▁$ 4 5 0 ▁million ▁of ▁losses . ▁ ▁A ▁ 2 0 0 0 ▁New ▁York ▁Times ▁article ▁stated ▁that ▁We iss ▁was ▁part ▁of ▁" an ▁immense ▁fra ud ▁scheme ▁that ▁si phon ed ▁$ 4 5 0 ▁million " ▁from ▁the ▁ins urance ▁company . ▁ ▁However , ▁Best ' s ▁Review , ▁the ▁ins urance ▁industry ▁month ly ▁magazine , ▁explains ▁that ▁it ▁had ▁$ 4 2 0 ▁million ▁in ▁li abilities ▁to ▁its ▁policy hold ers , ▁which ▁were ▁covered ▁by ▁state ▁guarantee ▁funds , ▁and ▁were ▁due ▁to ▁a ▁mixture ▁of ▁the ft ▁and ▁bad ▁invest ments . ▁ ▁The ▁$ 4 5 0 ▁( or ▁$ 4 2 0 ) ▁million ▁figure ▁c ited ▁above ▁in ▁media ▁reports ▁and ▁the ▁F BI ▁is ▁the ▁" g ross " ▁amount ▁of ▁National ▁Heritage ▁li abilities ▁covered ▁by ▁state ▁guarantee ▁funds , ▁ ▁recovery ▁of ▁National ▁Heritage ▁assets . ▁According ▁to ▁an ▁order ▁by ▁the ▁Del aware ▁Court ▁of ▁Ch anc ery ▁grant ing ▁liquid ation , ▁at ▁the ▁time ▁National ▁Heritage ▁went ▁into ▁receiver ship ▁in ▁ 1 9 9 4 , ▁it ▁had ▁$ 2 1 4 ▁million ▁in ▁li abilities ▁above ▁its ▁assets . ▁The ▁Rece iver ▁noted ▁in ▁court ▁subm issions ▁( ex hib its ▁A - C ) ▁that ▁National ▁Heritage ▁recovered ▁$ 2 3 5 ▁million , ▁and ▁re imb urs ed ▁state ▁guarantee ▁funds ▁$ 2 2 9 ▁million . ▁The ▁policy hold ers ▁of ▁National ▁Heritage ▁were ▁fully ▁re imb