Bankruptcy settlement update?

[the_dylaness]

Check received for $4450. 

 

We are approx 80% whole.  A better outcome than I anticipated...

 

My husband seems to think there's a chance we'll see the rest.  Thoughts?

[vistaman]

currently on the Regent Splendor to recover from my Explora disaster 😃

i am curious -  living in Belgium -  my cheque also will arrive in due time 

 

[vistaman]

5 hours ago, the_dylaness said:

Check received for $4450. 

 

We are approx 80% whole.  A better outcome than I anticipated...

 

My husband seems to think there's a chance we'll see the rest.  Thoughts?

good for you , I was around 18 k - 6 bookings -  but i received a message months ago i will only receive 2250

[Texas Tillie]

8 minutes ago, vistaman said:

currently on the Regent Splendor to recover from my Explora disaster 😃

i am curious -  living in Belgium -  my cheque also will arrive in due time 

 

 

I believe I've read that those not in the US will get a wire transfer. You will be contacted to get the information for the transfer, but not until early 2024.

[Texas Tillie]

9 minutes ago, vistaman said:

good for you , I was around 18 k - 6 bookings -  but i received a message months ago i will only receive 2250

 

Everyone received the same amount. The person you quoted wasn't owed nearly as much as you were owed.

[Keith1010]

I want to clarify that if eligible then everyone received $2,2,50.00 per person. However, in some cases people received less than this. Examples included what they were owed was less than $2,50.00 or in several cases their Credit Card companies reimbursed them for most of what was owed and the remaining balance was less than $2,250.00.

 

Keith

 

 

[BWIVince]

11 hours ago, Stereojeff said:

Also got our check today.

 

Does anyone have an estimate as to when the Federal Maritime Commission might spring into action with checks for we who lost money on "American" Old Crystal Cruises?

 

Jeff

The FMC is engaged from the start, but IIRC the surety bonds are a final step payout (or they wouldn’t be viable) that makes up the gap left by the other sources…. Assuming that’s the case, they wouldn’t come into play until late 2024 or 2025.  I’m saying that from memory though, and would happy to be corrected by anyone with expertise on the subject.

 

Vince

[BWIVince]

10 hours ago, the_dylaness said:

Check received for $4450. 

 

We are approx 80% whole.  A better outcome than I anticipated...

 

My husband seems to think there's a chance we'll see the rest.  Thoughts?

I’m sure you’ll receive somewhere between “more” and “the rest”, but where it is on that vast spectrum, it’s way, way, way too early to know.  There are still a lot of factors in play, like unclaimed money from the priority distribution, the amount of money that comes back into MM&A’s control from accounts under other party control (like merchant accounts), any remaining random assets to be dissolved, the whole FMC surety bond process for US departures, etc…. We shall see, but patience is key.  I would definitely prepare for a partial payment though, statistically there are hardly ever final distributions that make all general claims whole — if that ever even happens at all.

 

Vince

[Cancun01]

7 hours ago, Texas Tillie said:

 

I believe I've read that those not in the US will get a wire transfer. You will be contacted to get the information for the transfer, but not until early 2024.

I called MM this morning.  Those in Canada will also receive cheques.  

[FlyerTalker]

4 hours ago, BWIVince said:

I would definitely prepare for a partial payment though, statistically there are hardly ever final distributions that make all general claims whole — if that ever even happens at all.

 

First off, I am not a bankruptcy expert.  That said, in my experience companies that go into bankruptcy do so when indebtedness is greater than assets.  Just from that standpoint one can probably assume that the creditors (both secured and unsecured) are dealing with a pie that's smaller than the claims against it.

 

Having received an EI credit that equaled my claim to Mockler, I consider myself effectively "made whole".  Yes, I had to spend money on cruises to recoup that value - but I was going to travel anyhow, and was going to do it on Crystal if I had the opportunity.  So if a check shows up in my mailbox, I'll just consider it a bonus.

 

 

[travelberlin]

9 hours ago, vistaman said:

currently on the Regent Splendor to recover from my Explora disaster 😃

i am curious -  living in Belgium -  my cheque also will arrive in due time 

 

I have sent Moecker today an email to ask about this. I guess for us, who live outside the USA, it will not be a check but a wire transfer. We will see what the Assignees answer.

Ivi

[TER777]

My check is still in the mail - our mail was not delivered yesterday. This is not uncommon but doesn’t usually occur on a Monday. 

[Whipsnade]

I am in the same boat as Flyer Talker. Thanks to EI I am whole. When my check arrived from Moecker it will be a bonus. 
I am still booking cruises two years ahead and then canceling if health not up to it. Only way to insure you get desired cabin. And then moving deposits forward. Guess I didn’t learn much from Old Crystal. 

[sasejm]

10 hours ago, Keith1010 said:

I want to clarify that if eligible then everyone received $2,2,50.00 per person. However, in some cases people received less than this. Examples included what they were owed was less than $2,50.00 or in several cases their Credit Card companies reimbursed them for most of what was owed and the remaining balance was less than $2,250.00.

 

Keith

 

 

Keith,

We each received $2225.00 and that did not make us whole by any means. However, I’m not complaining we didn’t get $2250.00, which seems like the majority on this thread. We did book a 16 day Crystal Cruise for January 2025. We have Explora 1 and RSSC Splendor cruises to complete before going back to Crystal.

 

Ed

[TER777]

31 minutes ago, sasejm said:

Keith,

We each received $2225.00 and that did not make us whole by any means. However, I’m not complaining we didn’t get $2250.00, which seems like the majority on this thread. We did book a 16 day Crystal Cruise for January 2025. We have Explora 1 and RSSC Splendor cruises to complete before going back to Crystal.

 

Ed

The priority amount is $2225 per person, thus $4450 per couple. A lot of typos going on. 

[sasejm]

12 minutes ago, TER777 said:

The priority amount is $2225 per person, thus $4450 per couple. A lot of typos going on. 

Thanks for the update.

[Keith1010]

1 hour ago, sasejm said:

Keith,

We each received $2225.00 and that did not make us whole by any means. However, I’m not complaining we didn’t get $2250.00, which seems like the majority on this thread. We did book a 16 day Crystal Cruise for January 2025. We have Explora 1 and RSSC Splendor cruises to complete before going back to Crystal.

 

Ed

Ed, I saw Tracie's response and my apologies. It is 2,250.00 per person. In our case two people $4450.00 so I had 50.00 on the brain.

 

Keith

[TER777]

39 minutes ago, Keith1010 said:

Ed, I saw Tracie's response and my apologies. It is 2,250.00 per person. In our case two people $4450.00 so I had 50.00 on the brain.

 

Keith

Try again, Keith. 

[Keith1010]

41 minutes ago, Keith1010 said:

Ed, I saw Tracie's response and my apologies. It is 2,250.00 per person. In our case two people $4450.00 so I had 50.00 on the brain.

 

Keith

Hopefully the third time will be a charm.

 

$2,225.00 per person is the the maximum amount times 2 people equals $4,450.00.  

 

Keith

[FlyerTalker]

2 hours ago, sasejm said:

We each received $2225.00 and that did not make us whole by any means.

 

No one ever said that this payment was going to make people whole.  And it was never going to be a differing amount, based on what you had filed.  It was a uniform X per claimant, irrespective of your claim - as long as you had at least that amount outstanding, NET any other repayments, such as from credit cards.

 

 

[sasejm]

4 minutes ago, FlyerTalker said:

 

No one ever said that this payment was going to make people whole.  And it was never going to be a differing amount, based on what you had filed.  It was a uniform X per claimant, irrespective of your claim - as long as you had at least that amount outstanding, NET any other repayments, such as from credit cards.

 

 

I really never expected anything let alone being made whole, so the amount we received was a huge surprise and no complaints from me.

[sasejm]

42 minutes ago, Keith1010 said:

Hopefully the third time will be a charm.

 

$2,225.00 per person is the the maximum amount times 2 people equals $4,450.00.  

 

Keith

 

Hi Keith,

No problem, all is good.

Ed

[Whipsnade]

Still waiting. Guess mail is slow in NYC. 

[BWIVince]

2 hours ago, FlyerTalker said:

 

No one ever said that this payment was going to make people whole.  And it was never going to be a differing amount, based on what you had filed.  It was a uniform X per claimant, irrespective of your claim - as long as you had at least that amount outstanding, NET any other repayments, such as from credit cards.

 

 

 

Well said...  Fortunately some of us had claims for a random amount under $2225 so it happened to make us whole, but this is just a first phase payment that gave people a set chunk back while the process slowly winds through its natural course for the next year or two.

 

Vince

[bitob]

Our check arrived today

Not expecting more

End  of an ugly chapter in our travel life 

 

 

Boarding ship for month long cruise in 2 weeks

Life is good