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« Liability Insurers' ELNY Motion Denied | Main | Uniform Fiduciary Standard »

July 30, 2012

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Patrick Hindert

Schedule 1.15 for the proposed ELNY restructuring plan provides extensive information about each of ELNY's remaining 9694 annuities of which 4168 are structured settlement annuities (SSAs).

According to Schedule 1.15, 1459 SSAs will experience shortfalls ("uncovered amounts") as a result of ELNY's liquidation and restructuring even assuming state guaranty association contributions and enhancements.

For the 1459 SSAs with anticipated shortfalls, 156 SSAs are identified as having had some benefits factored.

Schedule 1.15 does not identify how many ELNY SSAs were funded with qualified assignments vs. buy and hold financing.

whatashame

Mr. Patrick

How many of the 1500 or so contract have been purcgased by Peach Tree or Wentworth?

How many of the contracts have qualified assignments?

There very well may be less issues than everyone thinks.

Let me know if you wish to discuss further

Patrick Hindert

The answer depends upon the settlement documentation. Patrick Hindert

Mera

If periodic deferred payments were to be made through an annuity contract with Executive Life Insurance Company of New York, and a qualified assignment of the annuity shall also be made by St. Paul Property and Liability Insurance Company to First Executive Corporation, a Delaware corporation, as assignee. Are you saying there is an argument that the assignor might still be liable even though it was a qualified assignment? (NOTE: St. Paul was acquired by Travelers in 2004 - i.e. there is an argument that Travelers might be liable?)

Patrick Hindert

Please send me a private email (patrick@s2km.com) to discuss these issues. Patrick Hindert

Anonymous Poster Quote 3

If one does NOT have their original settlement documentation, where can it be retrieved?

My parents lost the paperwork years ago.

I called the lawyer involved in the original lawsuit. He doesn't have the documentation.

I understand that having this documentation is imperative for possible future litigation, but where can I find it?

thank you!

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