Replies to post #1 on Acceptance Insurance Companies Inc (fka AICPQ)

[56Chevy]

If you're a holder of the AICPQ certificates and or AICIQ equity certs and you would like to sell them lets talk.

[56Chevy]

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.



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