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Article: Andrew Jackson legal ticker at $1 million. (bankruptcy costs of Andrew Jackson Life Insurance Co.)
- Article from:
- The Mississippi Business Journal
- Article date:
- November 2, 1992
- Author:
CopyrightCOPYRIGHT 1992 Venture Publications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Process for finding a buyer continues
Attorney fees have surpassed more than $1 million for the work involved in handling the seizure and sale of the failed Andrew Jackson Life Insurance Co.
"The total figure through October is $1,041,979.62," said Insurance Commissioner George Dale. "That involves (several) law firms totally. That involves three insurance companies and work done on 48 affiliated companies."
Under Mississippi law, the commissioner has had no choice but to hire lawyers, Dale said.
"The law is clear on our responsibility in going after what is owed to the Andrew Jackson companies," he said. "All of those responsibilities require ...