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German creditor seeks to wind-up Condor Insurance

December 07, 2006 by David Marchant

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A New York Stock Exchange-listed creditor is attempting to wind-up a Nevis-licensed offshore insurer that cannot pay its debts despite having an audit that shows shareholders’ equity of over US$250 million.

Infineon Technologies AG, which is incorporated in Germany, filed an action at the St. Kitts & Nevis High Court on August 30, 2006 in which it is seeking the court’s permission to present a winding-up petition against Condor Insurance Limited, which is controlled by Harvey Thompson Milam and his wife, Joycelyn T. Milam, of Ocean Springs, Mississippi.

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