U.S. District Court for the NMI's Bankruptcy Division designated judge Robert J. Faris issued Thursday a memorandum of his decision to dismiss the NMI Retirement Fund's Chapter 11 bankruptcy petition.
Faris' memorandum simply reiterated the discussions in his tentative ruling dismissing the Fund's bankruptcy case.
Faris ruled that the Fund is a “governmental unit” and not eligible for relief under Chapter 11 of the Bankruptcy Code.
The judge pointed out, however, that some administrative issues must be resolved in conjunction with the dismissal of the case.
Faris gave all professionals retained by the Fund and any other party wishing to assert an administrative expense to file an application or motion no later than June 29, 2012.
Faris directed the Fund to give notice of all such applications and motions.
“The notice shall provide that, if an objection to any such application or motion is filed by a date certain (which shall be not sooner than 14 days after notice is given), the court will consider the contested application or motion at a hearing on July 27, 2012, at 9:30am, and that, if no timely objection is filed to any of the applications or motions, the court will consider the uncontested applications and motions without a hearing,” the judge said.
Faris said the order dismissing the case will be entered after orders on the applications and motions are entered and all approved compensation, reimbursement, and administrative expenses are paid.
Faris said when he enters the order dismissing the case, he will also enter orders dismissing without prejudice all adversary proceedings and remanding all removed proceedings.