Claims Process Refiled!

As you know, the Receiver filed for approval from the court for a claims process back on October 31st.  On December 4th, the motion was denied with no public explanation.  I’ve been patiently waiting to see the docket updated with some news that the Receiver had refiled and a little over a month after the motion was denied, he did just that!

According to the renewed motion, the prior one was rejected for two reasons:

• The judge wanted to know what the Receiver’s plan was for mail that was returned undeliverable.  In this motion, the Receiver responded by stating that he would have to use online searches of public databases, which runs about $10 each.  If that didn’t work, he would have to employ a private investigator, which would run about $50 per search.

  This affects the sixty-day limit for claims disputes, since the clock can’t run on mail you didn’t receive yet.  So, the clock will start on the post-marked date of the claims packet you’ll receive.  If the mail is returned undeliverable, and the Receiver is able to find another address for you then the clock will start when he mails that second packet to you.

• The judge wanted a mechanism to refer claim disputes to a retired federal judge. Two retired judges agreed to hear the cases:
  • One for $1,500 per claim, or $600 per hour for the complex cases.
  • One for $2,500 per claim or $500 per hour for the complex cases.

I reviewed the rest of the motion and there does not appear to be any real changes to the whole process.

Since it appears that the Receiver has addressed the reasons for the denial, this one should go through.  Hopefully fast.  I’ll keep an eye on the docket and let you know when it gets approved, because the claims packet will be mailed within thirty-days of court-approval of this motion.

So, if you’ve moved and not informed the Receiver of your new address, now is a good time to do just that.