The bankruptcy trustee for Montreal Maine & Atlantic Railway Ltd said that a recent reorganization plan — filed by families of people who died when one of the company s trains derailed and exploded — is “not a serious plan.” Robert J. Keach, the trustee, said that the plan, filed in U.S. Bankruptcy Court in Bangor, Maine on January 29, “will go nowhere” and is “facially non-confirmable,” according to Bloomberg News. A group of wrongful-death claimants submitted the plan, which would allocate 75 percent of $25 million in insurance to the families of people who died in the July accident in Lac-Megantic, Quebec. Claimants seeking compensation for property damaged in the derailment and subsequent fire would receive the other 25 percent. Keach said that the plan relies on the assumption that insurance proceeds, a Canadian asset, could be transferred to the United States. An attorney for the official victims committee said that proceeds from the Canadian insurance policy wou
Posted on: Tue, 10 Jun 2014 23:52:21 +0000
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