{"id":13011,"date":"2012-04-28T02:15:18","date_gmt":"2012-04-28T02:15:18","guid":{"rendered":"http:\/\/newspaper.ctsi-logistics.com\/?p=13011"},"modified":"2012-04-28T02:15:18","modified_gmt":"2012-04-28T02:15:18","slug":"motion-to-dismiss-funds-bankruptcy-will-also-be-heard-at-next-hearing","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/motion-to-dismiss-funds-bankruptcy-will-also-be-heard-at-next-hearing\/","title":{"rendered":"Motion to dismiss Fund&#8217;s bankruptcy will also be heard at next hearing"},"content":{"rendered":"<div>By Ferdie de la Torre<br \/>\nReporter<\/div>\n<p>The lawyers for two unnamed retirees or creditors last Thursday filed a notice of a hearing on their motion to dismiss the NMI Retirement Fund&#8217;s Chapter 11 bankruptcy petition.<\/p>\n<p>Attorneys Bruce Jorgensen and Stephen Woodruff, counsel for the unnamed retirees or creditors, said the hearing of their motion will be on May 31 at 1:30pm in the U.S. District Court for the NMI (Hawaii time) or June 1 at 9:30am Saipan time.<\/p>\n<p>Jorgensen said U.S. Bankruptcy Court for the District of Hawaii Chief Bankruptcy Judge Robert J. Faris will be conducting the hearing.<\/p>\n<p>Last April 20, Faris set another hearing in the Fund&#8217;s bankruptcy case for the same schedule.<\/p>\n<p>Atty. Margery Bronster, another counsel for the unnamed retirees or creditors, informed the court last April 20 about their motion to dismiss the bankruptcy petition.<\/p>\n<p>In their pleadings, Bronster said the Fund is a \u201cgovernmental unit\u201d and an agency of the Commonwealth\u201d and, therefore is not a \u201cperson\u201d eligible to file such a petition under the Bankruptcy Code.<\/p>\n<p>Consequently, Bronster said, the Fund&#8217;s Chapter 11 petition must be dismissed.<\/p>\n<p>The Fund counsel told the court that the intent of filing the Chapter 11 bankruptcy petition is to restructure the Fund&#8217;s obligation and not to shutdown.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Ferdie de la Torre Reporter The lawyers for two unnamed retirees or creditors last&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13011","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/13011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=13011"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/13011\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=13011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=13011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=13011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}