Bankruptcy settlement update?

[Whipsnade]

I am in NYC. Still waiting. They claimed they did not have my address. 

[John Cruise]

Check cleared today in Canada 😆

[Whipsnade]

Still waiting in NYC

[vistaman]

still nothing in Belgium!!

[Cjohns16]

I had a request for my banking details last week  and the lawyer added that they plan to start batch bank transfers during February. 

[Whipsnade]

Still nothing inNYC. Have called left message no return call. Will persist. 

[LNugent]

Email I received from Moecker

 

During the holiday season our bank account was fraudulently compromised.  We have stopped issuing checks at the moment in order to fix the issue at hand.  We estimate the next round of checks to go out in February.

[Whipsnade]

Thanks!  That explains it. 
We are heading to board Sumphony in Sydney for two months. Sure it will be in the mail when we return. 

[vistaman]

I had a request to send my bank details what i did on 17 th November 2023

 

Still nothing and we are 3 months later  ... 

[Whipsnade]

As we are on a 68 day cruise will nit see my mail until Mar 29. Will follow up then with Moecker if not in mail. 

[LNugent]

I followed up with Moecker about a week ago. No response and no check yet. Bummer. 

[vistaman]

if such a situation is happening in my country  - keeping the available money of a third party too long -  one can complain at the supervisor judge   and  claim the judicial intrests which are at the moment 7 % a year 

 

[Cjohns16]

Today I received notification from Info CC that a wire transfer has been made to us. I can also confirm  payment of usd 4450, converted to Euros is now in our bank account.

 

[vistaman]

still nothing in our Kingdom - Belgium🤑

despite I had six bookings !  

[travelberlin]

On 3/14/2024 at 11:16 PM, Cjohns16 said:

Today I received notification from Info CC that a wire transfer has been made to us. I can also confirm  payment of usd 4450, converted to Euros is now in our bank account.

 

Thanks for letting us know. One question, you got US 4450 for one claim? This will be US 2225 per person. Are others also getting this amount? How much shall we expect from Moecker? US 2225 per person?

 

Ivi

[Roland4]

1 hour ago, travelberlin said:

Thanks for letting us know. One question, you got US 4450 for one claim? This will be US 2225 per person. Are others also getting this amount? How much shall we expect from Moecker? US 2225 per person?

 

Ivi

That is correct. We received a cheque a few months ago for US$4450.00, or $2225.00/person, which is the maximum amount under Florida law. As I understand it, the balance you are owed becomes part of the Unsecured Creditors claim amount.

[travelberlin]

1 hour ago, Roland4 said:

That is correct. We received a cheque a few months ago for US$4450.00, or $2225.00/person, which is the maximum amount under Florida law. As I understand it, the balance you are owed becomes part of the Unsecured Creditors claim amount.

Thanks we are still waiting.

[PaulMCO]

On 3/8/2024 at 5:47 AM, vistaman said:

if such a situation is happening in my country  - keeping the available money of a third party too long -  one can complain at the supervisor judge   and  claim the judicial intrests which are at the moment 7 % a year 

 

I highly doubt that in a case of insolvency. It is not that anyone owes you money.  What was owed was from an entity that no longer exists.  Normally in a case like this the liquidator would wait until ALL claims are judged before distributing the remains.  I credit ABC and the court and providing a priority group payment of partial assets and their skill at getting blood from

insurancr companies for the wrong on the management of Crystal.  
 

one or 6 claims your priority payment cannot be more than $2,225 pp. 

Edited March 18 by PaulMCO

[FlyerTalker]

4 hours ago, PaulMCO said:

I highly doubt that in a case of insolvency.

 

Absolutely.  Bankruptcy is a highly specialized area of the law, with unique procedures.  I know just enough to know that I am out of my league when it comes to those special factors.  But I do have some general experience to rely on.

 

Everyone needs to remember: The corporation that was "old Crystal" is gone.  Kaput.  Strewn to the dustbin of history.  There is no "old Crystal" holding on to funds and assets. Where a court could issue a judgment for payment.  What there is is a bankruptcy trustee (however that is phrased under the applicable law) who is charged by the court to resolve the various claims against any realized assets of the FORMER corporation.  That trustee has to operate under the applicable bankruptcy laws and under the supervision/order of the relevant judge/court.

 

No one is deliberately seeking to screw foreign creditors.  That's an invitation for judicial sanctions.

 

 

[bitob]

So should we expect additional payments beyond the initial payment we received?

[Whipsnade]

Highly unlikely that there will be further distributions to any of us. I believe we will now be far down the pecking order for what scraps may remain. 
Those of us who took advantage of New Crystal’s generous offer via Exceotional Initiative are more than “whole” and have nothing to complain about. Certainly I do not. Very happy on board Symphony and have booked out all my EI cruises over the next year. Only downside would be if I croak before I use them up!!!

[vistaman]

10 hours ago, PaulMCO said:

I highly doubt that in a case of insolvency. It is not that anyone owes you money.  What was owed was from an entity that no longer exists.  Normally in a case like this the liquidator would wait until ALL claims are judged before distributing the remains.  I credit ABC and the court and providing a priority group payment of partial assets and their skill at getting blood from

insurancr companies for the wrong on the management of Crystal.  
 

one or 6 claims your priority payment cannot be more than $2,225 pp. 

No, what I want to make clear that the money is obviously there and available on an account owned by the assignee    , obviously for more than half a year , -  and the money for the victims  - old C clients -  is not forwarded swiftly at all

  years ago in Belgium there was a scandal where lawyers were involved , keeping the available money from cases ( selling houses , damages ... ) far too long - several months - on their accounts and sometimes causing financial problems for their clients.  

[Whipsnade]

To reiterate. If you have received an initial payment from Moecker do not expect any more. We were preferred creditors so received those funds. The remainder of what we claimed goes to the bottom if the pile. If we ultimately receive any more $$ it will be pennies in the dollar. 

[FlyerTalker]

11 hours ago, bitob said:

So should we expect additional payments beyond the initial payment we received?

 

Ask your favorite in-house counsel.

 

 

[FlyerTalker]

6 hours ago, vistaman said:

No, what I want to make clear that the money is obviously there and available on an account owned by the assignee    , obviously for more than half a year , -  and the money for the victims  - old C clients -  is not forwarded swiftly at all

 

Two questions:  Just how do you know that "the money" is there, and how much?

 

Next: Do you know where in the LEGAL pecking order customers sit?  Especially in relation to vendors and agents, who also have valid legal claims.

 

Without those two facts, complaining is just that.

 

3 hours ago, Whipsnade said:

To reiterate. If you have received an initial payment from Moecker do not expect any more. We were preferred creditors so received those funds. The remainder of what we claimed goes to the bottom if the pile. If we ultimately receive any more $$ it will be pennies in the dollar. 

 

Absolutely true.  Think about it....a company goes into bankruptcy because their debts are greater than their assets.  It is impossible to then be able to satisfy every one of those debts at a 1:1 ratio because there aren't enough assets to go around.

 

It is precisely because everyone thinks that THEY should be made whole that bankruptcy has specific procedures to fairly distribute the balance of assets per the relevant law.  Vis a vis all creditors.