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

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ORDER GRANTING EX-PARTE UNOPPOSED MOTION FOR RELIEF FROM 

CERTAIN PROVISIONS OF RECOGNITION ORDER, TO REPATRIATE FUNDS TO

JOLS IN THE CAYMAN ISLANDS, AND FOR RELATED RELIEF

THIS MATTER came before the Court upon the Ex-Parte Unopposed Motion for Relief 

from the Stay Provisions of Recognition Order and for Related Relief [ECF No. 50] (the 

“Motion”) of Kenneth Krys and Neil Dempsey (the “JOLs”), in their capacity as the Joint Official 

Liquidators of Performance Insurance Company SPC (the “Debtor”), with the consent of State 

National Insurance Company (“State National”), Lexington Insurance Company (“Lexington”), 

SEQUOR LAW, P.A.

A. Jay Cristol, Judge

United States Bankruptcy Court

_____________________________________________________________________________

ORDERED in the Southern District of Florida on August 19, 2022.

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SEQUOR LAW, P.A.

and the shareholders of each of Gen 1 Insurance Company SP, Greystone Insurance SP, Prewett 

Insurance Company SP, Smart Insure SP, and Triangle RGK SP, each of which us a segregated 

portfolio of the Debtor (collectively, the “Subject SPs”) for entry of an Order granting relief from 

the certain provisions of the Recognition Order1so as to enable the JOLs to implement certain 

settlement agreements approved by the Cayman Court with the counterparties thereto; and the 

Court having jurisdiction to consider the Motion pursuant to 28 U.S.C. §§ 157(a) and 1334; having 

found that this is a core proceeding pursuant to 28 U.S.C. § 157(b)(2); and that venue of this 

proceeding and the Motion in this district is proper pursuant to 28 U.S.C. §§ 1408 and 1409; having 

found that the relief requested in the Motion is in the best interests of the Debtor, the estate, and 

other parties in interest; and having reviewed the Motion and having determined there is just cause 

for the relief granted herein, it is

ORDERED THAT:

1. The Motion is GRANTED.

2. The JOLs are relieved from the provisions of the Recognition Order to effectuate 

the settlements of the Subject SPs, including specifically the stay provisions contained therein, so 

as to enable the JOLs to implement the settlements approved by the Cayman Court regarding the 

Subject SPs. The Recognition Order remains in full force and effect as it relates to the Debtor 

and the Segregated Portfolios other than the Subject SPs. Should the terms of the settlements 

approved by the Cayman Court not be effected, the JOLs will seek the direction of the Cayman 

Court and return to this Court, if appropriate. 

 

1 All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Motion.

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SEQUOR LAW, P.A.

3. The JOLs are authorized and empowered to take such actions as may be reasonably 

necessary to implement the terms of the settlements including the repatriation of funds of the 

Subject SPs in the United States of America to accounts under control of the JOLs in The Cayman 

Islands.

4. To the extent applicable, the counterparties to the settlement agreements shall be 

relieved from the stay provisions of the Recognition Order in order to consummate and implement 

the settlements thereunder. 

5. This Court shall retain jurisdiction with respect to all matters, claims, rights, and 

obligations arising from or related to the implementation of this Order.

###

Submitted By:

Gregory S. Grossman

Sequor Law, P.A.

Counsel for the JOLs

1111 Brickell Avenue, Suite 1250

Miami, Florida 33131

Telephone: 305-372-8282

ggrossman@sequorlaw.com

Copies to:

Gregory S. Grossman, Esq.

[Attorney Grossman is directed to serve a conformed copy of this order on all interested parties 

and file a certificate of service with the court]

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