HAMILTON, Bermuda, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora” or the “Company”) announced today the departure of General Counsel and Secretary James W. Lundy, Jr. following the adoption of a plan of liquidation of the Company at a special general meeting of shareholders held yesterday. Mr. Lundy played a key role on Syncora’s leadership team and is leaving to pursue other opportunities.
“Jim has been a trusted legal advisor and creative problem-solver through numerous complex restructuring transactions, regulatory matters and major litigations. Jim also played a key role in the sale of Syncora Guarantee Inc. to Star Insurance Holdings LLC, an entity organized by GoldenTree Asset Management LP ("GoldenTree") on behalf of GoldenTree's managed funds and accounts,” said Frederick Hnat, Syncora Holdings Ltd. CEO.
As General Counsel and Secretary, Mr. Lundy was responsible for all legal and regulatory affairs for Syncora and its subsidiaries, serving as principal counsel to the Company’s leadership and the Board of Directors. He was also a member of Syncora’s executive management committee.
“Overseeing litigation that resulted in recoveries in excess of $1.3 billion, Jim’s contributions went far beyond leading our legal, regulatory and compliance teams,” said Michael P. Esposito, Jr., former Chairman of the Board of Directors. “His ability to build relationships and trust inside and outside organizations will serve him well in future endeavors.”
This press release contains statements about future results, plans and events that may constitute "forward-looking" statements within the meaning of the U.S. federal securities laws. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These risks and uncertainties include, but are not limited to, the factors described in the Company's GAAP financial statements posted on its website at www.shlholdings.com. Readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.