Executive LIfe of New York Structured Settlement Annuitant Letters from New York Liquidation Bureau On The Way

A letter from the New York Liquidation Bureau will be arriving in mailboxes of Executive Life of New York structured settlement annuitants this week.

2500 or so Executive Life of New York structured settlement annuitants who will be receiving full benefits under the proposed restructuring and will receive a letter similar to this

Download NYLB Letter to Executive Life of New York Structured Settlement Annuity Payees Facing No Benefit Reductions (Fully Covered Payees).

For the 1500 or so Executive Life of New York structured settlement annuitants who will be facing benefit reductions under the proposed restructuring, they will be receiving a letter similar to this.

Download NYLB Letter to Executive Life of New York Structured Settlement Annuity Payees Facing Benefit Reductions (Partially Covered SSA Payees)

The letters contain important information, including a website, a contact  phone number and the steps that certain annuitants or their representatives need to do to oppose the restructuring. While the hearing is scheduled for the Ides of March (March 15, 2012), if you wish to take action, that action must be writing (sent by certified mail), and the time line for submitting your opposition is short. You only have until January 16, 2011!

Those ELNY structured settlement annuitants who "have a dream" of being paid in full may appreciate the irony that the deadline for comment  is actually the Martin Luther King, Jr., a national holiday.  So if ELNY structured settlement annuitants were planning to "serve" the NYLB or file with the court their objections on that date, they might find themselves out of luck. Make sure any objections were mailed certified mail, return receipt requested, in order to arrive no later than (Thursday) January 12, 2011.  It's also very important to keep the mailing receipt from the time of mailing at the post office, because the green certified postcards often fall off prior to delivery, or the post office/mailman forgets to get the signature, or the signature on the green postcard can't be read. 

A cynical reader has pointed out that Orders are generally drafted for the judge's signature by the attorney who has received what he asked for - which means we can't really blame the judge too much for the date that was selected.  Point of Controversy: Did the attorney who drafted the Order know exactly what he was doing here - eliminating some possible last-minute objections by selecting a date on which service could not actually be accomplished, despite the date in the Order? (i.e., there will be no one to serve in person at the New York Liquidation Bureau, and the post office won't be open to stamp letters/certified mail to establish the date of mailing).

 

My commentary of the Executive Life of New York saga.

 Representatives of the mainstream news media are encouraged to do a thorough review of the subject matter and to avoid generalizing the ELNY story as a structured settlement story, because it isn't. The factors that gave rise to ELNY are unlikely to happen again. If you need a structured settlement industry information resource feel free to contact me  (John Darer), the National Structured Settlements Trade Association, or its members.

 

 

 

Comments

[Neil Kuchinsky]

My mail to the "110 William Street" address for objections to the NYLB has been returned for "insufficient address". Apparently, there is supposed to be a floor or suite number included for the mail to be delivered which has not been provided on the ELNY liquidation website or proposed liquidation pleadings. Furthermore, the website will not be posting the redacted Schedule 1.15 for the easy access of the affected people. If you want to see that exhibit yourself, you have to put in a request with the couert in Nassau about a week in advance, because the entire case is stored in the archives. It's as if everything possible is being done to prevent the affected people from filing timely objections. If anyone has a valid objection and misses the deadline because of these obstacles, they should feel free to contact me. (By the way, were the legal notices in the New York Times and Wall Street Journal only in their New York editions, or also in their national editions? I am cynically guessing only the NY editions...)