{"id":20100,"date":"2012-05-23T06:51:08","date_gmt":"2012-05-23T06:51:08","guid":{"rendered":"http:\/\/newspaper.ctsi-logistics.com\/?p=20100"},"modified":"2012-05-23T06:51:08","modified_gmt":"2012-05-23T06:51:08","slug":"us-trustee-no-objection-to-issuance-of-fund-benefits","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/us-trustee-no-objection-to-issuance-of-fund-benefits\/","title":{"rendered":"US Trustee: No objection to issuance of Fund benefits"},"content":{"rendered":"<div>By Ferdie de la Torre<br \/>\nReporter<\/div>\n<p>The U.S. Trustee for the District of the CNMI does not oppose the NMI Retirement Fund&#8217;s request to continue to provide benefits to its beneficiaries during the pendency of the Chapter 11 bankruptcy case.<\/p>\n<p>Assistant U.S. Trustee Curtis Ching said they will not object to the Fund&#8217;s motion provided that there will be limitations.<\/p>\n<p>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<p>In the U.S. Trustee&#8217;s response, Ching said the authorization should be limited to two months, without prejudice to the Fund seeking approval for continued payments.<\/p>\n<p>Ching said the authorization should be at a rate that would allow the Fund to sustain itself.<\/p>\n<p>Based on the Fund&#8217;s representations, he said this would require a substantial reduction in the current payment levels.<\/p>\n<p>Ching said post-petition payments should be recorded and credited to those beneficiaries receiving payments.<\/p>\n<p>\u201cAny confirmed plan should provide corresponding benefits to beneficiaries who did not receive such post-petition payments,\u201d he added.<\/p>\n<p>U.S. District Court for the NMI Bankruptcy Division designated judge Robert J. Faris earlier granted the Fund&#8217;s request to immediately conduct a hearing on its several motions, including the motion for continued payment.<\/p>\n<p>The hearing on the Fund&#8217;s several motions will start on June 1, 2012, at 9:30am.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Ferdie de la Torre Reporter The U.S. Trustee for the District of the CNMI&#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-20100","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\/20100","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=20100"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/20100\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=20100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=20100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=20100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}