Principal of Elucidor, LLC
MBA – Finance, St John’s University
BA Economics, St John’s University
PROFESSIONAL AND BUSINESS HISTORY
Elucidor, LLC. (2011-present)
- Workout and Rehabilitation Manager for insurers, reinsurers, risk managers, insurance intermediaries and their clients
- Provides specialty advice and hands-on management to insurance companies on financial and business restructuring and workouts of distressed portfolios
- Expert in Corporate restructuring, rehabilitations and liquidations; credit committee representation, business plan preparation, IPO preparation and financing analysis
New Jersey Insurance Department (Workout Contractor 2003-2011)
Ken contracts with state insurance departments to manage insurance companies that have been put under state control due to solvency issues.
Current and ongoing projects include the reorganization of MIIX, one of the largest medical malpractice insurers in the US and the largest in New Jersey, as well as the management of auto insurer Consumer First, placed under state supervision in February, 2009. Both companies are currently in liquidation.
The Palmieri Company (1990- 2003)
Mutual Benefit Life Insurance Company, CFO:
During his career with the Palmieri Company, Ken had the leading role in the rehabilitation of Mutual Benefit Life, the largest life insurance company insolvency in US history. Ken served as CFO over a nine year period, from the date when the company was placed in rehabilitation by the New Jersey Insurance Commissioner until the successful sale of all the company’s insurance portfolios. This was the largest insurance insolvency in US history. It was also the most successful rehabilitation: no policyholder benefits were reduced and all creditors, including the unsecured general creditors received full compensation including generous interest payments.
Markham Insurance Company (Canada)-President
During his career with the Palmieri Company, Ken was appointed as President of Markham Insurance Company, a Canadian company in rehabilitation. Ken managed the successful reorganization and restructuring of this company.
Colorado Ute Electric Company, CFO
Appointed CFO by The Palmieri Company who was hired to manage this transmission company that served the western region of Colorado. The Company was put in government oversight due to cost overruns on its long term contracts. The Company was sold to a larger Colorado based utility after total restructuring
Chronar Corporation, CFO
Chief Financial Officer for this high tech photovoltaic start up. During Ken’s four years here $80 million dollars was raised, and major products were brought to market providing additional cash flows.
Service Publications, President
Hired by the owner of this magazine and trade show company to prepare it for sale. Within two years the company was sold to a major publishing company at a high multiple of earnings.
McGraw Hill, Vice President, Finance and Planning (1978-1990)
Vice President of Finance and Planning. Ken managed several divisions that were in crisis mode eventually providing strategic planning to either repackage these companies or sell to recoup any investments.