HomeNewsCompaniesGovernanceFAQContactSearch
 
Search   
Mission Insurance Companies
Estate Trust Officer: Scott Pearce
Email Address: PearceS@caclo.org
Telephone Number: (415) 676-5013
Conservation Date: 10/31/1985
Liquidation Date: 02/24/1987
POC Final Filing Date: 09/12/1987
Affiliate Companies:
Enterprise Insurance Company
Holland America Insurance Co.
Mission National Insurance Co.
Mission Reinsurance Corp.
Expand All Expand All    Collapse All Collapse All


MISSION INSURANCE COMPANY AND MISSION NATIONAL INSURANCE COMPANY TRUST
FAQs for Stock Distribution

History of Trust

  1. What are Mission Insurance Company and Mission National Insurance Company Trust?
    Mission Insurance Company and Mission National Insurance Company ("MIC" and MNIC" or collectively "Mission Insurance Companies") were California-domiciled companies that wrote Property & Casualty business in multiple states prior to their insolvency. These companies were subsidiaries of the Mission Insurance Group ("MIG").

    The Mission Insurance Company Trust and the Mission National Insurance Company Trust were the legal entities to which, respectively, all MIC and MNIC assets and liabilities were transferred. The California Insurance Commissioner is the court- appointed trustee of the MIC and MNIC trusts.

  2. Why are MIC and MNIC in Liquidation?
    The Mission Insurance Companies were ordered into liquidation by the Superior Court of California on February 24, 1987, due to their financial condition.

  3. What is Covanta Holding Corporation (CVA)?
    The Mission Insurance Companies were subsidiaries of Mission Insurance Group.
    When Mission Insurance Group and its subsidiaries emerged from bankruptcy, the name of the company was changed to Danielson Holding Corporation. Subsequently, the name of the company was changed in 2005 to Covanta Holding Corporation.

  4. Why are MIC Trust and MNIC Trust distributing CVA shares and/or cash in lieu?
    The MIC and MNIC trusts are distributing securities pursuant to the requirements of the Agreement of Reorganization, Rehabilitation and Restructuring (the "RRR Agreement"), the Rehabilitation Plan Implementation Agreement (the "Implementation Agreement"), the MIC Trust and MNIC Trust Agreements and court-approved distribution plans. These shares were obtained by the MIC and MNIC trusts for distribution to creditors.

    Calculation

  5. How were my shares calculated?
    A detail of the calculations is set forth on the motion to approve the distributions which is located on the CLO website, www.caclo.org

  6. Who determined eligibility?
    Eligibility was determined pursuant to the RRR Agreement and the Implementation Agreement. All holders of approved proofs of claim were considered for eligibility. Those approved claimants with deficiency claims were eligible, based on the court-approved RRR Agreement and Implementation Agreement.

    Tax

  7. How do I report this to the IRS?
    Contact your tax advisor for tax issues related to this stock distribution.

  8. Is this transaction fully or partially taxable?
    Please contact your tax advisor to determine the tax implications.

  9. What is the cost basis for my shares?
    The securities are issued to offset deficiency claims. Please contact your tax advisor to determine the tax implications.

    Distribution

  10. Will there be more share distributions?
    This is the only share distribution. Other distribution of assets towards approved claims will depend on the further assets available to the Trusts. Current projections are that each trust will make further distributions of cash to approved claimants. The entitlement of each claimant to receive a distribution will depend on that claimant's status, priority and the amount of each claimant's claim(s).

  11. What if I wish to decline the stock distribution?
    If you wish to decline the stock distribution, please consult with your legal or tax advisor.

    POC/Claim

  12. What is the Approved Amount?
    The Approved Amount is the approved proof of claim amount as determined by the Conservation & Liquidation's (CLO) Claims Department staff and subject to court supervision.

  13. How was that derived?
    All claimants were sent written notices regarding their claim's resolution status. Please refer to your notice for an explanation of the CLO Claims Department's determination of your proof of claim.

  14. I never received an approval letter regarding my POC -
    Please write to:   CLO
    Attn: MIG Claims
    P.O. Box 26894
    San Francisco, CA 94126-0894
    You must include your Proof of Claim Number.

  15. How can I get a statement showing all prior distributions made to me?
    Please write to:   CLO
    Attn: MIG Claims
    P.O. Box 26894
    San Francisco, CA 94126-0894
    You must include your Proof of Claim Number.

    Holding or Selling CVA Shares

  16. How can I sell these shares?
    Contact your broker or investment advisor.

  17. Should I hold/sell my shares?
    Contact your broker or investment advisor.

  18. Are there restrictions or blackout periods?
    Shares of Covanta Holding Corporation are traded on the New York Stock Exchange under the symbol "CVA". The Insurance Commissioner is not aware of any known legal requirements that would prevent or delay selling your shares. However, for more information on applicable restrictions or blackout periods, if any, please consult your broker or financial advisor.

  19. What is the value of my shares?
    Contact your broker for information.

    Stock Certificates

  20. Why are there multiple payees on my stock certificate/check?
    At the time of the proof of claim submission, the person and/or entity that filed the POC had specified that those particular payees were entitled to the proceeds on this MIC or MNIC claim.

  21. What does TEN IN COM mean and why is this included on my stock certificate/check?
    TEN IN COM or Tenancy in Common is when two or more persons have an undivided interest in the property (stock/cash). For legal explanation, please contact your legal advisor. All claimants with multiple payees are issued stock certificates in this fashion in accordance with the POC.

  22. What if the name or address on the check/stock certificate is incorrect?
    Please write to:   CLO
    Attn: MIG Claims
    P.O. Box 26894
    San Francisco, CA 94126-0894
    You must include your Proof of Claim Number.

  23. Can I challenge your calculations?
    The Court has issued its order which approved the distribution motion. If you are not satisfied with the manner in which shares were calculated please submit your objections in writing to:
    CLO
    Attn: MIG Claims
    P.O. Box 26894
    San Francisco, CA 94126-0894
    You must include your Proof of Claim Number.

  24. What are the tax and legal implications?
    Please consult with your tax and/or legal advisor for these types of questions. Neither the Insurance Commissioner, Covanta nor AST will provide any tax or legal advice.

    General

  25. May I get a copy of the court orders related to this distribution mailed/faxed to me?
    Court orders and additional information on MIC or MNIC Trust can also be viewed/downloaded from the Conservation and Liquidation Office's website at www.caclo.org.

  26. How can I file a complaint with the Insurance Commissioner?
    If you wish to file a complaint with the Insurance Commissioner, as Trustee, please send your correspondence to:
    CLO
    Attn: Mission Insurance Company or Mission National Insurance Company Trust Officer
    P.O. Box 26894
    San Francisco, CA 94126-0894
    You must include your Proof of Claim Number.

    Contact Information

  27. Where can I find more information on the liquidation and distribution of Mission Insurance Company or Mission National Insurance Company?
    You can obtain more information on the liquidation and distribution of MIC or MNIC on the Conservation & Liquidation Office's website at www.caclo.org