Fund names members holding largest unsecured claims

The NMI Retirement Fund has named members that are holding the largest unsecured claims in the pension plan who will become part of the committee of creditors that will work with the Fund in formulating plans and proposals for the bankruptcy court.

The Fund, based on court documents, said the primary creditors are individuals to whom benefits are to be paid, at varying levels, over varying periods of time. In its court filing, the Fund indicated that it is not currently available to determine which of its creditors would be entitled to the largest recovery on account of their claims.

Thirty-one members, for now, have been identified for the purpose of filing and more members are encouraged to volunteer to join the beneficiaries’ committee at the forum Tuesday night at the American Memorial Park.

Based on court documents, the creditors committee has an initial 31 members: four from Class 1 retirees; five from Class II retirees; three from disability beneficiaries; three from survivors’ beneficiaries; four from Class 1 active members; eight from Class II active members; and five from inactive members.

During Wednesday night forum, Fund representatives led by board legal counsel Viola Alepuyo pointed out that those on the list may not have been contacted yet about their inclusion in the creditors’ committee until they confirmed and approved their participation. She encouraged more creditors to come forward and volunteer for the post.

For Class I retirees, the members initially identified as part of the committee are Ruth Tighe, Edward E. Manibusan, Lucia Norita-Shilling, and Christopher Deleon Guerrero.

For Class II retirees, listed were Donna J. Cruz, Herbert D. Soll, Manuel A. Sablan, Santiago F. Tudela, and Susana C. Tenorio.

Representing the disability recipients are Edith D. Cruz, Richardo K. Omar, and Ricardo Camacho. The survivors have Juan A. Camacho, Natalia M. Magofna, and Huixia L. Matagolai.

Class I active members include Oscar C. Camacho, Joseph M. Pangelinan, Tyce J. Mister, and Mark Staal. For Class II active members, listed are Lourdes C. Atalig, Rosita R. Benito, Juan B. Cepeda, Manny N. Fitial, Jose A. Lizama, Juan F. Rabauliman, Patrick O. Taitano, and Oscar L. Takai.

For the inactive members, listed are John O. Taitano, William F. Camacho, Michael J. Leyden, and Srinivas Doraswamy.

On Tuesday afternoon, the Fund filed for Chapter 11 bankruptcy, which allows the reorganization and restructuring of the pension agency. During this period, all decisions that will impact the Fund’s assets will depend on a bankruptcy court that may continue or freeze the assets of the pension agency.

The Fund has about 6,000 active retired members and has an estimated $253 million in assets as of February this year.