While I don’t agree with the judge’s decision, the bigger issue is whether C.M. Meiers was out of trust – which, based on the facts at hand, was the main reason for the BK sale.
If it is determined that they were out of trust, that has bigger legal implications. If not – it then begs the question – why DID CMM file BK and the assets sold?
What don’t you agree with in the judge’s decision?
Didn’t I read in the last article that Liberty will make up any deficit in the trust account?
Big Dog, if you read any of the articles it is stated by the Trustee that the arbitration award was the last straw in the back of C.M. Meiers. Have you ever run a business? If so, if you have a large judgement pending against you and not enough cash to pay it what are your options?
Yes – I did note that regarding judgement against C.M. Meiers in favor of a former producer.
That shouldn’t have had an effect upon their trust account, which is to be used to only pay their clients insurance premiums. Granted, evidence proving or not that they were out of trust hasn’t been made public.
The Rothmans have always asserted that as long as they have had the company it had never been “out of trust.” As proof, every company had been paid on time for over 50 years. There was never a time that a company was not paid by CMM
The Trustee, Saleigh, and Liberty are the ones that said the company is “out of trust.”
The Tustee did a quick (certainly incomplete) audit to come to this conclusion. Liberty has yet to do any type of audit. According to experts in the insurance field (the person who wrote the insurance trust law)a true audit would take a couple of years to do, and would cost hundreds of thousands of dollars to conduct! The expert (who submitted testamony to the court)believes that CMM was not “out of trust.”
All this is a moot question because Liberty agreed to finance the trust account if there was any out of trust issue. So the trust account is theirs and they are responsible for all payments to the customers and clients.
Being a business guy myself and knowing the big picture you would have to think that there was way more than 100 million dollars that has run through the company in the last few years. Even if they were one million out of trust, that would be like a one percent margin of error. I am sure if Herb Rothman stole money they would have seen it somewhere in the books. The bank reconciliation itself could be off by dollars a month and it just adds up. Really not a big deal in the big picture. I know the Rothmans and they are good decent hardworking family. I have moved my business to them and I am happy to see that for once they have gotten a fair shake. I am looking forward to seeing them win this new lawsuit.
While I don’t agree with the judge’s decision, the bigger issue is whether C.M. Meiers was out of trust – which, based on the facts at hand, was the main reason for the BK sale.
If it is determined that they were out of trust, that has bigger legal implications. If not – it then begs the question – why DID CMM file BK and the assets sold?
What don’t you agree with in the judge’s decision?
Didn’t I read in the last article that Liberty will make up any deficit in the trust account?
Big Dog, if you read any of the articles it is stated by the Trustee that the arbitration award was the last straw in the back of C.M. Meiers. Have you ever run a business? If so, if you have a large judgement pending against you and not enough cash to pay it what are your options?
Yes – I did note that regarding judgement against C.M. Meiers in favor of a former producer.
That shouldn’t have had an effect upon their trust account, which is to be used to only pay their clients insurance premiums. Granted, evidence proving or not that they were out of trust hasn’t been made public.
The Rothmans have always asserted that as long as they have had the company it had never been “out of trust.” As proof, every company had been paid on time for over 50 years. There was never a time that a company was not paid by CMM
The Trustee, Saleigh, and Liberty are the ones that said the company is “out of trust.”
The Tustee did a quick (certainly incomplete) audit to come to this conclusion. Liberty has yet to do any type of audit. According to experts in the insurance field (the person who wrote the insurance trust law)a true audit would take a couple of years to do, and would cost hundreds of thousands of dollars to conduct! The expert (who submitted testamony to the court)believes that CMM was not “out of trust.”
All this is a moot question because Liberty agreed to finance the trust account if there was any out of trust issue. So the trust account is theirs and they are responsible for all payments to the customers and clients.
Being a business guy myself and knowing the big picture you would have to think that there was way more than 100 million dollars that has run through the company in the last few years. Even if they were one million out of trust, that would be like a one percent margin of error. I am sure if Herb Rothman stole money they would have seen it somewhere in the books. The bank reconciliation itself could be off by dollars a month and it just adds up. Really not a big deal in the big picture. I know the Rothmans and they are good decent hardworking family. I have moved my business to them and I am happy to see that for once they have gotten a fair shake. I am looking forward to seeing them win this new lawsuit.
Thank you John Smith!
Big dog. Take your grudge somewhere else. No one wants to hear it.