Experience

Chapter 15 Ancillary Proceeding

BluePoint Re Limited

BluePoint Re, a Bermuda-based financial guaranty reinsurer wholly owned by Wachovia Corp., is another monoline insurance company brought down by rising defaults on mortgage securities and ratings downgrades. After BluePoint Re began liquidation proceedings in Bermuda on August 7, 2008, Chadbourne was hired to represent the liquidator. We commenced a Chapter 15 petition on his behalf and obtained an injunction protecting the company's assets and recognizing the liquidator's authority. This month we completed the liquidation of the entire estate and distributed $300 million to creditors. Over $1.8 billion in claims, many based on credit default swaps, were resolved.