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Surplus Funds Entitlement – Liquidation
By: Derek Hawkins//December 29, 2016//
Listen to this articleWI Court of Appeals – District IV
Case Name: Partnership Health Plan, Inc. et al v. Office of the Commissioner of Insurance
Case No.: 2015AP1331
Officials: Kloppenburg, P.J., Higginbotham and Sherman, JJ.
Focus: Surplus Funds Entitlement – Liquidation
Michael Polsky, the WIS. STAT. ch. 128 receiver for Community Health Partnership (CHP), appeals an order of the circuit court denying Polsky’s motion for an order declaring that CHP is entitled to any and all surplus funds from the liquidation of Partnership Health Plan, Inc. (PHP). Restated and summarized, Polsky contends that CHP is entitled to PHP’s surplus funds because: (1) CHP is the “owner” of PHP and as such, is entitled to any surplus funds under WIS. STAT. § 645.68(11) (2013-14); 1 (2) PHP’s board of directors adopted a resolution directing that any surplus funds are to be paid to CHP; and (3) the surplus funds constitute reimbursement to CHP for money expended by CHP on behalf of PHP. For the reasons discussed below, we affirm.
Attorney Derek A. Hawkins is the managing partner at Hawkins Law Offices LLC, where he heads up the firm’s startup law practice. He specializes in business formation, corporate governance, intellectual property protection, private equity and venture capital funding and mergers & acquisitions. Check out the website at www.hawkins-lawoffices.com or contact them at 262-737-8825.
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