Anthem liquidating trust
Achieved cost savings by using NEMUS (C&H’s proprietary claims management system) to track and manage claims reconciliation and to serve as distribution agent.
Completed all wind-down activities for national retailer, including closing more than 180 stores, terminating over 140 leases and severing nearly 12,000 employees.
Developed strategies for closing open claims and oversaw an actuarial analysis and independent claim review to substantiate our evaluation of the claims reserves, ultimately negotiating a buyout that transferred all future risk to the carrier and resulted in a return of over two thirds of the collateral that the carrier had initially asserted as necessary to fund the program.
Retained to complete plan administration and distribution of general unsecured gift fund after a 363 sale.
Assisted counsel and management team to resolve surety bond issues related to multi-family residential projects in various stages of construction in which the Liquidating Trust retained an interest.
Audited open bond matters for previously completed projects which paved the way for a global settlement with the company’s surety company, resulting in a release of more than 0,000 of collateral back to the Trust and resolution of over million in claims in exchange for administrative and unsecured claims which totaled less than ,000.
Served as court appointed disbursing agent for distribution of fund, created as a carve out from the DIP lenders’ cash collateral, for the benefit of over 200 claimants holding valid 503 (b)(9) claims and claims for unpaid administrative rent in an administratively insolvent Chapter 11 case.
Developed a claims solicitation and reconciliation process that was integrated into the final DIP order.
Carriers had fully drawn down letters of credit posted to collateralize the programs and were holding proceeds substantially in excess of reserves for incurred claims.Used C&H personnel for claims reconciliation, since no employees remained, and served as disbursement agent, which reduced cost.Ultimate distribution was at high end of projected range.Administrative expenses were underestimated at plan confirmation, jeopardizing recovery to priority claimants.C&H’s work to date has achieved recoveries not anticipated at confirmation that will result in full payment to administrative and priority creditors and will likely fund an unanticipated distribution to general unsecured creditors before the case closes.