SEQUOR LAW, P.A.

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

MIAMI DIVISION

www.flsb.uscourts.gov

In re: 

Performance Insurance Company SPC Chapter 15

Debtor in a Foreign Proceeding. Case No.: 21-12609-AJC

_________________________________/

MOTION TO COMPEL TURNOVER OF FUNDS

HELD AT KEYBANK NATIONAL ASSOCIATION

Kenneth Krys and Neil Dempsey (the “JLs” or the “Foreign Representatives”), the Joint 

Liquidators of Performance Insurance Company SPC and its segregated portfolios1(collectively, 

the “Debtor”), file this Motion to Compel Turnover of Funds Held at KeyBank National 

Association (the “Motion”), seeking an order directing KeyBank National Association 

(“KeyBank”) to turnover the funds in a bank account held by one of the Debtor’s segregated 

portfolios. In support of their Motion, the Foreign Representatives state as follows:

RELEVANT FACTS

I. Background

1. The Debtor is a segregated portfolio company (“SPC”) incorporated in the Cayman 

Islands. D.E. 2, at 14. 

 

1

 The Debtor’s segregated portfolios are: (i) Bottini Insurance SP; (ii) Gen 1 Insurance Company SP; 

(iii) Goldenstar Holdings Company SP; (iv) Greystone Insurance SP; (v) Hudson York Insurance Company 

SP; (vi) Omega Insurance Company SP; (vii) Performance 5 SP; (viii) Prewett Insurance Company SP; (ix) 

Smart Insure SP; (x) SSS Insurance SP; (xi) Sustainable Insurance Company SP; and (xii) Triangle RGK 

SP. These twelve segregated portfolios are hereinafter referred to as the “Segregated Portfolios.”

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2. The Debtor operates in the captive insurance industry through the 12 Segregated 

Portfolios. One of these segregated portfolios is Goldenstar Holdings Company SP (“Goldenstar 

SP”).

3. Goldenstar SP holds an account at KeyBank ending in XXX1886 (the “Goldenstar 

Account”). 

4. On April 15, 2021, the Court entered its Order Granting Recognition of Foreign 

Main Proceeding Pursuant to §§ 1515 and 1517 of the Bankruptcy Code and Granting Additional 

Relief (the “Recognition Order”). D.E. 17. The Recognition Order recognized the Debtor’s courtsupervised liquidation pending in the Cayman Islands as a foreign main proceeding and the JLs as 

foreign representatives. D.E. 17. 

5. Among other things, the Recognition Order entrusts the Foreign Representatives 

with “the full administration and realization of all or part of the Debtor’s bankruptcy estate and 

assets within the territorial jurisdiction of the United States.” D.E. 17, at ¶ 3.

II. Attempts to Obtain Control of the Goldenstar Account

6. As of the date of this Motion, KeyBank has no responded to several attempts by 

the Foreign Representative to gain control over the Goldenstar Account.

7. On March 23, 2021, the Foreign Representatives sent a letter (the “First Letter”) to 

KeyBank, advising KeyBank that due to the Debtor’s liquidation in the Cayman Islands, the 

Foreign Representatives’ assumed control of Goldenstar SP and the Goldenstar Account. The 

Foreign Representatives also advised that they had the sole authority in connection with the 

Goldenstar Account and requested details regarding the account. The First Letter is attached hereto 

as Exhibit “A”.

2 KeyBank did not respond to the First Letter. 

 

2

 To avoid filing voluminous documents, the exhibits to the letter are no included.

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8. On March 29 and 30, 2021, the Foreign Representatives sent four letters to 

KeyBank at the following addresses:

a. KeyBank, Attn: Office of the General Counsel, Key Tower, 127 Public Square, 

Cleveland, OH 44114. 

b. KeyBank, Attn: Officer, Managing or General Agent, Key Tower, 127 Public 

Square, Cleveland OH 44114.

c. KeyBank, Attn: Officer, Managing or General Agent, P.O. Box 93885, Cleveland, 

OH 44101-5885. 

d. KeyBank, Attn: Lisa Bertalan, by e-mail: lisa_bertalan@keybank.com. 

These letters are hereinafter referred to as the “Second Set of Letters”, which are attached hereto 

as Exhibits “B”, “C”, “D” and “E”.

3

9. In the Second Set of Letters, the Foreign Representatives again advised KeyBank

that due to the Debtor’s liquidation in the Cayman Islands, the Foreign Representatives’ assumed 

control of Goldenstar SP and the Goldenstar Account. Exs. B, C, D & E. The Foreign 

Representatives also advised that they do not authorize any action in connection with the 

Goldenstar Account. Id. KeyBank never responded to the Second Set of Letters. 

10. On April 15, 2021, the Foreign Representatives sent two additional letters to the 

following KeyBank personnel:

a. KeyBank, Attn: Jennifer Wedge, Vice President/Senior Relationship Officer, One 

Canal Plaza, Portland, Maine 04101. 

b. KeyBank, Attn: Neil Buitenhuys, by e-mail at 

Neil_C_Buitenhuys@KeyBank.com.

 

3

 To avoid filing voluminous documents, the exhibits to the letter are no included.

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These letters are hereinafter referred to as the “Third Set of Letters,” which are attached hereto as 

Exhibit “F” and “G”.

4 Like the First Letter and the Second Set of Letters, the Foreign 

Representatives advised of the Debtor’s liquidation in the Cayman Islands and that they assumed 

control over Goldenstar SP and its accounts, including the Goldenstar Account. Exs. F & G. The 

Foreign Representatives also advised of the recognition of the Debtor’s Cayman liquidation in the 

United States under Chapter 15 of the Bankruptcy Code. Id. Again, KeyBank did not respond to 

the Third Set of Letters. 

11. On April 28, 2021, counsel for the Foreign Representatives, Gregory S. Grossman, 

had a telephonic communication with Jessica Morgans, KeyBank’s branch manager in Albany, 

New York regarding the above letters. Mr. Grossman also advised of the entry of the Recognition 

Order and the Foreign Representatives’ request to secure the Goldenstar Account. Mr. Grossman 

also provided Ms. Morgans with a copy of the Recognition Order. Ms. Morgans advised that she 

would forward the request to KeyBank’s legal team. KeyBank also failed to respond to this 

request.

12. Given KeyBank’s failure to respond to the communications above, on May 13, 

2021, the Foreign Representatives issued a Rule 2004 Subpoena to KeyBank, requesting 

information relating to the Goldenstar Account. D.E. 22. KeyBank produced documentation 

showing that as of May 31, 2021, the Goldenstar Account held $2,395,314.37. 

13. On June 9, 2021, counsel for the Foreign Representatives, Juan J. Mendoza, 

contacted KeyBank’s subpoena processing department, advised of the above letters sent to 

KeyBank, and noted KeyBank’s failure to respond. Mr. Mendoza requested that someone from 

the legal department respond to the letters to permit the Foreign Representatives to assume control 

of the Goldenstar Account. The processing agent advised that she would contact her manager and 

 

4

 To avoid filing voluminous documents, the exhibits to the letter are no included.

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that KeyBank would be in touch with the Foreign Representatives’ attorneys. As of the date of 

this Motion, KeyBank has yet to respond. 

BASIS FOR RELIEF AND RELIEF REQUESTED

14. The Recognition Order entrusted the Foreign Representatives with the full 

administration and realization of all or a part of the Debtor’s estate in the United States. D.E. 22, 

at ¶ 3.

15. Further, under section 1521(a)(7), the Court may grant to the foreign representative 

“the sort of relief that might be available to a trustee appointed in a full bankruptcy case, including 

the turnover of property belonging to the debtor.” In re Markus, 610 B.R. 64, 76 (Bankr. S.D.N.Y. 

2019) (quoting In re Inversora Electrica de Buenos Aires S.A., 560 B.R. 650, 655 (Bankr. 

S.D.N.Y. 2016) (internal quotations omitted); In re Tri-Continental Exch. Ltd., 349 B.R. 627, 

(Bankr. E.D. Cal. 2006) (permitting the turnover of funds to the foreign representative for 

administration of funds). 

16. KeyBank has so far ignored the Foreign Representatives’ multiple attempts to gain 

control of the Goldenstar Account. 

17. Accordingly, the Foreign Representatives request an order from the Court pursuant 

to section 1521(a)(7) directing KeyBank National Association to turnover the funds held at the 

Goldenstar Account to the trust account of its counsel or to such other account in the United States 

that is specified by the Foreign Representatives. 

WHEREFORE, the Foreign Representatives respectfully request that the Court enter an 

Order, in the form attached hereto as Exhibit H, directing KeyBank National Association to 

turnover the funds held in the Goldenstar Account to the trust account of the Foreign 

Representatives counsel or to such account as the Foreign Representatives specify, and any such 

further and other relief as the Court deems just and proper.

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SEQUOR LAW, P.A.

Dated: June 24, 2021 Respectfully submitted,

SEQUOR LAW, P.A.

1111 Brickell Avenue, Suite 1250 

Miami, Florida 33131

Telephone: (305) 372-8282 

Facsimile: (305) 372-8202

Email: ggrossman@sequorlaw.com

jmendoza@sequorlaw.com 

By: /s/ Juan J. Mendoza

Gregory S. Grossman

Florida Bar No. 896667

Juan J. Mendoza

Florida Bar No.: 113587

CERTIFICATE OF SERVICE

I HEREBY CERTIFY that a true and correct copy of the foregoing was filed via electronic 

filing using the CM/ECF system with the Clerk of the Court which sent e-mail notification of such 

filing to all CM/ECF participants in this case and via regular US mail to all participants who are 

not on the list to receive e-mail notice/service for this case as indicated on the service list on June 

24, 2021.

By: /s/ Juan J. Mendoza

Juan J. Mendoza

SERVICE LIST

Electronic Mail Notice List

The following is the list of parties who are currently on the list to receive email notice/service 

for this case.

Gregory S Grossman ggrossman@sequorlaw.com, ngonzalez@sequorlaw.com

Office of the US Trustee USTPRegion21.MM.ECF@usdoj.gov

Manual Notice List

o KeyBank, Attn: Office of the General Counsel, Key Tower, 127 Public Square, Cleveland, 

OH 44114. 

o KeyBank, Attn: Officer, Managing or General Agent, Key Tower, 127 Public Square, 

Cleveland OH 44114.

o KeyBank, Attn: Officer, Managing or General Agent, P.O. Box 93885, Cleveland, OH 

44101-5885. 

o KeyBank, Attn: Jennifer Wedge, Vice President/Senior Relationship Officer, One Canal 

Plaza, Portland, Maine 04101. 

o KeyBank, Attn: Neil Buitenhuys, at Neil_C_Buitenhuys@KeyBank.com.

o KeyBank, Attn: Lisa Bertalan, at lisa_bertalan@keybank.com. 

o KeyBank, Attn: Jessica Morgans, at Jessica_Morgans@keybank.com. 

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