Day 10 of the Executive Life of New York (ELNY) Liquidation Hearing was consumed by the closing summations of attorneys representing Objectors to the ELNY Restructuring Agreement proposed by the Superintendent of the New York State Department of Financial Services (Superintendent), as Receiver for ELNY. The Objectors included: ELNY structured settlement shortfall payees, ELNY policyholders and at least one structured settlement factoring company.
Attorney Megha Charalambides, speaking on behalf of her shortfall victim clients, proposed to presiding Judge John M. Galasso that he appoint a "Special Master" to meet with representatives of all parties for the purpose of considering possible alternatives to the Superintendent's proposed plan. If an alternative plan materialized by a specified deadline, the Judge could consider it. Otherwise, he could approve the Superintendent's plan. Judge Galasso did not immediately respond to Charalambides' proposal.
Representing Travelers, attorney Craig Ulman confirmed his client was prepared to make whole any ELNY-related structured settlement payment obligations funded on a "buy and hold" basis and that Travelers had already sent out notices to payees under such ELNY annuity contracts. On "cross-summation" attorney Edward Stone pointed out that Travelers is already legally obligated to make those payments and that Travelers' offer apparently does not apply to ELNY structured settlement payment obligations Travelers funded using a "Qualified Assignment".
Note: This prior S2KM blog post explains the difference between buy and hold and Qualified Assignment structured settlement funding. The problem for most, if not all, of the ELNY structured settlement shortfall victims with Qualified Assignment funding is that First Executive Corporation (FEC), the assignee/owner, collapsed in 1991 and no longer exists. This prior S2KM blog post provides a background summary of FEC's history.
Judge Galasso denied two motions by attorney Stone during his closing summation without offering explanations:
- Stone moved for a mistrial (which Judge Galasso re-characterized as a motion for a misorder) on the grounds that his clients' property was being taken without due process.
- Stone also moved for a 30 day stay of hearing to allow structured settlement shortfall victims to develop and present an alternative ELNY restructuring plan.
Closing summations continue on Thursday. For S2KM's complete reporting about the ELNY Liquidation Hearing, see the structured settlement wiki.
I also emailed him. We shall see is right.
Posted by: Anonymous Shortfall Payee | March 30, 2012 at 12:12 PM
I emailed Judge Galasso in person...his profile said he is for the people... we shall see.
Posted by: wife | March 30, 2012 at 11:56 AM
I say we shortfall victims all get together and see what we can do. Why should we sit back and let them do this to us! I emailed the above address and I suggest you all do the same and lets get together!
You notice I am not Anonymous!
I don't think we should be anymore!
Posted by: Terri | March 30, 2012 at 01:11 AM
I don't understand why all of us did not have a chance to have a lawyer present. No one knew until it was too late what was going on. In our case the company is no longer in business and we will never see what was promised us. This was to be guaranteed for life.
Posted by: Sharon Hunt and Amanda Swam | March 30, 2012 at 12:58 AM
Please email me at [email protected] if you are interested in sharing your contact information. We absolutely can not allow this injustice to happen and I can not sit on the sidelines and watch any longer!
Posted by: Anonymous Shortfall Payee | March 29, 2012 at 06:36 PM
We signed our agreement back in 1985 and it was "certain and guaranteed" therefore we did not sue the individual who injured my husband. Now because of it we are loosing 52% of our settlement! He is paralyzed and medical bills are thru the roof as it is! If your bored go look up and see how much the CEO's of insurance companies are making PER year! OUTRAGEOUS!!!
Posted by: wife | March 29, 2012 at 04:51 PM
Quite frankly, I want to know what happen to American Justice?
As a shortfall victim I am confused, I thought we had fair and just rights in this country.
I wonder does the Judge realize we are people and not contract numbers? For that matter does the Superintendent realize this?
Posted by: Terri | March 29, 2012 at 01:03 PM
If anyone out there wants to join in a movement against this unfair practices I am in.
Posted by: Anonymous | March 29, 2012 at 12:51 PM
Bill, the only way we can protect our dignity and property is to bring it to the public's attention. This is an outrage and should never be allowed in this country! We are innocent people who have always followed the rules of society and we are rewarded with pain and suffering on top of our already existing pain and suffering. May God give all of us the strength we need in these trying times.
Posted by: Anonymous Shortfall Payee | March 29, 2012 at 12:19 PM
Why even have a court hearing? We as reduced SSAs will be forced into a life of struggle and then at the end of our life when the funding is gone in the next decade. We will have nothing but a little Social Security to make it on. This on top of our medical problems and pain & suffering that we endured. Who has a gun to their head? Who is getting sentence to hell on earth? Why does the judge and others want to hide this from the public? They should just round us up and do what they have always wanted to do, rid this country of its cripples, blind and tortured people so no one will have to look at us anymore? May God have mercy on those who have sentenced us to life of hell. It will be hard for me to forgive but I pray God gives me and others the strength to endure and forgive.
Posted by: bill | March 29, 2012 at 07:54 AM