As you may know, the claim portal closed on September 5, 2013. No new claims will be allowed to be submitted after that date. The Receiver team is reviewing, reconciling, and determining claims on a rolling basis. It is not certain when a particular claim will be allowed or disallowed. However, the Receiver says they will seek to determine all claims as soon as possible. The Receiver has begun contacting us to amend certain claims. If you are our client and receive and e-mail from the Receiver please forward it to us immediately so we can address whatever problem exists with your claim.
Pursuant to the Court's May 8, 2013 Order approving the Claims Process, you (or in this case Patrick Miller LLC, as your attorneys) will receive a letter of determination once the Receiver has reconciled your claim. Per the court's order we will have 30 days to contact the Receiver and appeal the decision if we disagree with the value assigned to your claim. As soon as we receive the notice from the Receiver, we will contact you to see how you wish to proceed. Upon final determination of your claim, you will have 180 days to sign a Release or your distribution will be forfeited.
Distributions for allowed claims will be processed after the Receiver moves for and obtains Court approval for a distribution to holders of allowed claims. If possible, the Receiver will seek to make an interim distribution of funds prior to a final distribution of funds. However, such an interim, partial distribution will not occur until after the claims period expires, all claims have been reconciled and determined, and the Receiver Team moves for and obtains Court approval for a distribution. Distributions for allowed claims will be processed after the Receiver moves for and obtains Court approval for a distribution to holders of allowed claims. The Receiver has not yet decided how he will transfer distributions.
As soon as we obtain new information from the Receiver we will post an update on our website.
If you have any questions that I did not answer or if there is anything unclear in this e-mail, please feel free to give me a call.
Patrick Miller LLC
400 Poydras Street, Suite 1680
New Orleans, LA 70130
Telephone: (504) 527-5400
Facsimile: (504) 527-5456