• [Bonk: Contagion-?]
• In the meantime, a movement was afoot within the life insurance industry led by Metropolitan Life Insurance Company, as well as the securities brokerage industry, to put together an enhanced rehabilitation plan which would raise the crediting rate on the SPDAs from 5.5% to at least 7.5%.
  • This effort was motivated not only by a desire to salvage the reputation of SPDAs as an investment vehicle, but also to make the SPDA holders whole and thus eliminate damage claims in the many suits filed against the brokers who sold SPDAs.
  • Forty of those cases had been consolidated in the United States District Court for the Southern District of New York, and came to be known as MDL 581, (The Honorable Charles Brieant presiding); In re Baldwin-United Corporation Litigation, 581 F. Supp. 739 (J.P.M.L. 1984).
  • Any commitment to such a plan, financial or otherwise, was initially contingent upon a resolution of the dispute between the rehabilitators and the Debtors.
  • If this could not be accomplished by early 1985, the possibility of an enhancement plan was threatening to evaporate.

1987 1016 - LC - Matter of Baldwin-United Corp, (Bankr.S.D.Ohio 1987) - United States Bankruptcy Court, S.D. Ohio, W.D.  Oct 16, 1987 - casemine.com/judgement/us/5914c194add7b049347ba6af

⇒  CITATION CODES - 79 B.R.321, DOCKET NO. - Bankruptcy No. 1-83-02495.