Welcome to the Official Website for the Article 74 Rehabilitation Proceeding for Financial Guaranty Insurance Company ("FGIC").
On June 11, 2012, Benjamin M. Lawsky, Superintendent of Financial Services of the State of New York (the "Superintendent") filed a verified petition with the Supreme Court of the State of New York (the "Court") for an order of rehabilitation (the "Rehabilitation Order") (i) appointing the Superintendent as rehabilitator ("Rehabilitator") of FGIC, (ii) directing the Rehabilitator to take possession of the property and assets of FGIC and to conduct the business thereof, and (iii) directing the Rehabilitator to take steps towards the removal of the causes and conditions which have made FGIC’s rehabilitation proceeding (the "Rehabilitation Proceeding") necessary. FGIC consented to the commencement of the Rehabilitation Proceeding. The case is assigned to the Honorable Justice Doris Ling-Cohan, Index Number 401265-2012.
On June 11, 2012, Justice Ling-Cohan signed an Order to Show Cause setting June 28, 2012 as the return date to consider the Rehabilitation Order. On June 28, 2012, Justice Ling-Cohan signed the Rehabilitation Order appointing the Superintendent as Rehabilitator of FGIC. The Rehabilitation Order also provides for certain injunctive relief, which the Superintendent believes is in the best interests of all of FGIC’s policyholders.
On September 27, 2012, the Rehabilitator filed a proposed Plan of Rehabilitation for FGIC with the Court, and, subsequently, the Rehabilitator filed the First Amended Plan of Rehabilitation for FGIC, dated December 12, 2012. The Rehabilitator filed a revised First Amended Plan of Rehabilitation for FGIC, dated April 12, 2013 (the "Plan"), and the Court will consider approval of the Plan at a hearing on June 11, 2013 at 10:00 a.m. Copies of the Plan and all documents filed in support of the Plan are available here.
For answers to questions not addressed on this website, you may call: 1-877-308-0011, or email: FGICrehab@gcginc.com.