Important Updates
In an effort to return funds to most claimants while trying to resolve a few incomplete or disputed claims, the Receiver has sent (or will be sending) claimants either a Notice of Receiver’s Claim Determination or a request for additional information. The Notice of Receiver’s Claim Determination represents the amount the Receiver is prepared to allow on a specific claim. If the claimant is in agreement with the Notice of Receiver’s Claim Determination, the claimant need do nothing. If the claimant is in disagreement, the claimant has thirty (30) days within which to return to the Receiver a completed Objection Form along with any supporting statements and documentation that you wish the court to consider.
Once the thirty (30) day objection period has run, we will file one or more motions with the court seeking approval of the Receiver’s claim determinations and seeking authority to commence distributions. The Receiver will send claimants a notice of the date the court will hold a hearing on your claim determination. The Receiver will also provide each Objector with a copy of the motion and the relevant portion of the Exhibit binder supplementing that motion. Assuming the motion is approved, the Receiver will then send initial pro rata distribution checks. After careful review of the process, we estimate that claimants holding approved claims will receive a check by February or March 2009. Funds will be reserved to cover claims that have not been ruled upon by the court.
The Receiver plans on sending any checks made payable to the claimant to the address on the Notice of Receiver’s Claim Determination. Claimants should advise the Receiver if the address on the Notice of Receiver's Claim Determination is not a good physical address, as we may wish to use an overnight delivery service to distribute checks more quickly and provide us with tracking information.
We have scheduled a second investor conference call for January 9, 2009, at 3:00 p.m. Eastern Standard Time to discuss the status of the claims process and to respond to any general questions you may have. Up to 96 people may be on the call at one time. Anyone interested in participating in this call is encouraged to use the following dial-in information:
Conference Dial In Number: (218) 339-4300
Participant Access Code: 172068#
If you have any questions regarding the telephonic meeting, please contact John C. Smith via telephone at (804) 916-6570 or email him at jsmith@durrettebradshaw.com.