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Article: Palmieri defends MBL plan during court hearing. (Victor Palmieri defends rehabilitation plan he helped shape for Mutual Benefit Life Insurance Co.)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- February 8, 1993
- Author:
CopyrightCOPYRIGHT 1993 Summit Business Media. 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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TRENTON--Victor Palmieri defended Mutual Benefit Life's rehabilitation plan in confirmation hearings here, the culmination of a year-and-a-half of work as deputy rehabilitator and CEO.
Mr. Palmieri faced vigorous questioning from creditors disputing their exclusion from the plan as well as questions concerning $198 million in anticipated management expenses in 1993.
The hearing, before Judge Paul Levy in Superior Court of New Jersey, caps months of intense, often contentious negotiations, among the rehabilitators, industry representatives, the National Organization of Life and Health Insurance Guaranty Associations, state insurance regulators, and state ...