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NEWS & EVENTS
Insolvency Expert Larry Yumkas Joins Annapolis Consulting Group
ANNAPOLIS, Md. (May 1, 2007) – ACG Ltd. has named veteran bankruptcy
attorney Larry Yumkas, as its chief operating officer. Yumkas joins
ACG from Rosenberg | Martin | Greenberg, a premier Baltimore mid-size
full service business law firm, where he headed the bankruptcy, workouts,
and creditors’ rights practice. In over 18 years in private practice
representing debtors, lenders, creditors, bankruptcy trustees, receivers
and investors in distressed companies, Yumkas has become recognized
as an expert in efficiently and creatively resolving complex commercial
and insolvency-related disputes. Yumkas is active in the insolvency
community, having recently served as the President of the Bankruptcy
Bar Association for the District of Maryland.
“ACG sees tremendous market demand for insolvency consulting, particularly for services targeted to the high growth insurance and hedge fund captives market. Because of his unique combination of skills and experience, very few people have Yumkas’ level of strategic knowledge and ability in this arena,” said Tate Russack, director of ACG Limited.
Russack refers to the growing trend of insurance captives, in which corporations form their own insurance entities to mitigate their risk while controlling the investment of the premiums. As the popularity of insurance captives grows, there will be strong demand for insurance captive insurance insolvency expertise, like that of ACG and its new COO. Over the past six years, Yumkas has served as director of five offshore insurance subsidiaries, overseeing the bankruptcy liquidation of several insolvent captive insurance entities, including an estimated $600 million in claims.
“The captives business is high growth, highly regulated and subject to actuarial risk, investment risk, and inept and unscrupulous management risks, among other pitfalls,” said Yumkas. “This combination of factors presents great opportunities for ACG, Ltd. as we foresee increased demand for expert insolvency professionals experienced in captive liquidations and runoffs”.
As Chief Operating Officer, Yumkas will lead the business development and strategic endeavors of ACG Ltd. and oversee its consulting engagements.
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About ACG Limited (www.acglimited.com)
ACG Limited is an international consulting firm specializing in the resolution of complex insolvency matters. ACG expedites optimal outcomes through a veteran team of insolvency experts, including accomplished professionals in accounting, legal, finance, international affairs, and industry-specific operations. ACG wields the intellectual capital and authoritative deportment necessary to control dynamic bankruptcy and receivership situations. For more information about the event or other related matters, contact Tate Russack, at 410.353.2176 or email Tate@acglimited.com.
