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Melville Capital Completes Sale of A&O Life Portfolio

By Staff Writer

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Melville Capital L.L.C. has finished selling the life insurance portfolio of a firm that ended up in bankruptcy court.

Jeff Marwil, a partner in the Chicago office of Proskauer Rose L.P. and the trustee in In re Life Fund 5.1 L.L.C. (U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, Case Number 09-32672), hired Melville Capital, New York, to be the life settlement broker and advisor for the life settlement portfolio of entities related to A&O, a life settlement business.

A&O and affiliates filed for Chapter 11 bankruptcy protection in Chicago in September 2009.

The funds have about 700 individual investors as creditors, according to documents filed with the bankrupty court.

The portfolio sale produced a total of $4,846,491 in proceeds, Melville says.

- Warren S. Hersch

Other life settlement coverage from National Underwriter Life & Health:

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