The New York Superintendent of Financial Services, as Receiver for Executive Life of New York (ELNY), filed a preliminary version Schedule 1.15 for the proposed ELNY Restructuring Agreement on November 7, 2011 with the New York Supreme Court of Nassau County.
The filed version of Schedule 1.15 redacts the names and addresses of structured settlement annuity (SSA) owners and payees. It does, however, provide substantial contract information including contract identification numbers and complex calculations showing the anticipated "uncovered amounts" (shortfalls) for individual contracts following proposed state guaranty association contributions and enhancements. For a highlighted summary of Schedule 1.15, see this prior S2KM blog post.
Within 30 days following the Schedule 1.15 November 7, 2011 filing, the Receiver is required to notify individual ELNY annuity owners and payees of the ELNY liquidation and their ELNY contract status. According to an ELNY Customer Service Representative at the New York Liquidation Bureau (NYLB), the NYLB had not mailed those individual ELNY notices as of December 2, 2011 but intended to do so on or before December 7, 2011.
Beginning November 21, 2011, the ELNY Receiver has been posting weekly public notices (on Fridays) in The New York Times and The Wall Street Journal. These public notices provide important information for ELNY structured settlement purchasers, policyholders, payees, beneficiaries, and investors. What follows is an excerpt from the ELNY public notice that appears on page B7 in today's Wall Street Journal with S2KM emphasis added.
---------------------
"A hearing on the Liquidation Petition is scheduled for March 15, 2012, before the Honorable John M. Galasso, J.S.C., at the Courthouse, 100 Supreme Court Drive, Mineola, New York, at IAS Part 37, at 9:30 a.m. (the "Return Date").
"If you wish to object to the Liquidation Petition or the Restructuring Agreement, you must serve a written statement setting forth your objections and all supporting documentation ("the Answering Papers") upon the Superintendent so as to be received by the Superintendent by January 16, 2012, and by submitting copies of the Answering Papers, with an affidavit of service evidencing service on the Superintendent, to the Court at IAS Part 37 at the Courthouse located at 100 Supreme Court Drive, Mineola, New York, within a reasonable time not to exceed five [days] by first class mail at the following address:
"New York Liquidation Bureau
Superintendent of Financial Services of the State of New York
As Receiver for ELNY
110 William Street
New York, New York 10038
"If you fail to serve Answering Papers as provided herein, you shall be deemed to have waived any objections to the relief sought by the Superintendent and shall be barred from raising objections in this or any other proceeding concerning these matters. Further, if you serve Answering Papers as provided herein, you shall be deemed to have waived any objections that are not set forth in the Answering Papers.
"The Liquidation Petition and supporting papers, including the Restructuring Agreement, are available for inspection at URL: http://www.elny.org. Copies of the order to show cause and supporting papers may also be obtained to the Court, the documents submitted to Court control.
"Requests for further information should be directed to the New York Liquidation Bureau, at 1- 888-398-8213."
--------------------
S2KM note: as of December 2, 2011, the ELNY Restructuring Agreement available on the ELNY in Receivership website identified above does not include a copy of Schedule 1.15. A representative from the NYLB has informed S2KM that Schedule 1.15 will be posted on the ELNY website sometime during the week of December 5, 2011.
For additional information about the ELNY liquidation including an Executive Life timeline, see the structured settlement wiki.
Comments