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AICI Capital Trust 9% Pfd (fka AICPQ)

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Last Post: 4/19/2021 12:44:08 PM - Followers: 24 - Board type: Free - Posts Today: 0

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
#424   Enterprising Investor goldcanyon341 04/19/21 12:44:08 PM
#423   Thanks Possum336 03/28/21 10:39:07 AM
#422   No. The case is waiting for a hearing which Enterprising Investor 03/28/21 09:13:57 AM
#421   Does anyone have a hypothetical time frame for Possum336 03/27/21 11:33:37 AM
#420   Trustee Myers is also a due a fee. Enterprising Investor 01/12/21 09:09:23 PM
#419   Estate expenses will be a factor. goldcanyon341 01/12/21 08:36:35 PM
#418   After nearly a decade, I would not have vpagano 01/12/21 03:04:35 PM
#417   The Court Hearing has concluded. goldcanyon341 01/12/21 03:04:02 PM
#416   Court Hearing to accept the Stalking Horse offer goldcanyon341 01/12/21 11:13:52 AM
#415   Let me echo the THANKS for all the AKAPAK 01/12/21 09:04:32 AM
#414   Thanks for all of the great info Possum336 01/12/21 07:12:46 AM
#413   The Trustee also states in the filing that Enterprising Investor 01/11/21 06:31:52 PM
#412   Affidavit of Richard D. Myers, Trustee in Support Enterprising Investor 01/11/21 06:19:01 PM
#411   Sale Hearing to Consider the Sale of Certain Enterprising Investor 12/08/20 12:12:16 PM
#410   Order Granting Motion to Approve Auction and Bidding Enterprising Investor 12/08/20 12:09:50 PM
#409   Order Granting Motion to Approve Auction and Bidding Enterprising Investor 12/07/20 05:08:22 PM
#408   No objections filed by 12/04/20 per PACER. Enterprising Investor 12/05/20 11:50:42 AM
#407   Will GLS show up at the auction? Enterprising Investor 12/04/20 09:03:26 PM
#406   Maiden Holdings, Ltd. Announces Formation of Genesis Legacy Enterprising Investor 12/04/20 08:57:00 PM
#405   December 4, 2020 goldcanyon341 12/03/20 11:31:56 PM
#404   December 4, 2020 goldcanyon341 12/03/20 11:05:14 PM
#403   Thanks for the update. Reporting issue resolved. PostCog 12/02/20 11:15:27 PM
#402   Additional bidders could include Broadbill Partners and an Enterprising Investor 11/15/20 04:02:46 PM
#401   Proposed Time Table for Sale (Event - Proposed Enterprising Investor 11/15/20 03:57:38 PM
#400   Motion for sale of Subsidiary Acceptance Insurance Company goldcanyon341 11/15/20 02:28:05 AM
#399   Motion to Approve Auction and Bidding Procedures; Approve Enterprising Investor 11/14/20 03:34:50 PM
#398   Thanks for the update. AKAPAK 11/06/20 08:35:53 AM
#397   No new filings since 8/26/20. Enterprising Investor 11/05/20 09:48:46 PM
#396   AIC Q3 2020 Financial Results (9/30/20) Enterprising Investor 11/05/20 09:45:30 PM
#395   Order Approving Second Application For Compensation for Polsinelli Enterprising Investor 08/29/20 09:22:52 AM
#394   Thanks again for you great assistance and info Possum336 08/09/20 02:08:04 PM
#393   AIC wrote off $4.5 million in reinsurance balances Enterprising Investor 08/08/20 12:32:09 PM
#392   Second Application for Fees & Expenses for Polsinelli Enterprising Investor 08/08/20 12:22:29 PM
#391   AIC Q2 2020 Financial Results (6/30/20) Enterprising Investor 08/08/20 11:19:48 AM
#390   Thank you for your valuable assistance and information Possum336 05/12/20 04:17:43 PM
#389   As always, thanks for staying on top of vpagano 05/12/20 08:52:56 AM
#388   Financials appear to have been filed late on Enterprising Investor 05/08/20 07:22:23 AM
#387   AIC Q1 2020 Financial Results (3/31/20) Enterprising Investor 05/07/20 09:17:26 PM
#386   Save your money. There are no new filings on Enterprising Investor 03/07/20 08:28:43 AM
#385   Had to resubmit mine also. PostCog 03/06/20 05:00:08 PM
#384   What is Nonadmitted Balance goldcanyon341 03/06/20 03:41:39 PM
#383   Luckily, I’m able to avoid these types of Enterprising Investor 03/05/20 12:41:32 PM
#382   Looks like I have to fight again, ugh. vpagano 03/05/20 11:14:55 AM
#381   No mention of any subsequent events after year Enterprising Investor 03/04/20 10:02:02 PM
#380   AIC 2019 Financial Results (12/31/19) Enterprising Investor 03/04/20 10:00:51 PM
#379   Other brokerages reported as 1099-DIV cash liquidation distribution. PostCog 03/02/20 12:05:55 PM
#378   It should be treated as a return of Enterprising Investor 03/02/20 10:37:13 AM
#377   Mine came through on 1099-Int, listed as interest vpagano 03/01/20 01:27:55 PM
#376   From the Dept of Corrections: If anyone is PostCog 02/15/20 10:38:43 PM
#375   A famous person once said "I feel your PostCog 02/15/20 10:36:05 PM
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