Lamington Road DAC (“Lamington” or the “Company”) is a designated activity company with limited liability organized under the laws of Ireland, and operates the life settlement business formerly of Emergent Capital, Inc. (“Emergent’). Lamington’s business consists of a 27.5% ownership stake in White Eagle Asset Portfolio, L.P., which owns a portfolio of life insurance policies known as life settlements.
Effective April 7, 2021, our Board of Directors is composed of five members.
Mr. Brennan is the founder and portfolio manager, since 2015, of Brennan Asset Management, LLC (BAM), a Registered Investment Advisory firm based in Napa, CA, which utilizes a concentrated value investing strategy. Prior to founding Brennan Asset Management, Patrick managed portfolios and led research efforts at two value investing firms in California: Hutchinson Capital Management, from 2013 to 2014, and RBO & Co., from 2009 to 2012. Previously, Patrick worked at Mark Boyar & Company, where he led the firm’s research team and helped manage assets across individual portfolios, institutional accounts and a mutual fund. Patrick also worked for six years in investment banking and equity research with Deutsche Bank, CIBC World Markets and William Blair & Company covering financial services, media and telecom and business services. Patrick graduated summa cum laude from the University of Notre Dame with a degree in economics and was inducted into Phi Beta Kappa.
Mr. Brennan has senior board, executive and client-facing international experience across financial, fund and technology arenas. He has investment / portfolio management experience as an investment manager and a member of the Investment Committee for Alternative Investment Fund for an Irish-based management company. Mr. Brennan has over 20 years’ experience in international structured corporate finance, regulated funds, venture investment, technology and capital markets roles, working with large international investment banks, corporate clients and fund management operations. He held a Global Executive Role with full P&L, operations, HR, balance sheet, strategic and risk management responsibility at Rabobank for the European structured corporate finance business with assets of over €3 billion located in companies in the Cayman Islands, Ireland, Jersey, the UK, the Netherlands, Luxembourg and Belgium, including Irish Section 110 companies. Mr. Brennan holds a diploma in Corporate Direction from the Institute of Directors as part of the Chartered Director Program and is a Graduate of Law (LL. B. (Hons)) from Trinity College, Dublin, and Technology (BSc (Hons) in Digital Technology, Design and Innovation from the Technological University of Dublin). He is admitted as a Barrister in England and Wales and is admitted as an attorney to the bar of the State of New York.
Mr. Epstein currently serves as Assistant Portfolio Manager for Evermore Global Advisors, an investment management firm. Previously, from 2005 to 2014, Mr. Epstein worked at W.R. Huff Asset Management, most recently serving as Senior Analyst. Mr. Epstein has Bachelor of Science degrees in Finance and International Business from New York University and an MBA from Columbia University. Mr. Epstein is a CFA Charterholder.
Mr. Knapp is the Managing Director of Ironsides Partners LLC, which is a registered investment advisor that specializes in discounted assets and distressed credit investments. Mr. Knapp is also a director of several other publicly traded companies, often as a result of his investment activities with Ironsides. These include MVC Capital listed on the NYSE, Castle Private Equity AG listed on the SIX Swiss Exchange, the Africa Opportunity Fund listed on the London Stock Exchange, and MPC Container Ships listed on the Oslo Børs’ Merkur Market.
Since 2011, Mr. Patterson has served as the President of River City Management. In this role, Mr. Patterson has responsibility for investment decisions and asset allocation in public and private assets. Prior to joining the River City Management, Mr. Patterson served as an Analyst from 2009 to 2011 for a lower middle market private equity firm as a member of the deal team evaluating a wide spectrum of industries and business models, executing transactions, and overseeing portfolio companies. From 2007 to 2009, Mr. Patterson served as an Associate and Vice President for a boutique investment bank where he was a member of a deal team and actively participated in all aspects of sourcing and executing transactions. Mr. Patterson graduated from the University of Denver with a Master of Science in Finance. He completed his undergraduate studies at the University of Nebraska-Lincoln, where he earned his Bachelor in Science in Business Administration with Highest Distinction and double majored in Finance and Accounting.
The manager of Lamington is Intertrust Management Ireland Limited, whose duties are solely administrative duties.
We have the following classes of notes outstanding: Series A Notes, Series B Notes, and Profit Participating Notes (PPNs). All of our outstanding PPNs are held by the Lamington Road Grantor Trust, a Cayman grantor trust (the “Trust”). The Trust has issued and outstanding trust certificates (the “Trust Certificates”), which represent interests in the PPNs.
The Series A Notes, the Series B Notes, and the PPNs are listed on the Vienna MTF (a multilateral trading facility operated by Wiener Börse AG), identified there by the issuer name and ISIN code:
On April 7, 2021, Emergent effected a restructuring that resulted in its various security holders receiving securities Series A Notes, Series B Notes, PPNs and Trust Certificates. In addition, the single outstanding share of stock of Lamington that was formerly owned by an indirectly wholly-owned subsidiary of Emergent was transferred to Intertrust Nominees (Ireland) Limited (the “Trustee”) to be held on trust for charitable purposes, and the Trustee has agreed not to sell, transfer, mortgage, charge or otherwise dispose of, secure or deal with all or any of the shares. As a result, Lamington is no longer an indirect subsidiary of Emergent.
On April 7, 2021, Emergent moved its operations to Lamington.
Upon the Restructuring:
On May 19, 2021, Emergent completed the follow-up closing to the Restructuring, and as a result all of Emergent’s securities were cancelled and no longer outstanding.
This notice addresses the delivery of Lamington Road DAC’s (the “Company”) Annual Financial Statements for the year ended November 30, 2020 (the “2020 Financials”). As a result of the significant demands of the Company’s restructuring transaction completed in April 2021 and due to delays caused by the COVID-19 pandemic, the Company has required additional time to complete its financial closing procedures and reports, and was unable, without unreasonable effort or expense, to deliver such reports within 120 days after fiscal year end as required by Section 4.05 of the Indenture dated as of April 7, 2021 (the “Indenture”). The additional time required to finalize the Company’s 2020 Annual Financials is due, in part, because the Company was unable to engage its auditor until the Indenture was entered into by the relevant parties and the U.S. bankruptcy plan of reorganization in In re Emergent Capital, Inc., Case No. 20-12602 (BLS), filed in the U.S. Bankruptcy Court for the District of Delaware, became effective, with both occurring on April 7, 2021. The Company will post its 2020 Financials as soon as practicable.
For similar reasons and the focus on the 2020 Financials, the Company was unable to deliver and post its interim financial statement for the six month period ended May 31, 2021 within 90 days after such period end as also required by Section 4.05 of the Indenture. The Company intends to deliver and post its interim financial statements as soon as practicable.
Although the Company is unable to post its 2020 Financials and interim financial statements at this time, the Company has not redeemed any Notes through the Payment Priority Waterfall or in any other manner, each as defined in the Indenture.
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