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AICI Capital Trust 9% Pfd (fka AICPQ)

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Last Post: 9/27/2018 12:00:45 AM - 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.
 
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.

Granite Reinsurance Co Ltd had a $9 million claim at the time. 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.
 
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, but was not resubmitted by the 1/12/11 deadline and is no longer a valid claim in the Chapter 7 case
 
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).

See the IPO prospectus for further information on the trust preferred securities by clicking on the 'Link to IPO Prospectus' provided below:
http://www.sec.gov/Archives/edgar/data/74783/0000950124-97-003947.txt

 

 

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#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
#289   Objection / Joinder and Supplemental Objection of Deutsche Enterprising Investor 01/04/16 12:34:42 PM
#288   The settlement could be viewed as both good Enterprising Investor 01/04/16 12:27:10 PM
#287   I have not contacted him as of late.. db7 01/04/16 09:31:35 AM
#286   Ok that understanding is consistent with what the Olmsted 01/04/16 09:18:59 AM
#285   Hi Olmsted, db7 01/04/16 07:50:37 AM
#284   Forgive me for the uninformed question but I've Olmsted 01/03/16 11:11:02 PM
#283   The settlement is not front page WSJ news. Enterprising Investor 12/31/15 01:46:54 PM
#282   I'm surprised at the amount of shares available db7 12/31/15 11:58:42 AM
#281   The surplus notes are considered capital. Enterprising Investor 12/31/15 10:05:41 AM
#280   so it is a true asset then with db7 12/31/15 09:57:10 AM
#279   Represents the equity invested in AIC. Enterprising Investor 12/31/15 09:55:15 AM
#278   The Surplus Notes were issued to AICIQ. Enterprising Investor 12/31/15 09:36:26 AM
#277   one oddity I find in the Q3 is db7 12/31/15 09:35:38 AM
#276   FitzGibbons responsibility as rehabilitator is managing AIC. Enterprising Investor 12/31/15 09:32:30 AM
#275   trying to decipher the value here... looking over db7 12/31/15 09:25:43 AM
#274   will be interesting to see what end game db7 12/31/15 09:17:51 AM
#273   Would you have the case number for Frank goldcanyon341 12/31/15 02:20:25 AM
#272   AIC has $89,375,343 in NOLs. Enterprising Investor 12/31/15 01:28:06 AM
#271   The Granite Re Judgement with accrued interest stood Enterprising Investor 12/31/15 01:16:22 AM
#270   Satisfaction of Judgment Filed by Frank M. Schepers Enterprising Investor 12/31/15 01:06:21 AM
#268   Purchased a mere 2,500 shares at the unlucky Enterprising Investor 12/31/15 12:24:37 AM
#267   Volume 101,812 today. That was somewhat surprising. goldcanyon341 12/30/15 04:52:11 PM
#266   2017 mentioned lol.. so I guess I still db7 11/18/15 04:46:33 PM
#265   false alarm.. Motion to approve just showed up db7 11/18/15 04:46:00 PM
#263   I thought Pacer 'was' the ECF system? db7 11/18/15 03:15:40 PM
#262   Don't worry. Be happy! Enterprising Investor 11/18/15 03:13:02 PM
#261   yes, BUT I'm more concerned of 'what' they db7 11/18/15 03:05:23 PM
#260   Cost-cutting move. Enterprising Investor 11/18/15 03:04:07 PM
#259   was really hoping I had at least another db7 11/18/15 02:55:47 PM
#258   new filing on pacer, "MOTION TO LIMIT NOTICE"..excerpt: db7 11/18/15 02:13:02 PM
#257   Added 1,000 shares at $.20 on 11/13/15. Enterprising Investor 11/13/15 05:32:30 PM
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