Lamington Road DAC

About Us

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.

Board of Directors

Effective April 7, 2021, our Board of Directors is composed of five members.

Patrick T. Brennan

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. 

Barry Brennan

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.

Robert C. Knapp

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.

Roy J. Patterson

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.

Our Securities

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:

Lamington Road DAC – Series A Notes


Lamington Road DAC – Series B Notes


Lamington Road DAC – PPNs


The Trust Certificates are also listed on the Vienna MTF, identified there by the issuer name and ISIN code:

Lamington Road Grantor Trust – Trust Certificates:

ISIN: KYG5365M1024

The Series A Notes, the Series B Notes and the PPNs are governed by an indenture dated April 7, 2021 between Lamington and US Bank, National Association as trustee. The Trust Certificates are governed by a Grantor Trust Deed dated as of March 1, 2021. Maples Trustee Services (Cayman) Limited, serves as grantor trust trustee. The transfer agent for the Trust Certificates is EQ Shareowner Services, who can be reached at (800) 468-9716.

Lamington Updates

March 2023

The FY 2022 audited financials are posted here. Lamington Road DAC – Financial Statements November 30 2022.pdf

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December 2022

Open Market Repurchase of Series B Notes.On any date up to and including December 31, 2022, Section 3.3 of the Indenture permits the Company to repurchase Series A and/or Series B Notes in the open market so long as the Company maintains its Minimum Cash Balance.  Pursuant to that resolution,

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September 2022

Form 3520-AAttached is a sample of an IRS Form 3520-A with respect to ownership of trust certificates (“Trust Certificates”) that is based on what was issued by the Lamington Road Grantor Trust, a Cayman Islands grantor trust (the “Grantor Trust”) to another certificate holder.  Such IRS Form 3520-A was prepared

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August 2022

Repayment of Certain Obligation pursuant to Limited Partnership Agreement.As of June 15, 2022, Lamington’s cash balance was $18,291,032. Pursuant to a resolution unanimously adopted on April 5, 2022, the Lamington Board increased the Minimum Cash Balance from $4,000,000 to $4,000,000 plus the amount necessary to repay certain amounts arising pursuant

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May 2022

On May 31, 2022, Lamington Road DAC (the “Company”) notified U.S. Bank National Associations, as Trustee (the “Trustee”) under the Lamington Indenture with respect to the Company’s outstanding Series A Notes, Series B Notes and PPNs, that it will cash pay the accrued interest due and payable on the Series

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March 2022

U.S. Federal Income Tax MattersUpdated March 11, 2022 Set forth below is a brief discussion of certain U.S. federal income tax consequences of distributions with respect to the securities issued by Lamington Road Designated Activity Company (“Lamington”) to taxable U.S. persons who hold securities in Lamington that should be treated

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December 2021

Lamington Road DAC – Financial Statements November 30 2020.pdf Lamington Road DAC – Unaudited Financial Statements May 31 2021.pdf On December 1, 2021, Lamington Road DAC notified U.S. Bank National Associations, as Trustee, that it will cash pay 100 percent of its Series A Note interest payable for the 6-month

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September 2021

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

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May 2021

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.

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To contact Lamington’s Investor Relations, please contact: Rob Fink of FNK IR at 646-809-4048 or

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