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2. Minutes 2/5/10 Meeting
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2. Minutes 2/5/10 Meeting
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South Bend Redevelopment Commission <br />Regular Meeting -February 5, 2010 <br />claims against other insurers. This one only <br />covers the Chartis Insurers. <br />Mr. Varner expressed his view that there is <br />something incongruous about asking the <br />Commission to approve and sign off on some <br />arrangement it knows nothing about. Mrs. <br />Kolata agreed, but could not say more. Mr. <br />Leone agreed that they could not say more. <br />Mrs. Kolata noted that our attorneys filed suit <br />against the successor companies to Oliver <br />Plow. The successor was traced to White <br />Farm and then to TIC United. TIC filed <br />bankruptcy in Texas. We filed a request for <br />judgment against TIC, not to coming out of <br />the bankruptcy, but only to come from their <br />insurers. That judgment has been finalized. <br />The last two insurance companies have been <br />some of the objectors to our filing. By <br />settling with these two agreements, the <br />objectors are taken out of the law suit. Then <br />that judgment goes into our case which is <br />being heard in Indianapolis, which is the <br />bigger insurance recovery case. There are <br />more major coverage partners which will be <br />part of the Indianapolis case. <br />Mr. Leone noted that the amount in this <br />settlement is proportionate to the amounts to <br />be gained from the other insurers, based on <br />the number of years they carried coverage <br />and the amount of coverage. <br />Mrs. Kolata noted that this settlement <br />specifically states that it only releases Chartis <br />from any further Oliver Plow claims, not <br />from any Studebaker claims. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved the Confidential <br />COMMISSION APPROVED THE CONFIDENTIAL <br />SETTLEMENT AGREEMENT AND RELEASE WITH <br />CHARTIS INSURERS <br />22 <br />
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