ELNY Hardship Fund - 2

Anticipated appeals of the Order of Liquidation and Approval of the Executive Life of New York (ELNY) Restructuring Agreement by shortfall victims will neither delay the administration of Hardship Fund applications nor cause the Hardship Fund to discriminate against ELNY shortfall victims who participate in such appeals according to recent changes made to the ELNY Hardship Fund website.

Responding to concerns of ELNY shortfall victims, as reported in this prior S2KM blog post, JAMS, as Manager of the ELNY Hardship Fund, has added the following statements to the ELNY Hardship Fund website:

• "Some payees may decide to appeal Judge Galasso’s April 16 decision to approve the ELNY liquidation plan. Participation in the appeals process will not be a factor in decisions JAMS makes about the distribution of money from the fund to eligible payees."
• "Because JAMS is not a party to the court proceedings or any appeal of the court’s order and because JAMS intends to administer the Hardship Fund in an expeditious manner, the preparation, mailing and review of the applications will not be delayed by those court proceedings."

The revised ELNY Hardship Fund website, however, still includes this important proviso: "The Hardship Fund, while not part of the restructuring plan approved by the court, is contingent upon its final approval. In the event Judge Galasso’s decision is appealed and the liquidation order is rejected, the conditions for establishing the Hardship Fund will not be met and no payments from it will be available."

A representative of JAMS has informed S2KM that JAMS' ELNY Mission is "to develop and execute a Hardship Fund process based upon the following values: transparency, fairness, respect, ethics, and excellence." JAMS' current ELNY priority, according to this representative, is to develop the guidelines and application process for the Hardship Fund.

For complete and continuing S2KM reporting about the ELNY liquidation, see the structured settlement wiki.

Comments

[Anonymous Poster Quote 3]

My next question would be...Since there is now a notice to appeal, and certainly an appeal will be filed...no money from the Hardship Fund will be available until after the appeals have been dealt with?