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ORLANDO, FL, August 02, 2023 /24-7PressRelease/ -- Policyholders are not able to access their full policy funds from Greg Lindberg's North Carolina insurance companies because North Carolina Insurance Commissioner Mike Causey continues to play politics, says Lindberg. Watch his video statement here.
"It pains me that policyholders can't access their funds," says Lindberg. "Mike Causey needs to approve the pending sale of my North Carolina insurance companies. I want to continue to reiterate that this entire case is politically motivated. Causey continues to pursue scorched earth litigation that harms everyone — including the policyholders he was elected to protect instead of approving this sale. He is putting his own personal political gain ahead of policyholders."
Mike Causey admitted to a staffer at NCDOI that he pursued Lindberg out of retaliation for Lindberg's support of his opponent in the 2016 election. And Causey mentioned Lindberg over 100 times in his various campaign events for the 2020 election.
Causey's agents took over 5 months to execute a simple NDA to supply information to a potential buyer and then refused to provide the detailed information that the buyer required to close the deal. Causey is blocking the sale because a sale is contrary to Causey's false claims about the companies, Lindberg says. Regardless, Lindberg says he continues to fight every day to complete the sale of his insurance companies.
Lindberg states that there is a "ready and willing" buyer for his North Carolina insurance companies who has offered to pay "several hundred million dollars" for these companies so that they can be sold and exit rehabilitation immediately. At the time of sale, policyholders will be able to access all their benefits, Lindberg says. "My insurance companies successfully exiting rehabilitation will prove that the allegations about liquidity and questions about their financial strength have been false since day one," Lindberg says.
Given that a buyer has offered to pay hundreds of millions of dollars for Lindberg's North Carolina insurance companies and a liquidation of them is totally absurd. The liquidation was filed by Causey's agents only to try to deny Lindberg the opportunity to sell these companies, Lindberg says.
Causey's agents have also attempted to block sales of Mr. Lindberg's assets that will facilitate the sale of the insurance companies. For example, Mr. Lindberg has spent 6 months attempting to sell one asset to a ready and willing buyer for over $400 million but so far Causey's agents have blocked that sale.
In fact, Causey's agents have initiated virtually all of the litigation with Lindberg and his companies. Lindberg says he has tried mightily to settle these litigation matters but Causey's agents have refused to discuss any settlement.
Causey's agents have been litigating to enforce a plan that could keep policyholders from accessing their funds for another 7 years. Mr. Lindberg's plan gets policyholders their full funds this year. The sole reason policyholders don't have access to their funds now is Causey's intentional delay of the rehab exit of Mr. Lindberg's NC insurers, Lindberg says.
If Causey will simply approve the sale of the insurance companies, then the policyholders will be able to access their funds in full, says Lindberg. The insurance companies have over $1 billion of cash and liquid assets and Mr. Lindberg has shown time and time again with third party valuations that the loans to his various companies are well secured.
Lindberg invested over $500 million in his insurance companies and has never taken a penny of dividends from them. Lindberg even put $50 million in the North Carolina insurance companies in December of 2018 after it was clear that Causey was targeting him for political payback.
About Greg Lindberg
Greg Lindberg is a successful entrepreneur, philanthropist and author. Through his successful career, Lindberg has reimagined and transformed hundreds of businesses, employed thousands of people, empowered leaders and impacted communities through philanthropic efforts. His experiences as a leader and challenges have inspired him to empower people to achieve optimal success through wellness, longevity and leadership. Lindberg also has authored two books: Failing Early & Failing Often: How to Turn Your Adversity into Advantage and 633 Days Inside: Lessons on Life and Leadership. For more information, visit GregLindberg.com.
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