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GENERAL31035
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Last modified
8/24/2016 7:48:25 PM
Creation date
11/23/2007 6:51:52 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
M1977376
IBM Index Class Name
General Documents
Doc Date
11/4/1993
Doc Name
NOTICE OF HEARING ON MOTION DATED 11/1/93 FOR ORDER AUTHORIZING REORGANIZED DEBTORS TO OBATIN BOND
Media Type
D
Archive
No
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<br />of the funds under the custody, control and supervision of the <br />Responsible Director and Responsible Officer, and given that the <br />Plan is a liquidating plan and the role of the Responsible <br />Director and Responsible Officer is tantamount to a liquidating <br />trustee, the Responsible Director, Responsible Officer and <br />counsel to the Reorganized Debtors believe that obtaining a bond <br />is in the best interests of the Reorganized Debtors, their <br />estates and their creditors. <br />11. The Reorganized Debtors, through the Responsible <br />Director, Responsible Officer and counsel for the Reorganized <br />Debtors sought three (3) bids for obtaining a bond for the <br />Responsible Director and Responsible Officer in connection with <br />the performance of their duties under the Plan. The bond to be <br />obtained is a standard form bond for a Chapter it liquidating <br />trustee. A copy of the proposed bond is attached hereto as <br />Exhibit "A". The best bid was obtained from Fireman's Insurance <br />Company of Newark, New Jersey with its principal office at 160 <br />Maiden Lane, New York, New York at a rate of One Dollar ($1.D0) <br />per One Thousand Dollars ($1,000.00) of coverage. As of 1992, <br />Fireman's Insurance Company of Newark, New Jersey carried an A- <br />rating with Best's rating service. Under Best's rating system an <br />insurance company with an A-rating is deemed excellent. A copy <br />of pertinent portions of Best's rating guide is attached her~ato <br />as Exhibit "B". <br />-4- <br />
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