Gareth Hughes

Fortress Re insiders agree to settle for $400 m

July 31, 2004

Fortress Re Inc. and its two principals, Maurice Sabbah and Kenneth Kornfeld, have reportedly agreed to settle a $1 billion arbitration award by giving up assets worth more than $400 million.The assets include "lavish homes, antiques, a Gulfstream III jet and other assets", according to a report in the Wall Street Journal on July 21, 2004.

Liquidators seek to depose former New Cap Re boss

July 31, 2003

The liquidators of New Cap Reinsurance Corporation (Bermuda) Ltd. have been granted a request for judicial assistance by a United States court.The decision on July 8, 2003 by the U. S. District Court for the District of Connecticut allows liquidators John McKenna and Gareth Hughes to depose Udayan Ghose.

Carolina Re insiders sued over $485 m dividend payouts

December 31, 2002

The Joint Liquidators of Bermuda-registered Carolina Reinsurance Ltd. have filed a civil lawsuit in the United States against the firm's shareholders and auditor.They are seeking damages for tens of millions of dollars of dividends they claim were taken out of the company when it was insolvent.

Auditor Deloitte & Touche seeks to avoid Carolina Re depositions

October 31, 2002

Deloitte & Touche is attempting to prevent the liquidators of Bermuda-registered Carolina Re from deposing five of its staff, including two based in Bermuda.Carolina Re's auditor has already lost one motion to quash subpoenas of its employees at the United States Bankruptcy Court for the Southern District of New York and is now seeking leave to appeal.

Carolina Re is forced into liquidation

December 31, 2001

Losses from the World Trade Center terrorist attack have claimed their first victim in Bermuda, with the forced liquidation of Carolina Reinsurance Limited.Carolina Re was a Class 3 insurer that was formed in Bermuda in 1984 and managed by Westbroke Ltd., which is operated by the law firm of Conyers, Dill & Pearman.

Carolina Reinsurance Ltd.: Section 304 Petition

December 5, 2001

Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Gareth Hughes and John McKenna, as the Foreign Representatives of Carolina Reinsurance Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

BF&M liquidators bring first lawsuit

May 19, 1994

The joint provisional liquidators of Bermuda Fire & Marine Insurance have brought their first legal action in Bermuda since they were appointed six months ago, filing an application to be appointed receivers of Bermuda London Underwriting Agency Ltd.