple defendant real estate entities, and making recommendations to the Court on the disposition of approximately $15 million in claims. A district court ruling in favor of the Receiver’s recommendations was upheld by the Oklahoma Court of Civil Appeals (Case No. 115,215);
Bank 7 v. Brian Wood et al., Kay County District Court Case No. CJ-2015-88, a case instituted by a bank in which the Receiver managed and liquidated eighteen parcels of real property in Blackwell, Oklahoma, for the benefit of a financial institution creditor;
Frontier State Bank v. ZLW, Inc. et al., Oklahoma County District Court Case No. CJ-2017-2064, a case instituted by a bank in which the Receiver liquidated the assets of a large restaurant for the benefit of a financial institution creditor;
AllNations Bank v. John William Bink et al., Kiowa County Case No. CJ-2020-10, a case instituted by a bank in which the Receiver was charged with taking possession of and liquidating certain collateral for a loan, including farm equipment and mineral interests, for the benefit of a financial institution creditor.
In addition, in November 2018, Ryan Leonard was appointed by the Oklahoma County District Court as Interim CEO of Union Mutual Insurance Company in conjunction with its emergence from receivership (the first ever Oklahoma insurance company to be rehabilitated from receivership). In this role, Leonard was tasked with serving as Interim CEO of the insurance company while identifying and hiring a permanent corporate management team.
In 2019, Ryan Leonard was appointed by the U.S. District Court for the Western District of Oklahoma in Case No. CIV-18-858-G, Midship Pipeline Company LLC v. Tract No. CN-0004.000, 1.504 acres of land, more or less, permanent easement in Canadian County, Oklahoma et al., to serve as Chairperson of a three-member Commission pursuant to Fed.R.Civ.P. 71.1(h)(2) to assist the Federal Court in determining just compensation to multiple landowners in an eminent domain action brought by Midship Pipeline Company, LLC.
In sum, whether serving as counsel for the Receiver, or as the Receiver itself, ELB attorneys possess an arsenal of legal and business expertise which are employed to achieve the best possible result in the most efficient manner possible.