Carranza-Hernandez
Carranza-Hernandez v. Altus Finance Corp.
Opinion
Lead Opinion
MEMORANDUM *
Sergio Carranza-Hernandez (“Carranza”) filed this action in San Diego County Superior Court against defendants Altus Finance (“Altus”), Credit Lyonnais (“CL”), Aurora National Life Assurance Company (“Aurora”), CDR Enterprises (“CDR”), 1 Omnium Geneve SA (“Omnium”), New California Life Holdings, Inc. (“New California”), Artemis SA (“Artemis”), Mutuelle Assurance Artisanale de France (“MAAF”) and MAAF Vie. The action was brought on behalf of a class of beneficiaries of structured settlement annuities (“SSA’s”) issued by Executive Life Insurance Company (“ELIC”), which was the subject of rehabilitation proceedings in the Los Angeles County Superior Court (“Conservation Court”).
The Conservation Court approved a plan of rehabilitation (“the Plan”) for ELIC, which was later modified. ELIC’s insurance business, including the SSA held by Carranza, was sold to a consortium of investors headed by MAAF and Omnium. According to the Plan, the MAAF-led consortium incorporated New California, which in turn functioned as the sole shareholder of Aurora. Aurora took over ELIC’s insurance policies, including the SSA’s issued by ELIC.