The U.S. Trustee for the District of the CNMI does not oppose the NMI Retirement Fund\u2019s request to continue to provide benefits to its beneficiaries during the pendency of the Chapter 11 bankruptcy case.<\/p>\n
Assistant U.S. Trustee Curtis Ching said they will not object to the Fund\u2019s motion provided that there will be limitations.<\/p>\n
The Fund had asked for court authority to continue paying out certain benefits to beneficiaries, proposing a rate of payments that is between 42 percent and 100 percent of current benefits.<\/p>\n
In the U.S. Trustee\u2019s response, Ching said the authorization should be limited to two months, without prejudice to the Fund seeking approval for continued payments.<\/p>\n
Ching said the authorization should be at a rate that would allow the Fund to sustain itself.<\/p>\n
Based on the Fund\u2019s representations, he said this would require a substantial reduction in the current payment levels.<\/p>\n
Ching said post-petition payments should be recorded and credited to those beneficiaries receiving payments.<\/p>\n
\u201cAny confirmed plan should provide corresponding benefits to beneficiaries who did not receive such post-petition payments,\u201d he added.<\/p>\n
U.S. District Court for the NMI Bankruptcy Division designated judge Robert J. Faris earlier granted the Fund\u2019s request to immediately conduct a hearing on its several motions, including the motion for continued payment.<\/p>\n
The hearing on the Fund\u2019s several motions will start on June 1, 2012, at 9:30am.<\/p>\n","protected":false},"excerpt":{"rendered":"
The U.S. Trustee for the District of the CNMI does not oppose the NMI Retirement Fund\u2019s request to continue to provide benefits to its beneficiaries during the pendency of the Chapter 11 bankruptcy case.<\/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-161444","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\/161444","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=161444"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/161444\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=161444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=161444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=161444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}