Any update on the Bankers Life Rehab?

[caryl baff]

I feel the liquidation order is is being pushed forward and unlike you, must remain positive that we will see the money that we sadly invested in this ins co before some of us die. How can a CROOK dictate to the courts that he defrauded and there is another million + lawsuit just started in another fraudulent scandal with another company related to this suit. Anyone in their right mind would feel this would never have legs. We'll see.

 

[scagnt83]

One author who is not an expert in insurance litigation is not something to get discouraged about.

Just because he is appealing it, does not mean it will even be accepted as a case. They can deny the appeal.

 

[rats0001]

Lindberg litigates because of the sham buyout, where he gets 307MM, instead of 0 if it goes into liquidation.

Take a look at how long it took to sell Pavonia, a Lindberg company that was NOT insolvent. I think it was about 3 years before the Michigan rehabilitator approved the take over by private equity. I thought I read Lindberg got like 7MM from the sale, so you better believe he will delay, delay, delay, when the phony 307MM is on the line.

How com Causey never updates anything. Where are the financial statements from last Sept 30? Why is there no info on the supposed 10% withdrawal for 2023?

 

[caryl baff]

Yes, we are still awaiting ror an addl 10 withdrawal for 2023??? Noone can predict, just have to pray and be vigilant and patient.

 

[caryl baff]

Once again I await my stolen money stolen in broad daylight along with so many other innocent people.

 

[rats0001]

more bad news from a letter posted on 1-18-23 on the cblife web site

Q. When will the Colorado Bankers Life liquidation order be effective?

The Order of Liquidation will become effective as of the first month-end occurring on or subsequent to ninety (90) days after the later of: (1) the entry of the Order; (2) a decision of the North Carolina Court of Appeals affirming the Order, if further review of that decision is not sought; (3) an order by the North Carolina Supreme Court denying discretionary review of the case; or (4) a decision of the North Carolina Supreme Court affirming the Order. Greg Lindberg’s company, GBIG Holdings, LLC, has stated its intent to appeal the Order of Liquidation. An appeal would delay triggering the state life and health insurance guaranty associations and delay payments to policyholders. Until the Order of Liquidation becomes effective, the Company remains in rehabilitation.

Sounds like a many years process the way the court system works.

 

[rats0001]

BIG BIG BIG NEWS

Greg Lindberg FEDRERAL Indicted

[EXTERNAL LINK] - United States v. Greg E. Lindberg

Also some interest only withdrawals will be available soon.

 

[caryl baff]

AFTER TRYING TO DECIFER THE LEGAL BABBLE RE DATE ORDER OF LIQUIDATION WILL BE FILED AND OPENED UP TO RETURN MONIES TO ALL THE POOR PEOPLE WHO GOT DUPPED, DO YOU HAVE ANY IDEA HOW TO FIGURE THIS OUT. WHAT A SHAME WHEN WE CAN"T USE OUR MONEY NOR CAN WE GET TO IT, STOLEN IN PLAIN SIGHT SO TO SAY, WONDER WHOSE SIDE OF THE LAW THIS COUNTRY IS ON. WAS HOPING THIS WOULD LIQUIDATE AND SETTLE OUT BY MID SUMMER, BUT CANNOT UNDERSTAND THIS LEGAL BABBLE. IF THERE IS ANYONE LISTENING THAT CAN ANSWER MY QUESTION, WOULD BE GREATLY APPRECIATIVE.
MANY THANKS.

 

[caryl baff]

LOOKS LIKE I AM REPLYING TO MY OWN THREAD SEEMS LIKE NO INTEREST IN THIS BANKERS LIFE REHAB. HOWEVER, JUST GOT UPDATED INFO IN CASE ANYONE LISTENING WITH INTEREST, SO YOU MAY RESPOND TO THIS THREAD & I WILL FILL YOU IN ON THE INFO JUST OBTAINED.

 

[rats0001]

From what I read the liquidation order was appealed by Lindberg. I have not seen anything about when that will begin. From other appeals I followed, to get a court date to set the parameters takes over 6 months. Then at least 6 months for the 2 sides to present their arguments, then at least 6 months for the judge to make a decision. So that's 1.5 years.
Lindberg will lose, and appeal to the NC supreme court. I have no idea about that timeline, but look at US supreme court, things take forever. Even if NC supreme court declines to hear it, that will probably take another year.
Lindberg will lose here too. Then the state guarantee funds will have to set up a process to return the money, and get the money from other insurance companies, I'd guess another year. I think your looking at least 3 years or more.
I was in the Executive Life liquidation in 1991. They were a 8 billion dollar company, Colorado Bankers is 2 Billion, and Executive Life was done in 2 years, although my last payment from other settlements happened in 2017, 26 years after going into liquidation.
The NCDOI is very weak, and has inferior lawyers to Lindberg, although Lindberg will lose.