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AICI Capital Trust 9% Pfd (fka AICPQ)

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Last Post: 10/17/2019 6:40:20 PM - Followers: 24 - Board type: Free - Posts Today: 0

Acceptance Insurance Companies, Inc.
300 W. Broadway
Suite 1600
Council Bluffs, IA 51503

Phone: 712-329-3600

Acceptance Insurance Companies Inc. (OTC: AICIQ) filed a voluntary petition under Chapter 11 on 1/07/05 in the United States Bankruptcy Court for the District of Nebraska. Additionally, two subsidiaries, Acceptance Insurance Services, Inc. and American Agrisurance, Inc., filed voluntary petitions under Chapter 7 of the Bankruptcy Code on 1/07/05 in the same venue.

Bankruptcy Judge Timothy J. Mahoney denied the Motion to Extend/Limit Exclusivity for Filing a Chapter 11 Plan and Disclosure Statement on 8/20/08 [Docket 355].
 
AICI Capital Trust, 9.00% Preferred Securities, liquidation amount $25 per share, guaranteed by Acceptance Insurance Companies, Inc., redeemable at the issuer's option on or after 9/30/2002 at $25 per share plus accrued and unpaid dividends, maturing 9/30/2027, distributions of 9.00% ($2.25) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on 3/15, 6/15, 9/15 & 12/15 respectively. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 9% Junior Subordinated Deferrable Interest Debentures due 9/30/2027 which were purchased from the company using the funds generated from the sale of the trust preferred securities.  There were 3,795,000 shares outstanding at 11/22/02. AICPQ holders were detailed as having a total claim of $115,059,998, made up of $94,875,00 in principal and $20,184,998 in interest.

Acceptance Insurance Companies Inc. had $22 million in litigation claims when it filed for bankruptcy protection.

P. Thompson Buchanan filed a $13 million claim for wrongfull termination (Buchanan v. Martin, et al., No. 2004-527 District Court, Lubbock County, Texas). The claim was listed in the Chapter 11 filing, however, it was not resubmitted by the 1/12/11 deadline to remain a valid claim when the case converted to Chapter 7.

Granite Reinsurance Co Ltd had a $9 million judgement. The judgement with accrued interest stood at $17,533,966 at 9/30/15. Continental Casualty Company had a claim against Granite Re and several other parties in the amount of $44,295,056 plus interest. The District Court entered a judgement on 1/27/15 in favor of Continental against Granite Re subjecting Granite Re's interest as holder of the Granite Re Judgment to the payment of the Continental Judgement and assigned Granite Re's interest to Continental. The Settlement Agreement provided that AIC would pay Continental $11 million and Continental released AIC and AICIQ (the parent) from any and all liabilities related to the Granite Re Judgement. 

All legacy litigation claims have now been resolved.

Richard D. Myers of McGill, Gotsdiner, Workman & Lepp, PC is the Chapter 7 Trustee. James E. Bird of Polsinelli PC is Special Counsel for the Chapter 7 Trustee.

PostSubject
#340   The clerk to call for access to listen 56Chevy 10/17/19 06:40:20 PM
#339   I have listened to several tele-hearing recordings, but PostCog 10/09/19 09:49:51 PM
#338   Simply contact the Courtroom Deputy at 402-661-7463 or Enterprising Investor 10/08/19 07:25:50 AM
#337   I could listen in, would just need the vpagano 10/08/19 02:15:26 AM
#336   Saw this last night and was thinking about PostCog 10/05/19 02:05:02 PM
#335   Hearing for Trustee's Omnibus Objection to Claims Filed Enterprising Investor 10/05/19 01:27:17 PM
#334   Only one objection filed to date. Enterprising Investor 09/27/19 10:40:42 PM
#333   Deutsche Bank Claims Enterprising Investor 09/04/19 07:15:17 AM
#332   Upon review, the vast majority of the claims Enterprising Investor 09/03/19 03:16:28 PM
#331   Omnibus Objection to Claims. Notice of Objection Bar Enterprising Investor 09/03/19 03:07:09 PM
#330   No opposition to either outcome. PostCog 08/07/19 09:44:02 PM
#329   I would be open to either in exchange AKAPAK 08/07/19 11:43:11 AM
#328   Most would probably want cash after all this vpagano 08/07/19 10:50:04 AM
#327   Would anyone prefer to receive equity via a Enterprising Investor 08/07/19 07:20:59 AM
#326   I received a couple of PMs seeking additional Enterprising Investor 07/08/19 09:34:10 AM
#324   Acceptance Insurance Company will be sold through a Enterprising Investor 06/29/19 04:37:17 AM
#323   The principal amount of AIC Surplus Note Receivable Enterprising Investor 06/26/19 06:07:35 PM
#322   Application for Fees & Expenses for Polsinelli Enterprising Investor 06/26/19 05:57:54 PM
#321   AIC Q1 2019 Financial Results (12/31/19) Enterprising Investor 06/01/19 11:49:34 AM
#320   How Do Bankruptcy Trustees Get Paid? Enterprising Investor 04/13/19 04:59:02 PM
#319   Order Granting Motion to Approve Compromise under Rule Enterprising Investor 04/10/19 10:58:11 PM
#318   Additional Information from the Statement of Actuarial Opinion Enterprising Investor 04/07/19 01:47:51 PM
#317   AIC 2018 Financial Results (12/31/18) Enterprising Investor 04/07/19 01:36:23 PM
#316   [From the Department of Corrections] Enterprising Investor 04/07/19 12:13:20 PM
#315   AICIQ filed its last Monthly Operating Report on 8/10/10. Enterprising Investor 04/05/19 12:32:13 AM
#314   Objections must be filed and served on or Enterprising Investor 04/04/19 11:51:32 PM
#313   It’s complicated. Enterprising Investor 04/04/19 12:08:54 AM
#312   Wow, once again back from oblivion. vpagano 04/03/19 11:16:10 PM
#311   AICIQ holders will clearly get nothing since the Enterprising Investor 03/27/19 05:32:00 PM
#310   Hi EI Been a long time coming. AKAPAK 03/27/19 05:17:21 PM
#309   Motion to Approve Compromise under Rule 9019 Enterprising Investor 03/27/19 05:04:30 PM
#308   Application for Fees & Expenses (Ninth) by Accountants Enterprising Investor 09/27/18 12:00:44 AM
#307   Well well well, talk about a blast from vpagano 07/24/18 10:16:08 PM
#306   The Acceptance Insurance Company, Inc subsidiary had surplus Enterprising Investor 07/20/18 01:29:40 AM
#305   The story finally gets interesting after 4,940 days.* Enterprising Investor 07/20/18 12:46:44 AM
#304   Order Granting Application to Employ James E. Bird Enterprising Investor 07/20/18 12:32:58 AM
#303   Application to Employ Polsinelli, PC as Special Counsel Enterprising Investor 07/20/18 12:26:00 AM
#302   AICPQ CUSIP suspended. FINRA deleted symbol: Renee 07/29/16 07:11:27 PM
#301   AICPQ hits new 52-week low (6/21/16) Enterprising Investor 06/21/16 07:26:23 PM
#300   [From the Department of Corrections] Enterprising Investor 03/05/16 11:57:22 AM
#299   Granite Re Files Motions in Lancaster County, Nebraska Enterprising Investor 03/05/16 11:52:16 AM
#298   EDGAR: Enterprising Investor 01/19/16 01:49:09 PM
#297   Searching for financial reports filed after AICI filed lasting 01/19/16 01:05:21 PM
#296   well 'someone' must see 'something' as they have db7 01/04/16 04:53:39 PM
#295   Olmstead actually provided the answer earlier today - PMIR. Enterprising Investor 01/04/16 04:46:16 PM
#294   Still holding my 12,000 shares! LouMannheim 01/04/16 03:57:10 PM
#293   In full disclosure I trimmed some today while db7 01/04/16 03:51:55 PM
#292   Very active between 12:13 and 13:03 ET today Enterprising Investor 01/04/16 02:50:32 PM
#291   Yes one can only imagine so Olmsted 01/04/16 12:51:08 PM
#290   Myers and FitzGibbons would have had to been Enterprising Investor 01/04/16 12:47:49 PM
PostSubject