MBC CLAIMS PROCESS FREQUENTLY ASKED QUESTIONS Q.
How much money will I receive through this process?
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?
Q.
Am I going to get money from this claims process?
When am I going to get money?
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? A.
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? A.
Please immediately contact VSI/MBC Customer Service Department.
The address is: Roberto Martínez Receiver for Mutual Benefits
Corporation, 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:
mbcclaims@gardencitygroup.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? A.
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? A.
No. 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? |