Investors: A status conference was held with Magistrate Judge Ovington on Tuesday Oct. 26th. The Judge set a hearing for Dec. 2 at 10 a.m. at which time some pending motions will be heard. Most of the motions are technical to the mechanics of the receivership.
As you know, the motion regarding the matured Prudential policies will be heard in January. The last date to respond or file objections to that motion is Nov.23.
Many, if not all, of you have received yet another solicitation from Mr. Bustos dated Oct. 22. Therein he advises that his IP fund believes that the investors to the Prudential policies should file a claim and assert ownership of them. He then solicits contact, a power of attorney and a $100 fee.
This illustrates the problem of giving someone like Mr. Bustos a power of attorney over your claims. According to information submitted by Mr. Bustos he holds approximately 210 powers. Of that number only about 30 of you are matched to the Prudential policies. Yet, his fund is apparently taking a position which may well be contrary to the interests of the remaining 180 members of the IP fund. Presumably funds from all members will be used for this purpose.
As I previously advised, I am remaining neutral regarding the Prudential policies as there are good arguments on both sides and I think it inappropriate to become involved where the interests of investors conflict so directly.
The IP fund apparently does not recognize the obvious conflict or chooses to disregard it . If that is the case here what will happen when the next conflict presents itself?
If you wish to discuss your involvement or continued involvement in the IP fund I am available.
Andrew Storar, Examiner