George L. Miller, Trustee
Eight Penn Center, Suite 950
1628 John F. Kennedy Boulevard
Philadelphia, PA 19103
Phone: (215) 561-0950
Fax: (215) 561-0330
Email: [email protected]
September 27, 2005
STATUS UPDATE #2
Proofs of Claim
The bar date for Proofs of Claim expired September 16, 2005. If you have not timely filed your claim, you should contact an attorney. I do not have claim forms but they can be obtained from the following website www.deb.uscourts.gov. The address for the Clerk of the Court is:
Clerk of the Bankruptcy Court
District of Delaware
824 Market Street
Wilmington, DE 19801
Proofs of Claim (POC) were filed on behalf of various note holders by the U.S. Bank National Association, (“U.S. Bank”), and Law Debenture Trust Company of New York, (“Law Debenture”), and Wells Fargo Bank, National Association (“Wells Fargo”) in their respective capacities as Indenture Trustees.
If an Indenture Trustee has filed a POC on your behalf, do not file a duplicate claim.
U.S. Bank National Association
U.S. Bank, as Indenture Trustee, has filed an aggregate POC in the amount of $521,648,268.21 on behalf of the holders of the Debtor’s Unsecured, Subordinated Investment Notes and Unsecured, Adjustable Rate Subordinated Money Market Notes (the “Unsecured Notes”) issued under Indentures dated as of April 27, 1994, October 19, 1995, July 1, 1996, May 27, 1997, October 20, 1998, October 15, 1999, October 30, 2000, October 16, 2001, October 3, 2002 and November 7, 2003. This POC is based on information that the Debtor, as the paying agent and registrar under the Indentures, provided to the U.S. Bank, and the Bankruptcy Trustee cannot verify whether this POC includes the claims of any specific, individual creditors.
Law Debenture Trust Company of New York
Law Debenture, as Indenture Trustee, has filed a POC in the amount of $57,019,018.00 on behalf of the holders of the Debtors’ Senior Collateralized Notes issued under the Indenture, dated December 31, 2003 (the “2003 Indenture”). The Bankruptcy Trustee cannot verify whether this POC includes claims of any specific individual Senior Collateralized Note Holders. The POC filed by Law Debenture identifies names and addresses where notices should be sent to them as being:
Law Debenture Trust Company of New York
Attn: Patrick J. Healy
767 Third Avenue, 31st Floor
New York, New York 100017
Pryor Cashman Sherman & Flynn LLP
Attn: Tina Niehold Moss, Esquire
410 Park Avenue
New York, New York 100022
Wells Fargo Bank National Association
Wells Fargo has filed POC’s in the Debtors case in the amount of $41,130,505 as of 12/31/04 on behalf of the holders of the Debtors’ Senior Collateralized Notes issued under the Indenture, dated as of June 30, 2004 (the “2004 Indenture”). The Bankruptcy Trustee cannot verify whether the POC’s filed by Wells Fargo include claims of any specific, individual Senior Collateralized Note Holder. The POC’s filed by Wells Fargo identify the names and addresses to which notices should be sent to them as being:
Well Fargo Bank N.A.
Attn: Julie Becker, Vice President
Sixth Street & Marquette Avenue
Minneapolis, MN 55479
Kelley Drye Warren LLP
Attn: Mark Somerstein, Esquire
Joel Rublin, Esquire
101 Park Ave.
New York, New York 10178
The Bankruptcy Trustee has substantially vacated the Debtor’s former office premises, placed all the Debtor’s books and records in storage and has secured the Debtor’s computer records.
Among the remaining assets to be liquidated are 20 mortgage (residual Income Only Strips (“IO Strips”). In my previous status report, I erroneously reported only 19 mortgage residuals. I have engaged Boston Portfolio to value the IO Strips. Boston Portfolio should complete its valuation in the near future which will help determine the method to be employed in obtaining value for the IO Strips.
Other assets remaining to be liquidated are:
Other Mortgage Assets $1,900.000
Furniture and Equipment 200,000
Other Assets 700,000
There has been no change in the remaining assets to be liquidated since the last Status Report because it has not been determined whether Greenwich Capital or the Bankruptcy Trustee will liquidate these assets.
The process of the liquidation of the IO Strips is currently under negotiations by Greenwich Capital, Senior Collateralized Note Indenture Trustees, (Wells Fargo and Law Debenture), and the Bankruptcy Trustee.
In addition to the remaining assets to be liquidated which are identified above, the Trustee may possess causes of action against various third parties and the Bankruptcy Trustee is in the preliminary stages of evaluating the feasibility of pursuing such litigation.
The Bankruptcy Trustee has notified the insurance carriers of the Debtors’ Directors and Officers Insurance and Error and Omission Insurance of his intent to file claim(s).