Laserfiche WebLink
from The American Insurance Company ("American Insurance"). <br />Objection and Complaint 1 32: Answer ~ 8. <br />a. The American Bond was issued on ![ay 4, 1983. <br />Objection and Complaint Z 32a; Answer ~ 8. <br />b. purcuant to the Aseriean Bond, American Insurance <br />bound itsell, jointly and severally, with CFiI to the Onited <br />' States, for the use and benefit of employees of CFiI, for payment <br />of up to 52,700,000 in connection with Black Lung Senelits which <br />attached to or were accrued by CFiI under the 1969 Aet in or for <br />the period during which the Amerienn Bond vas in force. <br />Objection and Complaint S 32b; Answer i B. <br />c. The American Bond provides that in the event CFiI <br />defaults in payment of such Slack Lung Benefitc, whether due to <br />bankruptcy, insolvency, or whatever cause or reason, American <br />Insurance shall, upon written demand by the Secretary, pay such <br />sums as are necessary to diccharge or secure all or any of the <br />obligations described in the American Sond. Objection and <br />Complaint 9 32c; Answer ' 8. <br />d. American Insurance canceled the American Sond <br />effective July 14, 1985. Objection and Complaint Z 32d; <br />Answer q 8. <br />19. On or about November 8, 1990, the DOL cads an oral <br />demand on American Insurance !oz payaent nr~der the terms of the <br />American Bond. Objection and Complaint Z 49; Answer S 13. <br />20. On or about November 9, 1990, the DOL followed its oral <br />demand with a formal written demand (the •DOL Demand Letter") on <br />9 <br /> <br />