U.S. District Court for the NMI Bankruptcy Division designated judge Robert J. Faris on Wednesday issued an order formally dismissing the NMI Retirement Fund's Chapter 11 bankruptcy petition.
In a one-page order, Faris only stated that pursuant to a memorandum of decision on motions to dismiss he issued last June 13, the Fund's bankruptcy case is dismissed.
Faris' June 13 memorandum simply reiterated the discussions in his tentative decision dismissing the Fund's bankruptcy case.
Faris ruled that Fund is a “governmental unit” and not eligible for relief under Chapter 11 of the Bankruptcy Code.
More details to follow.