Archive for the ‘From Others’ Category
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David Sablan Sr. at CRA Meeting
1There are 36 videos posted online of the CRA meeting that was held on 6/13/12. You can watch all of them here: http://www.youtube.com/playlist?list=PLA33169E247860697&feature=view_all It was great to have so many people speaking up on the issues. I realize that this is a lot to watch and would like to strongly recommend that anyone interested in the affairs that surround the NMIRF watch all the videos. If for some reason you are unable to watch them all I personally recommend that you at Read more [...] -
Retirees Speak Out Against the Pension Obligation Bond Idea
Here are some correspondence in regards to the recent rebirth of talks of a Pension Obligation Bond as a solution for the NMIRF. The POB idea has been embraced by CRA Chairman Larry Cabrera and was mentioned as a solution by Senate President Manglona. Many retirees however do not support the POB: ------------------------------ Hello Friends of the Fund, As I understand it some (many?/few?) people who are influential in the legislature are strongly pushing a pension obligation bond. The premise Read more [...] -
CRA 6/13/12 Meeting Overview
The CRA held a general membership meeting last evening to discuss pressing issues. They invited Richard Villagomez (NMIRF Administrator), Governor Fitial, Lt. Governor Inos, Senate President Manglona, Speaker Cabrera. Of those invited only Senate President Manglona showed up. Vice Speaker Ogumoro showed up in place of Speaker Cabrera. We will be posting video of the meeting later this afternoon. Please visit : http://www.youtube.com/playlist?list=PLA33169E247860697 to view an index of the Read more [...] -
From Mary Flanagan to CRA Directors and Fund Members
Dear CRA Directors and fellow Retirement Fund Members: I also agree with Betty Johnson's suggestions, Angie Sills' comments, and David Price's comprehensive summary and analysis. The existing John Doe/Jane Roe case in the Federal District Court is the most viable and expedient vehicle for the Fund to finally pursue collection of the massive outstanding judgment that has languished for 3 years because of expensive and misguided delaying tactics and infighting that has totally disregarded the Read more [...] -
From David Price to CRA Directors and Retirees
Dear CRA Directors and other interested retirees: I can only echo Angie Sill's comments endorsing Betty Johnson's suggestions to the CRA Board of Directors. I would like to add that it is my understanding that Attorney Steve Woodruff has also been associated to serve as local CNMI counsel in the John Doe/Jane Roe case. The existing John Doe/Jane Roe case was filed in the Federal District Court on Saipan several years ago and it was immediately opposed by the NMIRF's attorneys for reasons Read more [...] -
From Betty Johnson to CRA Board
Dear CRA Board, According to an article I read today in the Variety, it looks like the CRA board may be considering asking the retirees to support an effort to seek the $325 million judgment through a lawsuit. If thats true, why not just support the lawsuit that already exists in federal court? It has the same goals of collecting the $325 million judgment, preserving the Fund's Defined Benefit Plan for the future, and asking for accountability of Fund assets through federal court oversight. Read more [...] -
Huesman/Coffey Seek $1.2 Million From Fund In Bankruptcy Order
The bankruptcy attorneys for the NMIRF submitted their proposed order granting dismissal with emphasis on compensation of professionals (those specifically mentioned in the past were: the law firm of Brown Rudnick, the law offices of Braddock Huesman and Buck Consultants). The order that they have drafted requests an immediate transfer of $1.2 million to cover these fees. Here are some excerpts from one person's take on the proposed order: Former CNMI Assistant Attorney General Braddock Read more [...] -
Survey – Please Respond and Invite Others to Respond
Here is a simple survey to gauge the public’s opinion of Fitial’s Declaration of Disaster Emergency and Executive Restructioning of the the NMIRF. Please fill it out and invite other members of the community to fill it out. This is an informal survey.
CLICK HERE to take the NMIRF Survey
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Can a Pension Plan File for Bankruptcy? Part 2
Here is a link to Part 2 of Ady Dewey’s blog on the NMIRF Bankruptcy:
Can a Pension Plan File for Bankruptcy? Part 2
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Roe/Doe Case Overview
For those curious as to the history of the Roe/Doe Federal Court Case here is an overview and some relevant information. From the outset of the Roe/Doe litigation 3 years ago, Roe/Doe have sought on behalf of themselves and similarly situated Fund beneficiaries to protect and preserve the Fund's viability and assets, through judicial remedies available in the U.S. District court but not in the CNMI judiciary. Had the Fund Board and/or CRA proceeded along the course proposed, initiated, Read more [...] -
Judge Faris Dismisses Bankruptcy
As expected, after listening to Jeremy Coffee, the attorney for the NMIRF, request that Bankruptcy be allowed to continue, Judge Faris still dismissed the case. The notes below are not an official transcript and based solely on recollection. they may contain some errors. Here are the points as I recalled them (please correct me if needed): Attorney for the Fund, Jeremy Coffee of Brown & Rudnick, was given an opportunity to present his argument as to why the Bankruptcy Case should NOT Read more [...] -
Judge Faris’ Tentative Ruling to Dismiss Fund’s Bankrutpcy Petition
The Federal Bankruptcy Court has issued a Tentative Ruling by Judge Faris. In the Tentative Ruling the Judge has stated that he "is inclined to rule that it [the Bankruptcy case] cannot succeed". [SEE Marianas Variety story here: http://mvariety.com/cnmi/cnmi-news/local/46854-breaking-news-us-bankruptcy-judge-to-dismiss-fund-petition.php ] [SEE Saipan Tribune story here: http://www.saipantribune.com/newsstory.aspx?cat=1&newsID=119297 ] Barring any last minute revelation that Read more [...] -
Fitial Plans Emergency Declaration of NMIRF
The Attorney General has confirmed that Fitial is planning to execute a Declaration of a State of Emergency for the NMIRF. The story was covered by the Marianas Variety ( http://mvariety.com/cnmi/cnmi-news/local/46853-administration-may-declare-fund-state-of-emergency.php ). By declaring a State of Emergency the Governor will take full control over the NMIRF and all standard regulations will cease to exist. What type of reporting and accounting of what occurs under a State of Emergency is not fully Read more [...] -
Gelber Responds to Query: “Is It Necessary for Beneficiaries to File a Proof of Claim?”
The short answer to your question is: Retirees (and other Retirement Fund beneficiaries) will most likely not be required to file proofs of claim for their retirement benefits (unless the Court enters a separate order, at a later time, requiring that they do so). The Retirement Fund has requested that beneficiaries, including retirees, not be required to file proofs of claim for retirement benefits. A retiree would only have to file a proof of claim for claims against the Retirement Fund unrelated Read more [...]
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- 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
