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AICI Capital Trust 9% Pfd (fka AICPQ)

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AICI Capital Trust 9% Pfd (fka AICPQ)

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What a long strange trip it's been...I still vpagano 08/08/22 10:30 AM
Total Liquidating Distributions were $1.884631. Enterprising Investor 08/07/22 6:49 PM
I would to congratulate everyone receiving a distribution. Enterprising Investor 08/05/22 4:19 PM
yes! ,thanks to EI jip53 08/05/22 3:33 PM
Thanks again for all the updates. AKAPAK 08/05/22 3:22 PM
Good News Friday !!! $$ In the AKAPAK 08/05/22 3:21 PM
got the $ jip53 08/05/22 1:58 PM
Waiting with open arms :) AKAPAK 08/02/22 10:36 AM
Trustee shall commence distribution within fourteen (14) days goldcanyon341 08/02/22 10:11 AM
Order on Chapter 7 Trustee Final Report (Related goldcanyon341 07/30/22 10:33 PM
Distribution should occur in early August. Enterprising Investor 07/05/22 3:50 PM
Notice of Trustee's Final Report and Application for Enterprising Investor 07/05/22 3:47 PM
Thanks for providing all the updates. AKAPAK 07/02/22 6:38 PM
Thanks for all the great info. Possum336 07/02/22 2:30 PM
Chapter 7 Trustee's Final Report, Application for Compensation Enterprising Investor 07/02/22 1:12 PM
Trustee may now expedite final distributions to creditors! Enterprising Investor 06/29/22 8:09 PM
Order Approving Application For Compensation for Fees & Enterprising Investor 06/29/22 8:06 PM
Order Approving Application For Compensation for Deloitte Tax Enterprising Investor 06/29/22 8:04 PM
Final Application for Fees & Expenses for Frankel Enterprising Investor 06/17/22 4:41 PM
Final Application for Fees & Expenses for Deloitte Enterprising Investor 06/17/22 4:39 PM
Motion to Shorten Time and Certificate of Service Enterprising Investor 06/17/22 4:33 PM
No filings in May. Enterprising Investor 06/02/22 12:20 PM
Oak Point Partners https://oakpointpartners.com/portfolio Enterprising Investor 04/10/22 12:32 PM
. Enterprising Investor 03/25/22 1:50 PM
Distribution may occur in late May. Enterprising Investor 03/25/22 1:48 PM
Order Approving Fourth and Final Application by Special Enterprising Investor 01/06/22 2:03 PM
Order Granting Supplemental/Final Application For Compensation for McGill Enterprising Investor 01/06/22 2:01 PM
Comment of the United States Trustee Pursuant to Enterprising Investor 12/22/21 10:10 AM
Supplemental Application for Fees & Expenses for McGill Enterprising Investor 12/16/21 8:19 PM
Final Application for Fees & Expenses for the Enterprising Investor 12/16/21 8:15 PM
Trustee's Report of Sale to Darag North America Enterprising Investor 12/16/21 8:07 PM
Trustee's Report of Sale of Debtor's Corporate Remnants Enterprising Investor 10/12/21 4:03 PM
Order Granting Motion To Sell Free & Clear Enterprising Investor 10/08/21 8:53 PM
The sale of the Remnant Assets to Oak goldcanyon341 09/23/21 7:55 PM
Thanks for all the updates. Looks AKAPAK 09/13/21 6:27 PM
Updates from the Fee and Expense Filing Enterprising Investor 09/13/21 5:26 PM
Third Application for Fees & Expenses for Polsinelli Enterprising Investor 09/13/21 5:14 PM
Motion to Sell Property Free and Clear of Enterprising Investor 09/13/21 5:01 PM
Reply from Trustee, Rick Meyers, to inquiry about goldcanyon341 08/10/21 12:23 PM
Filing did not mention any progress on exiting rehabilitation. Enterprising Investor 08/05/21 10:12 AM
AIC Q2 2021 Financial Results (8/03/21) Enterprising Investor 08/04/21 1:08 PM
AIC Q1 2021 Financial Results (5/17/21) Enterprising Investor 05/29/21 12:56 PM
Enterprising Investor goldcanyon341 04/19/21 12:44 PM
Thanks Possum336 03/28/21 10:39 AM
No. The case is waiting for a hearing which Enterprising Investor 03/28/21 9:13 AM
Does anyone have a hypothetical time frame for Possum336 03/27/21 11:33 AM
Trustee Myers is also a due a fee. Enterprising Investor 01/12/21 9:09 PM
Estate expenses will be a factor. goldcanyon341 01/12/21 8:36 PM
After nearly a decade, I would not have vpagano 01/12/21 3:04 PM
The Court Hearing has concluded. goldcanyon341 01/12/21 3:04 PM
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08/08/22 10:30 AM
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jip53
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AKAPAK
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Enterprising Investor
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Enterprising Investor
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Enterprising Investor
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Enterprising Investor
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Enterprising Investor
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Enterprising Investor
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Enterprising Investor
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Enterprising Investor
03/25/22 1:48 PM
Enterprising Investor
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Enterprising Investor
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Enterprising Investor
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Enterprising Investor
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04/19/21 12:44 PM
Possum336
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Enterprising Investor
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goldcanyon341
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01/12/21 3:04 PM
goldcanyon341
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AICI Capital Trust 9% Pfd (fka AICPQ)

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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.
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