Proof of Claim Series To Continue

In case readers are wondering, there are still two more posts in the series entitled How to File a Proof of Claim and I hope to post them soon.  I am awaiting some information which is crucial to the completion of the Proof of Claim form.

The deadline for filing is April 27, 2009 so we still have plenty of time.  And filing a Proof of Claim right away will not affect how soon you get any money from the bankruptcy process.

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6 Responses to “Proof of Claim Series To Continue”


  1. 1 Hellboy 5 January 2009 at 10:26 pm

    WTF?

    “A ‘clerical error’ by Bank of America could mean it and Citibank will lose secured-creditor status, and have to return $51 million to Heller.”

    from Recorder

  2. 2 Observer 5 January 2009 at 11:08 pm

    Somebody at B of A — apparently inadvertently — filed a UCC termination statement in Aug 2007. This was apparently not intended, but the DC is — quite properly — seeking to take advantage of the error, for the benefit of unsecured creditors, and shareholders. My perception is that this is for bargaining leverage with the banks, since there $51 MM comes right back in to share in the overall pool of funds/assets.

    (The most famous bank error that I can recall took place in a ship mortgage case over a dozen years ago. A paralegal at a law firm inadvertently typed $93,000 instead of $93,000,000 in a mortgage document. The lender was subsequently held to be unsecure as to the $92 MM difference.)

  3. 3 Former Associate 5 January 2009 at 11:15 pm

    If you go to Law.com instead of callaw.com, you can read the article for free. Being unemployed, that’s the only way I can access the article. Sounds like there’s a decent chance that the pot will get $51M richer! Even though it’s a ridiculous error (the kind that keeps us all up at night), I don’t think the banks are very sympathetic characters here.

    Thomas: thanks a million for all you’re doing here.

  4. 4 Observer 6 January 2009 at 2:19 am

    The pot doesn’t really get $51 MM richer. Instead (in theory) $51 MM comes back into the assets, but then there is another $51 MM additional unsecured claim to take from the pot.

    This helps us if the pot isn’t big enough to cover all claims: the banks don’t take first, and the priority portion of our claims does come higher than the banks. This is not so relevant if the pot is big enough to cover all claims: we and the banks should get all we are entitled to.

    I perceive this as negotiating leverage for the firm, either for an early settlement, or more flexibility for a Ch. 11 plan.

  5. 5 Brenna Louzin 9 January 2009 at 1:21 pm

    Is there some way to obtain another copy of the Proof of Claim Form? I want to have several on hand. I have signed one of them, and though it is not completely filled out, I want another. I cannot find it online. Thanks.

  6. 6 Thomas MacEntee 9 January 2009 at 1:23 pm

    brenna

    The Bankruptcy page on Heller Highwater has all the links to forms and documents filed with the bankruptcy court.

    Here is the link for the Proof of Claim form:

    http://www.uscourts.gov/rules/BK_Forms_Pending_2008/B_010_1208v4.pdf

    Thomas


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