OSD Mission Statement
Our mission is to achieve consumer protection through receivership resolution expertise and the execution of a resolution strategy appropriate to the unique circumstances of each troubled company estate, including maximization of asset recovery, fair disposition of claims, and timely delivery of assets to creditors.
OSD Latest News
Legion Indemnity On April 11, 2018 the Supervising Court approved the Liquidator’s twenty percent (20%) seventh dividend on all timely filed (second deadline) claims. These claims are allowed for distribution at statutory priority level 215 ILCS 5/205(1)(d), bringing the total late-filed priority level “d” distribution to 58%.
Life Services Network Trust On January 5, 2018, the Circuit Court of Cook County, Illinois entered an order providing for the filing of proofs of claims in the Life Services Network Trust receivership estate and establishing a claim filing deadline of March 30, 2018. The court also set a deadline of May 31, 2018 as the last day that any insured’s timely filed contingent claim must be liquidated by presenting proof of payment to the Rehabilitator. A copy of the court’s claim procedure order can be found here.
Public Service Ins. Co On October 2, 2017 the Rehabilitator filed Petitions for Approval of Plan of Rehabilitation for Public Service Insurance Company and Public Service Mutual Holding Company and for Approval of Assignment, Assumption and Novation Agreement along with a Supporting Memorandum for each Petition. Copies of these filings can be found here. A copy of the Supervising Court's Scheduling Order setting forth the procedures for notice, comment and hearing on these Petitions can be found at the same location. Subsequent filing related to these Petitions will also be posted at this location.