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Olshan Represents Affiliate of Michael Gorzynski in Deal to Acquire Insurance Segment from HC2 Holdings, Inc.

April 5, 2021

Olshan represented an affiliate of Michael Gorzynski, managing member of MG Capital Management Ltd., in connection with his agreement to acquire Continental Insurance Group Ltd. from HC2 Holdings, Inc. (NYSE: HCHC) for total consideration of approximately $90 million.  Mr. Gorzynski, who beneficially owns approximately 6.6% of HCHC’s outstanding common stock, had previously gained a seat on its board of directors through a settlement and subsequently became Executive Chairman of its Continental subsidiary.  The transaction is subject to receipt of required regulatory approvals and other customary conditions and is expected to close in the third quarter of 2021.  Olshan attorneys who worked on this matter included Andrew M. Freedman, Michael R. Neidell, Scott J. Kilian-Clark, Bachar Mahmoud and Rebecca Van Derlaske

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