DSI ABCs LLC, as assignee for the benefit of creditors of The Education Insurance Corporation (“EIC”), an insurance technology company, announces the public sale of EIC’s intellectual property and substantially all of its other assets. All bids must be received by no later than 5:00 pm (prevailing Central time) on March 4, 2020.
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EIC is a Delaware corporation headquartered in Stamford, Connecticut. EIC was formed with the goal of developing a new insurance product which would enable colleges and universities to offer salary guarantees to their students post-graduation. To that end, EIC set to work creating a predictive algorithm, based on a wealth of both public and privately held data, which would accurately determine the level of risk and cost of offering this product. Using this model, EIC hoped to offer a suite of new financial instruments which would reduce the risks typically associated with investment in higher-education.
Dubbed “American Dream Insurance,” EIC’s core product would have enabled schools to pay premiums on an insurance policy which guaranteed the income of a graduate over a specified time-period. Conceptually, if a graduate were to earn less than an expected baseline, the policy would then pay the student the difference. This innovative product would provide financial assurances to those students aspiring to higher-education, while simultaneously giving colleges a competitive advantage in recruiting new applicants, and positions the owner of this technology to become the leader in a newly emerging segment of the insurance market.
EIC has ceased operations and executed an Assignment for the Benefit of Creditors under Illinois law on January 17, 2020.
Parties interested in information about the available assets should contact DSI ABCs, LLC. The Assignee will make a determination as to what offer will yield the best recovery to creditors. The assets will be sold on a cash-basis, as a single lot, “as-is, where is” with no express or implied warranties, representation, statements or conditions of any kind Interested parties should request a form of asset purchase agreement that will be acceptable for the purposes of bidding.
All bids must be received by no later than 5:00 pm (prevailing Central time) on March 4, 2020. In the event the Assignee receives a qualified competing bid, an auction will be held on March 6, 2020. Only qualified competing bidders will be permitted to attend the auction.
The Assignee reserves the right to revise the terms of sale prior to the beginning of the auction. The Assignee reserves the right to cancel or postpone the sale.
For more information regarding the Assignment for the Benefit of Creditors of The Education Insurance Corporation and the assets being sold, or to request a copy of the form Asset Purchase Agreement, please contact agents for the Assignee, Steven L. Victor at firstname.lastname@example.org, or William G. Brandt at email@example.com, or by calling (312) 263-4141.
Harold D. Israel of Levenfeld Pearlstein, LLC is serving as counsel for the Assignee and can be reached at firstname.lastname@example.org, or by phone at (312) 476-7573.
DSI has been a leading provider of management consulting and financial advisory services, including turnaround consulting, fiduciary roles, financial restructuring, litigation support, wind-down oversight and forensic accounting services for more than 40 years. The company is headquartered in Chicago and has offices in New York, Los Angeles, San Francisco, South Florida, Wilmington and Columbus, Ohio. Internationally, DSI has an office in London. For more information about DSI, visit www.dsiconsulting.com.