New York Liquidation Bureau Prepares to Sell Midland Insurance
East News • November 3, 2008
As a first step toward a possible sale of Midland Insurance Co. to private investors, the New York Liquidation Bureau (NYLB) has hired the actuarial and consulting firm Milliman, Inc. to conduct a ...
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Subject: RE: 20 Year Liquidation
Posted On: November 3, 2008, 10:32 pm CST
Posted By: stckbyr
Comment:
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.
Subject: RE: 20 Year Liquidation
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.