MBC CLAIMS PROCESS FREQUENTLY ASKED QUESTIONS
Q. How much money will I receive through this process?
A. It is impossible at this time to determine the total amounts you will receive through the MBC Receivership’s claims process. The Court will determine the amount(s) and method of distribution after an October, 2008 hearing. Further information will be posted on this site as it becomes available.
Q. Who is entitled to participate in the Receiver’s claims process?
A. You are entitled to participate in the Receiver’s claims process if you are (1) an investor who invested in a viatical settlement with Mutual Benefits Corporation (“MBC”), (2) a creditor who may claim to be owed money by MBC, Viatical Benefactors, LLC (“VBLLC”) or Viatical Services, Inc. (“VSI”), or (3) some other person who may claim to have been damaged by the actions of MBC, VBLLC or VSI. This Claim Form is your opportunity to tell the Court-Appointed Receiver and the Court the amount and type of damages that you claim to have suffered.
Q. Will I receive the full amount that I claimed?
A. A claimant may claim any amount as damages – even if different from that listed on the claim form - if the claimant is able to support the claim with sufficient documentation. The Receiver will consider all claims presented and may recommend the claimed amount as the basis for the claim to the Court. It is important to understand that submission of a Claim Form does not suggest that the Claimant will actually receive that amount or that amount will be allowed as basis for their claim, as the amounts available for distribution by the Receiver are likely to be much less than the amounts of all of the claims allowed.
Q. How long will this Claims Process Take?
A. At this time, we do not know how long the claims process will take or when funds will be paid to Claimants. A Court hearing to rule on what type of claims made by investors, creditors and other claimants will or will not be recognized is scheduled to take place on October 21, 2008 at 2:00 P.M.
Q. What is the Garden City Group, Inc.?
A. The Garden City Group, Inc. is the company appointed by the court to assist in administering the Receivership’s claims process. The efficiencies offered by utilizing their services reduce claims administration expenses for the investors and creditors involved.
Q. What if my questions are not answered here?
A. You may get answers to additional questions by writing, calling or emailing to the VSI/MBC Customer Service Department. The address is:
Q. Am I going to get money from this claims process? When am I going to get money?
A. Whether you receive proceeds from this process will depend upon several variables. No monetary decisions will be made until all objections have been resolved by the Court and the Court issues further Orders regarding distribution of funds.
Q. Are the Claims going to be considered for each investor or for each investment made by the investors?
A. If you made more than one investment with MBC, you will receive a separate Claim Form for each interest in each Policy in which you invested. You will not receive a claim form for your interest in any policy that has matured.
Q. If I receive claim funds, will the amount be taxable by the government?
A. You will need to consult your own tax attorney or professional to resolve this question. The Receiver will not offer any tax advice on this issue.
Q. If I change my address/phone number/name, whom do I need to inform?
A. You may make any necessary changes to your contact information on the Claim Form itself and return the form to the Garden City Group, Inc. at the address provided on the form. If you have previously provided a Change of Address form to the receivership, you do not need to take any further action to advise us of your changes.
Q. Do I need to send in supporting documentation to prove my claim?
A. If you disagree with the preprinted amount listed on your claim form and would like to claim a different amount as your damages, you must submit any documents you have to support your claim along with the claim form.
Q. When is the deadline to make a claim?
Please submit your completed claim form as soon as possible so
that the Receiver can promptly investigate your potential claim.
Any investor or creditor wishing to assert a claim against the
Receivership shall complete and return their Claim From no later than
Q. Can I get a copy of the Court’s Order authorizing the claims process?
A. Yes. You may click here to obtain a copy of the Order Authorizing Claims Process or visit the “Court Documents” page of this website.
Q. Why did I receive multiple copies of the Claim Forms?
A. If you made more than one investment with MBC, you will receive a separate Claim Form for each interest in each Policy in which you invested. You should not receive more than one claim form for each specific interest. You will not receive a claim form for your interest in any policy that has matured.
Q. If I did not receive my claim form, but I believe I am entitled to make a claim, what do I do?
Please immediately contact VSI/MBC Customer Service Department.
The address is: Roberto Martínez Receiver for Mutual Benefits
Q. Will I receive a confirmation that the Receiver has received the claim form I submitted?
A. If you submitted your claim form(s) by email (to: email@example.com), you will receive an email response confirming receipt. If you submitted your claim form(s) by postal mail, you will not receive a direct confirmation from the Receiver. Please feel free to use the acknowledgement services of the postal mail (Return receipt request, confirmation request, etc). A list of all claim forms received (numerically listed by claim number) will be posted on the Receiver’s website. We encourage you to maintain a photocopy of the form(s) and of any supporting materials you send for your personal records.
Q. What if I do not want to participate in the claims process?
A. You should check the box on the claim form that states, “I do not want to make a claim for damages” and return to Garden City Group. If you return your claim form(s) without checking a box, your claim form(s) may be rejected as incomplete and your claim, if any, may be barred.
Q. What if I am a creditor?
If you are a creditor, your claim form(s) will be preprinted with
the dollar amount that, according to the Receiver’s records, you were
owed by MBC, VBLLC or VSI as of
Q. Will I be able to claim premiums and or VSI administrative fees I have paid?
Q. Will I or should I get a claim form if my policy matured?
A. No. If your interest in a policy has matured and you already received your pro-rata share of the death benefit proceeds, are expecting to receive your share from a recent maturity or should your policy mature before a distribution to investors made; you will have no claim for that amount of your investment.
Q. What happens if the Receiver objects to all of or a portion of my claim?