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
Life Services Network Trust On April 8, 2019 the Supervising Court entered and order authorizing the Rehabilitator to make a distribution of LSN Trust’s estate assets necessary to effectuate a six pt. two five percent (6.25%) additional payment on eligible claims.
Family Health Network, Inc. (FHN) and Community Care Alliance Of Illinois, NFP (CCAI): On March 8, 2019, an Agreed Order of Rehabilitation was entered against both Family Health Network, Inc. and Community Care Alliance of Illinois, NFP by the Circuit Court of Cook County, Illinois (“Supervising Court”). Robert H. Muriel, Acting Director of the Illinois Department of Insurance, has been affirmed as the companies’ statutory rehabilitator (“Rehabilitator”).
Public Service Ins. Co: The stock purchase agreement entered into with Premia Holdings, Ltd. closed on January 9, 2019. Also on January 9, 2019 (i) the Amended Plan of Rehabilitation for Public Service Insurance Company and Public Service Mutual Holding Company, previously approved by the court supervising the rehabilitation proceedings on December 3, 2018, became effective; (ii) the rights and liabilities of Public Service Insurance Company’s cedent creditors were fixed; and the supervising court’s order of October 12, 2018 staying certain lawsuits against insureds of Public Service Insurance Company was dissolved pursuant to its terms. Copies of the approval orders and the Amended Plan of Rehabilitation can be found here.
Millers First Insurance Company: On October 18, 2018, the Supervising Court entered an order providing for the filing of proofs of claims in the Millers First Insurance Company’s receivership estate and establishing a claim filing deadline of March 4, 2019 at 4:30 p.m. C.D.T.. The court also set a deadline of March 4, 2020 at 4:30 p.m. C.D.T. as the last day that any insured’s timely filed contingent claim must be liquidated by presenting proof of payment to the Liquidator. A copy of the court’s claim procedure order can be found here..