|
Environmental and Public Protection Cabinet
Kentucky Central Life Insurance liquidator reaches agreement with Webbs
FRANKFORT, Ky. (July 29, 2005) – Under an agreement approved in Franklin Circuit Court today, Lexington developer Donald W. Webb and his wife, Julie H. Webb, have agreed to pay the estate of Kentucky Central Life Insurance Company $2.85 million.
At issue were unpaid business debts incurred in joint ventures between Kentucky Central and the Webbs, attorney fees and litigation expenses, lawsuits in which the Webbs accused former liquidators of wrongful use of civil proceedings, and outstanding principal and interest payments on several Lexington properties.
“This agreement ends disputes and litigation over complex commercial transactions, many occurring a number of years ago, and involving multiple parties,” said Glenn Jennings, Kentucky Central Life liquidator and executive director of the Kentucky Office of Insurance. “This settlement is the best outcome for the Kentucky Central estate and does the most to safeguard the funds available to move forward and pay other debtors. To continue litigating these matters would have taken a toll on existing resources.”
Pending litigation against Donald Webb’s brother and business partner, R. Dudley Webb, is not affected by today’s settlement.
The Kentucky Office of Insurance assumed control of Kentucky Central in February 1993. The company entered liquidation in 1994.
|