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MYD samoa seeks court approval on $100,000 tsunami insurance

fili@samoanews.com

MYD Samoa Inc. federal trustee, Deborah C. Menotte, has asked the federal bankruptcy court in south Florida to approve the settlement of the debtor’s tsunami insurance claim with the National Pacific Insurance Ltd.

MYD previously managed and operated the now ASG operated shipyard, which was damaged by the September 2009 tsunami. Thereafter MYD submitted a claim for losses to its facility incurred by the tsunami.

According to Menotte, NPI made progress payments in the aggregate amount of $500,000 to MYD, who reserved all rights under the NPI policy to claim additional covered losses incurred.

As a result of ongoing negotiations between the parties, the Trustee and NPI have agreed to resolve the tsunami claim based upon an additional payment of $100,000 to the Trustee. Additionally, such payment will be in full and final resolution and satisfaction of the tsunami claim.

Menotte cited in the motion pertinent provisions of the agreement between the parties to satisfy the final payment.



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