The Baton Rouge Advocate on New Perdigao Developments

I remember the paper as the Morning Advocate but you don’t find that moniker on their website. In any event Allen Johnson Jr is reporting some procedural deadlines have passed so there will not be oral arguments before Judge Fallon on the Adams & Reese motion for dismissal of the racketeering complaint filed against them by Jamie Perdigao. A ruling is thus expected soon.  The report contains a good bit of background on both the civil case Perdigao has filed against Adams & Reese and the criminal case against Perdigao. It can be found here: H/T to a slabbed reader for the headsup.

U.S. District Judge Eldon Fallon can begin deciding whether to dismiss an indicted attorney’s sensational lawsuit against Adams & Reese, LLP, a major law firm.

Attorneys for Adams & Reese and estranged former law partner James “Jamie” G. Perdigao, 46, of New Orleans, who also faces criminal charges, have filed written briefs on a motion to dismiss Perdigao’s federal civil racketeering suit against the firm.

A procedural deadline passed Wednesday without the judge requesting oral arguments in the case. Continue reading “The Baton Rouge Advocate on New Perdigao Developments”

Admiral Lisanby Speaks Out

And Amber Craig of the Mississippi Press was there taking notes. Like I said earlier the Admiral is pissed and we find out their theory for why punis should have been cussed and dicussed by the jury: They claim USAA made their decision to deny the claim before they adjusted it. Here is the story:

Bridges’ order, which was made available to the public Wednesday, finds that USAA insurance “did not act with malice, gross negligence, or actual fraud in handling the claim of the Lisanbys.”

Lisanby disagreed.

“They made a ruling early on, and I call that gross,” he said of the court’s decision last week that USAA had failed to adequately investigate the claim before denying full coverage. Continue reading “Admiral Lisanby Speaks Out”

Katrina the very short "Cat"

The naming of cats is a very difficult matter – understanding them the same, IMO, but the article posted by our friends at the Ladder makes it well worth the effort to try.

If another Katrina-like disaster strikes, “triggering” a cat bond structured to insure against such risk, the insurer who sold it could use the buyer’s principal to pay claims. If the risks insured against don’t materialize before the bond matures, the buyer, typically a hedge fund or private-equity firm, would keep its principal and collect a hefty coupon, enjoying a handsome return. To date, only one cat bond has been triggered, highlighting the low probability of catastrophic events and such securities’ attraction for investors.

The naming of cats is a very difficult matter – and the one that triggered was known as Kamp Re.

As Katrina bore down on New Orleans, a cat bond named Kamp Re, issued by the insurance company Zurich, was suddenly at risk…a hurricane would need to inflict about $40 billion in damage to trigger the default…Just hours after landfall…best estimates of financial losses…[ranged from a low of $9 billion to a high of $26.5 billion]…[before the news that] the New Orleans levees had broken…[and]…much of the city would soon be underwater…The Kamp Re bonds collapsed…A few weeks later, an announcement from Zurich American made it clear that the investors in Kamp Re wouldn’t be getting any money back…

If only Kamp Re was at risk from Katrina, where were all the other cats invested? Continue reading “Katrina the very short "Cat"”