An employee at Texans CUSO Insurance Group LLC told Credit Union Times on Oct. 29 that Mike Haselden, the CUSO's CEO, will be leaving the company.
Credit Union Times contacted the CUSO and asked to speak to Haselden. An employee who answered the phone referred the reporter to Jeff Ellis. The employee said Haselden "will be leaving the company." According to another source, Haselden resigned on Oct. 29. Another manager with the insurance group resigned on Oct. 26.
Calls to Texans Credit Union's public relations managers and Mike Sauer, president/CEO of the $1.7 billion Texans Credit Union, the CUSO's owner, were not returned by press time.
Texans CUSO Insurance filed for Chapter 11 bankruptcy protection (see article page 3) in September to resolve its operational and liquidity issues. On Sept. 10, a bankruptcy court judge granted the CUSO approval to pay, among other things, pre-petition commissions owed to its independent agents.
Last week and prior to the information regarding Haselden leaving the company, Texans CU spokeswoman Jo Trizila told Credit Union Times that the insurance group also received all that it asked for at a final cash collateral hearing on Oct. 8 (See article, page 3). She did not provide details on what was requested during that hearing.
Since April 2007, Texans CUSO Insurance had been embroiled in a legal scuffle with Kevin Curley, former president of the subsidiary. Curley was terminated then and filed suit for wrongful termination. In July 2008, a Texas arbitrator ruled that the firing was unjustified and Curley was entitled to $6.3 million in damages. In July of this year, Curley confirmed the Judgment with Credit Union Times.
–msamaad@cutimes.com
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