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PUBLIC NOTICE OF ASSET SALE: The Education Insurance Corporation

Public Notice of Asset Sale: Intellectual property & Assets of The Education Insurance Corporation

DSI ABCs LLC (“DSI”), as assignee (the “Assignee”) for the benefit of creditors of The Education Insurance Corporation, an insurance technology company, announces the public sale of EIC’s intellectual property and substantially all its other the assets (the “Auction Assets”). All bids must be received by no later than 5:00 pm (prevailing Central time) on March 4, 2020.


An auction will be held on March 6, 2020. Only qualified competing bidders will be permitted to attend the auction. The auction will take place at DSI’s office at 10 South LaSalle Street, Suite 3300, Chicago, IL 60603.



About the Education Insurance Corporation and Assets to be Sold:

EIC is a Delaware corporation headquartered in Stamford, Connecticut. EIC was formed with the goal of developing a new insurance product which would enable colleges and universities to offer salary guarantees to their students post-graduation. To that end, EIC set to work creating a predictive algorithm, based on a wealth of both public and privately held data, which would accurately determine the level of risk and cost of offering this product. Using this model, EIC hoped to offer a suite of new financial instruments which would reduce the risks typically associated with investment in higher-education.

Dubbed “American Dream Insurance,” EIC’s core product would have enabled schools to pay premiums on an insurance policy which guaranteed the income of a graduate over a specified time-period. Conceptually, if a graduate were to earn less than an expected baseline, the policy would then pay the student the difference. This innovative product would provide financial assurances to those students aspiring to higher-education, while simultaneously giving colleges a competitive advantage in recruiting new applicants, and positions the owner of this technology to become the leader in a newly emerging segment of the insurance market.

EIC has ceased operations and executed an Assignment for the Benefit of Creditors under Illinois law on January 17, 2020.

Assets to be Sold:

The Auction Assets include all of the Assignee’s right, title and interest in and to all of its assets whether tangible or intangible, real or personal or mixed, owned or leased (including indirect and other forms of beneficial interest) wherever located and by whomever possessed including but not limited to:

  1. Computer equipment
  2. website domains and social media accounts
  3. data, and
  4. computer codes

A further description of the Auction Assets is set forth in detail in the form APA (as described below).


Parties interested in information about the Auction Assets should contact DSI. The Assignee, in its sole discretion, will make a determination as to what offer will yield the best recovery to creditors. Interested parties should request a form of asset purchase agreement for the purposes of bidding.

All bids must be received by no later than 5:00 pm (prevailing Central time) on March 4, 2020. In the event the Assignee receives a qualified competing bid, an auction will be held on March 6, 2020. Only qualified competing bidders will be permitted to attend the auction.

Terms and Conditions:

The Auction Assets to be sold are being sold on a cash-basis, as a single lot, “As-Is” and “Where Is” and with no express or implied warranties, representation, statements or conditions of any kind including but not limited to warranties of merchantability or fitness for a particular purpose and are to be sold in accordance with the terms and provisions set forth above and in accordance with applicable law.

The Assignee reserves the right to revise the terms of sale prior to the beginning of the auction. The Assignee reserves the right to cancel or postpone the sale.

For further information regarding Auction Assets, or to request a copy of the form Asset Purchase Agreement, please contact Assignee’s Agents or Counsel, as follows:


DSI ABCs, LLC, as Assignee
Steven L. Victor; William G. Brandt, as Agents
10 South LaSalle Street, Suite 3300
Chicago, IL 60603
(312) 263-4141
[email protected]

Counsel to the Assignee:

Harold D. Israel
Levenfeld Pearlstein, LLC
2 N. LaSalle St. Suite 1300
Chicago, Illinois 60602
(312) 476-7573
[email protected]

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