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The Transfer of Portfolios to the Successful Purchasers On May 19, 1999, the Minister of Finance announced the successful purchasers of the Mutual Life, Crown Eagle Life and Dyoll Life portfolios. The results were as follows:
The total bid price for the entire portfolio was $1,310.3 million Total
assets of approximately $5.5 billion were transferred to the
purchasers. Of this amount approximately $2 billion can be sourced
from the assets of Mutual Life , Crown Eagle Life and Dyoll Life. The
remaining $3.5 billion will be in the form of bond or treasury bills.
The Role of the Judicial Manager In order to substantially shorten the transfer process, an application was successfully made to the Supreme Court for the Judicial Manager to be appointed over this portion of the business for all three companies. At a final hearing on July 29, 1999 the Supreme Court approved the Agreements for Sale, and ordered the transfer of business. First Life and Guardian Life assumed management of the portfolios on August 1, 1999. The pace with which this divestment has taken place is unprecedented.
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