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First distribution recieved 12/23/2019
Thank you Lord.
Nothing left I can see but to contact shareholders.
Not sure exactly what all to expect or from whom but I am anxious to see this come to a conclusion :)
Will be in Texas for Christmas but won't be able to make it down to Houston for this years BDCO annual shareholders meeting. I only had one question to which I'm certain I wouldnt get a verbal answer to but sometimes a look says everything you need to know. Ha.
Merry Christmas to you and mei...will be a different one for you guys ..hope its restful & pleasant! Amen!
New PACER filings 11/12/19.
No notification on my end yet as to a distribution or news thereof...how about you?
It all depends on the offer but all things being equal I'll take the cash. Then if I like where newco is going and I decide to take a position my gut tells me there will be opportunities at a discount down the road.
Sorry to be off-topic, but I wonder if you are still in RFNS? Unusual volume and buying this past week. Like you said a real long shot shell corp play here!
Doc #615 was filed today
CHAPTER 7 TRUSTEE’S OMNIBUS OBJECTION TO CLAIMS
(Individual Shareholders)
NOTICE OF OBJECTION/RESISTANCE DEADLINE
You are each hereby notified that if you desire to object or resist the above Objection you must file your objection or resistance on or before October 3, 2019 with the Clerk of the United States Bankruptcy Court for the District of Nebraska, Room 1125, Roman L. Hruska U.S. Courthouse, 111 So. 18th Plaza, Omaha, Nebraska 68502, and serve a copy of any objection or resistance on the undersigned.
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* The Lions share of these claims on the Exhibit A list were duplicate claims which is why these claims were deemed "objectionable". The Trustee (Myers) is in the process of cleaning up the list.
Would anyone prefer to receive equity via a reorganization over cash in a liquidation?
thanks for sharing!
IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEBRASKA
re: ACCEPTANCE INSURANCE COMPANIES INC., Debtor.
Case No. BK 05-80059
Chapter 7
INTERIM APPLICATION BY SPECIAL COUNSEL FOR THE TRUSTEE FOR
ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF EXPENSES
For its First Interim Application by Special Counsel for the Trustee for Allowance of Compensation and Reimbursement of Expenses (“Application”), the law firm of Polsinelli PC (the “Applicant”) respectfully represents to the Court:
1. The Debtor filed its Voluntary Petition for Relief under Title 11, United States Code, on January 7, 2005 (“Petition Date”) and converted to a Chapter 7 on September 7, 2010.
2. Richard D. Myers was appointed Chapter 7 Trustee of the Bankruptcy Estate of the above-named Debtors, qualified, and he is now acting as such Trustee.
3. The Trustee retained the Applicant as his Special Counsel herein under a general retainer, and thereafter by order of this Court on July 18, 2018, authorization for the employment of Applicant as Special Counsel for the Trustee was obtained.
4. Trustee engaged Special Counsel to represent the bankruptcy estate regarding the sale and disposition of the Debtor’s wholly-owned subsidiary, Acceptance Insurance Company, Inc. and/or a surplus note and any assets related to such subsidiary.
5. The efforts of the Trustee and Special Counsel will shortly lead to a very sizable distribution from its subsidiary’s Acceptance Insurance Company, in Rehabilitation (“Acceptance”) on its Surplus Note obligation to the Debtor’s estate as the result of the IAT Settlement. Further, efforts are proceeding toward a commutation and release agreement with Clarendon and Practorian (the “Enstar Settlement”) that will allow further distributions on the Surplus Note. Finally, negotiations are also underway to sell the stock of the subsidiary Acceptance to a third party.
Source: Pacer
Case 05-80059-TLS Doc 609 Filed 06/24/19
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*We still don't know the actual recovery numbers but this day was a long time coming for holders of AICPQ. For me its been over 9 years. This was not possible without the truly exceptional actuarial work of Enterprising Investor. Thank you ever so much.
..
What are you scheming up old pal? I'm still a holder with some tucked away in my account.
If you're a holder of the AICPQ certificates and or AICIQ equity certs and you would like to sell them lets talk.
Holders of Acceptance Insurance Company Inc. Capital Trust Preferred 9% shares now hold shares in a private company. The CT's nor the common stock (AICIQ) no longer publically trade. You will not see quotes associated with these stocks. No bids..no asks.
However your ownership still stands..the company remains to be in Ch 7 bankruptcy and there could still be some level of recovery for holders. No promises it's just my hope and opinion.
I believe shares (certificates) can still be bought & sold if you find interested parties ....contact your broker on how to handle a negotiated transaction.
For some reading on selling shares in a private company Google Investopedia and see what guidance they provide on how it's done. I would provide a link but am using my Android phone to post this and my abilities are limited.
That's all I know guys...this is new territory for me..if someone can clerify or provide more info please do.
Best of luck!
56Chevy
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