Garamendi

After the superior court appointed the Insurance Commissioner as conservator of a financially troubled insurance company, Life of America Insurance Company (LOA) offered to buy a major asset of the *1199 conservatorship estate. However, the court instead authorized sale of the asset to another buyer on terms more profitable to the estate than LOA’s offer.

This purported appeal by LOA is dismissed because LOA is not an aggrieved party.

Facts and Procedural History

On December 11, 1989, the superior court appointed the Insurance Commissioner as conservator of Pacific Standard Life Insurance Company (Pacific Standard) because of its distressed financial condition. According to an examination of Pacific Standard’s records, its liabilities exceeded its assets by more than $41 million.

On September 16, 1991, LOA sent a letter to the manager of the conservatorship, an employee of the Insurance Commissioner, offering to buy Pacific Standard’s Texas subsidiary, Pacific Standard Life of Texas (Pacific Texas). LOA offered to pay 3.5 percent of the statutory reserves of Pacific Texas plus the amount of its statutory capital and surplus, resulting in a purchase price of more than…