Notice of Disposition of Collateral – UCC Foreclosure Sale

Notice of Disposition of Collateral
Public Auction – UCC Foreclosure Sale
Radnor, PA

Take notice that i2B Capital Fund II, LLC (as agent for certain lenders “i2B”), will offer for sale at public auction (1) the stock or other equity interest of National Surety Underwriters, Inc., a Delaware corporation (“NSU”), in: (a) McCabe, Inc., a New Jersey corporation, (“ICU”), (b) National Fidelity Reinsurance Company, Inc., a North Carolina corporation (“NFRC”), and (c) Brandywine Insurance Advisors, LLC (“Brandywine” and together with NSU and ICU, the “Debtors”) (together with the equity interests in ICU and NFRC for sale, the “Equity Collateral”); and (2) all of the personal property of NSU and Brandywine. The public auction will be held on October 29, 2018, at the Law Offices of Doron A. Henkin, Esq., located at 150 N. Radnor-Chester Road, Radnor, PA 19087, beginning at 11:00 a.m. (EST); provided, however, that i2B may cancel or adjourn the auction at any time without further notice or publication other than by announcement at or prior to the auction.

This sale is being held to enforce i2B’s rights in the collateral described in the preceding paragraph (the “Collateral”) in order to satisfy the indebtedness of the Debtors to i2B. The Collateral secures the repayment of indebtedness of the Debtors to i2B in an amount in excess of $11,723,034.04 (as of 7/31/2018). i2B reserves its right to credit bid for the Collateral.

Any inquiry regarding the terms of sale, the Debtors, NFRC, and/or the Collateral, may be directed to counsel for i2B: Alexandra Shipley, McGuireWoods LLP, 77 W. Wacker Dr., Ste 4100, Chicago, IL 60601; phone 312.849.8253.

None of the Equity Collateral has been registered for sale under any federal or state securities or blue sky laws, and as such may not be sold or otherwise transferred by i2B or a purchaser of any Equity Collateral except in accordance with applicable law.