22 years does seem like a long time. I know they have brought companies through the process quicker in the past.
I had the misfortune of having to do some work at the liquidation bureau more than 15 years ago concerning the estate of another busted insurance company. The area I worked in then had a wall of boxes in it of Midland records, presumably full of claims notices, most probably things like environmental and asbestos, because the wall constantly got larger and most Midland direct claims should have at least supplied notices before I got there.
The folks at the liquidation bureau didn’t exactly work fast, but the records they generally inherit from busted insurers are pretty much crap on the best of days (that’s based on personal observation). I think the liquidation bureau is trying to do a “proper job” of the windng up of Midland. I sure as hell would not want a career doing their job, trying to plow through tons of inaccurate and incomplete records from the busted companies, and dealing with God knows how many incomplete notices of potential claims. It is undoubtedly a thankless task.
What in the hell have the NY liquidators been doing for 22 years with this company’s assets? It sure seems to me when you appoint a receiver, they could have wound up the affairs of the company in less than 22 years. Am I reading something wrong? This seems like the DOI guys are probably on a per diem and never want this thing to end!
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22 years does seem like a long time. I know they have brought companies through the process quicker in the past.
I had the misfortune of having to do some work at the liquidation bureau more than 15 years ago concerning the estate of another busted insurance company. The area I worked in then had a wall of boxes in it of Midland records, presumably full of claims notices, most probably things like environmental and asbestos, because the wall constantly got larger and most Midland direct claims should have at least supplied notices before I got there.
The folks at the liquidation bureau didn’t exactly work fast, but the records they generally inherit from busted insurers are pretty much crap on the best of days (that’s based on personal observation). I think the liquidation bureau is trying to do a “proper job” of the windng up of Midland. I sure as hell would not want a career doing their job, trying to plow through tons of inaccurate and incomplete records from the busted companies, and dealing with God knows how many incomplete notices of potential claims. It is undoubtedly a thankless task.
What in the hell have the NY liquidators been doing for 22 years with this company’s assets? It sure seems to me when you appoint a receiver, they could have wound up the affairs of the company in less than 22 years. Am I reading something wrong? This seems like the DOI guys are probably on a per diem and never want this thing to end!