About the Conservatorship
On February 6, 2002, a voluntary joint Order Appointing Conservator and Transferring Assets (the “Conservatorship Order”) was entered by the District Court of Oklahoma appointing Tom Moran, of Oklahoma City, Conservator of certain ABC assets (the “Conservatorship Assets”), including the life insurance policy(ies) in which you own an interest.
The Conservator is responsible and has authority under the Conservatorship Order to:
- take custody and control of the Conservatorship Assets;
- manage the Conservatorship Assets and take necessary steps to protect the ABC investors’ interests including, but not limited to, the liquidation or sale of the policies and the assessment to ABC investors of future premium payments;
- receive and collect money due and owing on the policies;
- make such payments and disbursements as may be necessary and advisable for the preservation of the Conservatorship Assets;
- monitor the viators of the policies by tracking the location of the viators and periodically checking the health of the viators;
- receive notice of the death of viators, file death claims and collect the proceeds paid on the policies as they mature;
- disburse to ABC investors their proportionate share of the proceeds paid on matured policies, which may be reduced by the amount of any premium advanced by ABC or the Conservator; and, establish open payments communication with ABC investors with proper disclosure of available options and consequences.
You may view copies of all legal documents as well as a copy of the purchase agreement on the Oklahoma Department of Securities website at: www.securities.state.ok.us. Go to Enforcement Actions and then Oklahoma Department of Securities vs. Accelerated Benefits Corporation.
Order Approving Sale Of Conservatorship Assets
Conservators Appointment Letter