Archive for the ‘From Others’ Category
-
Roe/Doe Attorneys File Second Amended Complaint
0The Roe/Doe Attorneys have files a Second Amended Complaint with Federal District Court. The relief sought is laid out as follows: Wherefore Plaintiff and the Class respectfully request the Court: Certify this as a Class Action; Appoint a Federal Equity Receiver to manage the Fund; Issue a Creditor’s Bill in Equity; Order the following specific performance by the Fund and Government: Collect the Superior Court Judgment; Pay or otherwise satisfy and bring current all CNMI obligations Read more [...] -
Three Hearings Scheduled: 1 Local Court, 1 Federal Court, 1 Global
The Federal District Court Judge Tydingco-Gatewood has scheduled a hearing to discuss the recently filed motions by Roe/Doe attorneys. It was intially scheduled for August 31 but has been postponed to 10:30am on September 7, 2012 at US District Court of the CNMI. (read order here: Order Delaying Hearing ) Meanwhile, Judge Govendo has taken it upon himself to call for a local court hearing at 9:00am on September 7, 2012 at Superior Court. (read order here: Sua_Sponte_Order Judge Tydingco-Gatewood Read more [...] -
US District Court Schedules Hearing Regarding TRO for August 31
Below is a copy of a U.S. District Court order scheduling a hearing on August 31, 2012 at 10:00 a.m. Saipan time (September 1, 2012 at 2:00 p.m. Hawaii time), on the Roe/Doe retirees' motion to lift stay, file a second amended complaint, and for issuance of a temporary restraining order and related injunctive relief precluding the CNMI Government and CNMI Governor Benigno R. Fitial from implementing and perpetuating Fitial's recently issued order reputing to dissolve the Northern Mariana Retirement Read more [...] -
KUDOS: Roe/Doe Attorneys File Motions Challenging Fitial’s Emergency Declaration
As promised, the Roe/Doe Attorneys, Jorgensen, Hatch, Bronster and Woodruff have filed motions with the Federal District Court for injunctive relief from the Emergency Order issued by Fitial. Here are the three groups of documents that were filed: Below are additional motions filed yesterday in U.S. District Court Civil Action No. 09-00023, seeking an emergency hearing for injunctive/related relief, and seeking to file a second amended complaint on plaintiffs' behalf. 1 - EMERGENCY MOTION Read more [...] -
Farris on the Fund’s Bankruptcy Filing
THE following is from the verbatim official court transcript of Bankruptcy Judge Robert J. Faris’ initial comments at the July 27 Retirement Fund bankruptcy hearing in the CNMI District Court. Many people still believe the fees were too high, the law firms too active. This responds to both charges, and comes from a respected, experienced authority. Faris is chief bankruptcy judge for the U.S. Bankruptcy Court/District of Hawaii. He was appointed to the Bankruptcy Court for a 14-year term Read more [...] -
RECALL From 10/22/2010: Letter From Betty Johnson
NOTE: THIS IS A REPRINT OF AN ARTICLE FROM 2010. I am re-posting a Letter to the Editor from Betty Johnson. AS a retiree, I received an E-notice from the Retirement Fund’s Board of Trustees today. The notice, dated October 9, 2010, asks Fund members to help support the Fund by voting “yes” on H.L. I. 17-1 and H.L.I. 16-13 on November 2. Along with the information about pension bonds is an article titled: “Receivership is Not an Option,” written by a retiree named Lorenzo LG. Cabrera. Read more [...] -
Final Order Fee Applications from the Creditors’ Committee
Here are the first 3 Final Order fee applications being sent to Judge Faris. These are from the Creditors' Committee Attorneys and the Committee members. the total for these applications is: $77,602.73. 1. FINAL ORDER and Judgment Granting First and Final Application by Gelber, Gelber & Ingersoll, Counsel for the Official Creditors' Committee, For Compensation and Reimbursement of Expenses (For the Period May 11, 2012 Through July 26, 2012. - Total requested Read more [...] -
Retirees and General Public Kept in the Dark on Status of NMIRF Oversight
The NMIRF and the Fitial Administration have not released any information regarding the status of NMIRF Administrator Richard Villagmoz or any possible replacement. According to recent press coverage Villagomez's contract expired yeaterday, July 31, 2012 ( Tribune Story: Retirement Fund to lose administrator this month) and other reports indicated that Villagomez hinted that his contract may not be renewed ( Tribune Story: No organizational plan yet for Fund's administration ). It is now August Read more [...] -
Bankruptcy Case Verdict: ATTORNEYS WIN!
Retirees will suffer the most as a result of the NMIRF's decision to file Chapter 11 Bankruptcy. Total cost to Retirees for failed bankruptcy attempt could be in excess of $1,000,000. The Federal Bankruptcy Court today has decided to order payment of all fee applications by attorneys and administrative expenses incurred by the US Trustee (the Judge did reject the application of J. Angelo). The orders executing these payments should be released shortly. A dismissal by Judge Faris should follow Read more [...] -
Brief Summary of Hearing Regarding Fee Applications
No recording devices are allowed in Federal Court. Here is a very brief summary of the events in the hearing today. They are from my memory (which is very bad). If you were present and would like to correct or add to this list please do so in the comment section below or send me an email. Judge Faris immediately informed all present that he expected to rule in favor of all fee application presented (the revised one from Brown Rudnick) Judge Faris admonished the CNMI Government and the OAG for Read more [...] -
Villagomez Responds to Requests for Financial Information
Below is an emailed response from Richard Villagomez, NMIRF Administrator. It is a response to requests from a few retirees for more financial disclosure. The issue arose when the Variety reported on some figures that were released by the Fund. The figures given by Villagomez reveal the portfolio value and the interest earned in May and June. What is not clear in these figures is the amount of other income that the NMIRF may have realized, from employee/employer contributions and the amount Read more [...] -
NMIRF Bankruptcy Covered in Wall Street Journal Once Again
SOURCE: WALL STREET JOURNAL ISSUE DATE: July 18, 2012, 4:02 PM Islands Hit With Bill for Failed Pension Fund Bankruptcy By Katy Stech It’s no secret that the corporate bankruptcy process is expensive. But government leaders of the Northern Mariana Islands found out that even the expense of getting thrown out of bankruptcy court has an eye-widening price tag. Administrators who run the state pension fund for public workers of the Northern Mariana Islands—a fund that made a 44-day attempt Read more [...] -
House Passes Pension Obligation Bond Initiative
The House of Representatives has passed HLI 17-5 Pension Obligation Bond Initiative. Click here to view HLI 17-5. This is not the first time that the POB initiative has been tackled. The issue was placed on the ballot in the last general election and failed to muster enough votes to pass. Since then other attempts have been made to once again place this initiative on the ballot while others have come out in opposition once again to any attempt at floating a POB. Just in February of this Read more [...] -
Senate Says Governor Exceeded his Authority in Declaring Disaster of NMIRF
Here is Senate Joint Resolution 17-19 entitled "To modify Executive Order 2012-06: Declaration of a State of Disaster Emergency as regards the Northern Mariana Islands Retirement Fund; and Executive Reorganization of the Northern Mariana Islands Retirement Fund." This Joint Resolution has been passed by the Senate and is now awaiting House action. Senator Manglona has done as the CRA requested and included in SJR 17-19 the following wording: WHEREAS, the Legislature finds that the Governor Read more [...]
Subscribe
Free Notification
All Posts
- A cursory review of the financial resources available to the NMI administrations over a 24-year period (1986-2009) during which employer contribution payments were withheld from the Retirement Fund
May 16, 2013 - Local Media (Saipan Tribune) Needs Input From Retirees/Active DB Members
May 16, 2013 - Need for volunteer legal research re Social Security Law
May 16, 2013 - Do United States Laws of Contract Mean Anything in the NMI or Not?
April 29, 2013 - Imagining the life of poverty many NMI retirees can expect in 11 months if the 18th Legislature fails to act
April 15, 2013 - Media Coverage of 4/2/13 Federal Court Hearing
April 3, 2013 - Tydingco-Gatewood Issues Order on Emergency Motion
April 2, 2013 - Judge Tydingco-Gatewood Urges Good Faith Settlement Talks By All Parties
April 2, 2013 - Tydingco-Gatewood Schedules Emergency Hearing – 4/2 at 9:30am
April 1, 2013 - 11 Years of Published Articles Regarding Fund Condition
March 4, 2013
