Jennifer Hammer, Director of Insurance of the State of Illinois (the statutory and Court-affirmed rehabilitator of Triad Guaranty Insurance Corporation [TGIC] and Triad Guaranty Assurance Corporation [TGAC]) filed with the U.S. Bankruptcy Court an objection to the Company’s Disclosure Statement.
The objection asserts, “The Motion should be denied since the Disclosure Statement does not contain sufficient or adequate information to enable parties in interest to make a determination as to whether to vote to approve the Plan….The following items should be addressed in a revised Disclosure Statement: a) There is no discussion of Wolfgang Holdings or the exit financier and their inter-relationship; b) The Plan and Disclosure Statement provide that pursuant to settlement agreements, Debtor’s former counsel, Morrison & Foerster and Womble Carlyle will keep all of the compensation they previously received without the need for filing a final fee application or further court order. However, the Disclosure Statement fails to reveal how much those law firms have already been paid in fees. c) The Debtor’s assets are referenced in many places as being $1.06 billion in NOLs. This is simply not an accurate statement.”
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