Four insurance companies are calling on the North Carolina Court of Appeals to reject convicted billionaire Greg Lindberg’s attempt to overturn a $122 million contempt order, stating he has made no meaningful effort to remedy his violations of a court order.
Southland National Insurance Corporation and three other insurers — all formerly owned by Lindberg and now in liquidation — filed a legal brief Wednesday arguing that the contempt order was justified due to Lindberg and his company, Global Growth Holdings, willfully violating a 2019 temporary restraining order designed to protect policyholder assets.
At the core of the Lindberg $122M contempt NC appeal, the insurers maintain that Lindberg failed to appear in court for a show cause hearing, barring him from challenging the evidence presented. According to their brief, he and Global Growth unlawfully diverted over $120 million, money that was intended to reimburse policyholders.
“Defendants’ contempt can only be purged by returning the money they took,” the brief asserts, noting that Lindberg has instead claimed an inability to pay, while still controlling assets capable of covering the judgment.
The contempt order stems from a broader 2019 lawsuit filed after Lindberg allegedly acquired insolvent insurance companies and redirected their funds for unrelated ventures. A memorandum of understanding required Lindberg to relinquish control of key businesses — known as Specified Affiliated Companies (SACs) — to an independent board. However, insurers allege he failed to do so and instead moved millions into shell companies and spent funds on private planes and a ghostwritten book.
Despite Lindberg’s claim that he later transferred ownership of the SACs, the insurers argue that only financial restitution — not belated restructuring — can cure the contempt.
The case, Southland Nat’l Ins. Corp. v. Lindberg, case number 25-183, remains under review by the North Carolina Court of Appeals.
