Bankruptcy settlement update?

[the_dylaness]

Apologies for probably describing this all wrong... not a lawyer or finance person.  

 

We are part of the Moecker class action lawsuit. I have heard nothing. I looked back through the last couple pages here and haven't seen any updates (if they are there I missed them)... I see the 1k per cabin offer has been extended but there's no way we can take 5 or 6 Crystal cruises by 2025, maybe 1 or 2 at the very most.  What I'd really rather have back is my money.  Are there updates on this that I snoozed on?  TIA.

[bitob]

Paul MCO is the most knowledgeable about this.  He has been following the process. I will email him and ask him to give an update.

[Host Jazzbeau]

There is an update on Travel Weekly today:

There will be money for travel advisors in Crystal Cruises liquidation

 

I won't try to explain this, because someone better versed in these issues will do it better and more accurately.

[PaulMCO]

The goal was to begin paying out claims by 31 July 2023.  The last motions were procedural plus they had a settlement with the purchaser of the river boats over the liquor on board which was deemed Crystal property and not Genting property.... They settled for 50% of this.  Why fight over this small amount -- well it was $250,000 and the Agent ABC gets 10% of this...  🙂

 

As noted, in post 3 they expect to file a motion to begin paying priority claims.  The court takes approximately 30 days to approve these and so likely now late September is more realistic to see any money on the open and approved claims.

 

[Embowaf]

23 hours ago, the_dylaness said:

Apologies for probably describing this all wrong... not a lawyer or finance person.  

 

We are part of the Moecker class action lawsuit. I have heard nothing. I looked back through the last couple pages here and haven't seen any updates (if they are there I missed them)... I see the 1k per cabin offer has been extended but there's no way we can take 5 or 6 Crystal cruises by 2025, maybe 1 or 2 at the very most.  What I'd really rather have back is my money.  Are there updates on this that I snoozed on?  TIA.

Someone correct me if I'm wrong, but the vouchers based on money lost is now entirely separate from the liquidation. Whether or not you see anything from the liquidation and whether or not you use your vouchers don't impact each other. You could end up with both.

[nancygp]

15 minutes ago, Embowaf said:

Someone correct me if I'm wrong, but the vouchers based on money lost is now entirely separate from the liquidation. Whether or not you see anything from the liquidation and whether or not you use your vouchers don't impact each other. You could end up with both.

All correct!

 

nancy

[Keith1010]

5 hours ago, Embowaf said:

Someone correct me if I'm wrong, but the vouchers based on money lost is now entirely separate from the liquidation. Whether or not you see anything from the liquidation and whether or not you use your vouchers don't impact each other. You could end up with both.

Presently you can and for any you use before any money is received form the liquidator you could receive both although in reality you would likely not receive r100% from the liquidator even if there was no voucher program.

 

One caveat. After the payouts are made by the liquidator then as a new voucher is used they will see how much if anything  received from the liquidator and adjust your voucher downward accordingly.

 

Keith

[PaulMCO]

Anything you received as a first priority payout is going to be small and is capped at around $2K by Florida law. The rest of your claim is lumped with the rest of the feeding sharks.

[Cruise-y]

I'm amazed by the speed of this. I was both a secured and a non-secured creditor (two separate entities) in a bankruptcy case that took 6 years for payout and then I received only 60% of the non-secured and zero of the secured (go figure). I never understood it but took what I could get. 

 

That this bankruptcy case can already be paying out to passengers (which I am assuming are non-secured) is pretty incredible. Does that mean that the entertainers and other stiffed creditors have already been paid? 

 

I never pay far in advance (for a variety of responsibilities) so lost nothing on the Crystal bankruptcy, but I am following the payback out of curiosity.

 

Edited July 8, 2023 by Cruise-y

[PaulMCO]

On 7/7/2023 at 10:40 PM, Cruise-y said:

I'm amazed by the speed of this. I was both a secured and a non-secured creditor (two separate entities) in a bankruptcy case that took 6 years for payout and then I received only 60% of the non-secured and zero of the secured (go figure). I never understood it but took what I could get. 

 

That this bankruptcy case can already be paying out to passengers (which I am assuming are non-secured) is pretty incredible. Does that mean that the entertainers and other stiffed creditors have already been paid? 

 

I never pay far in advance (for a variety of responsibilities) so lost nothing on the Crystal bankruptcy, but I am following the payback out of curiosity.

 

Anyone on contract are considered no different than the persons owed for vegetables in Miami.

First are wages to employees, the Taxman also takes their take, Passengers are next but only up to $2,125.  The rest owed to passengers goes into the unsecured pot.   So according to the article quoted all passengers owed money will get the allowed portion, which allows ABC to begin paying a fraction of the unsecured lower priority claims.  How much does $12M left (of which $1M is wages and ABC fees not fully accounted) go.  That is the question??

 

Me thinks not far...  🙂

[bitob]

Expect nothing and hope to be pleasantly surprised.

[Focused1]

Expect the best, plan for the worst, and prepare to be surprised.

[Keith1010]

18 minutes ago, Focused1 said:

Expect the best, plan for the worst, and prepare to be surprised.

 

Actually as mentioned earlier I also expect nothing and if we get some amount of money that will be great.

 

Keith. 

[FlyerTalker]

As Alexander Pope put it so nicely:

 

I have many years magnify’d in my own mind, and repeated to you a ninth Beatitude, added to the eight in the Scripture: Blessed is he who expects nothing, for he shall never be disappointed.

 

 

[Focused1]

3 minutes ago, FlyerTalker said:

As Alexander Pope put it so nicely:

 

I have many years magnify’d in my own mind, and repeated to you a ninth Beatitude, added to the eight in the Scripture: Blessed is he who expects nothing, for he shall never be disappointed.

 

 

And Sylvia Plath said pretty much the same thing and we know what happened to her. I prefer Somerset Maugham’s outlook:

“It's a funny thing about life: if you refuse to accept anything but the best, you very often get it.” – W. Somerset Maugham

[the_dylaness]

Is the 2125 per reservation, or per person?

[NewCrystalCruiser1]

14 hours ago, PaulMCO said:

Anyone on contract are considered no different than the persons owed for vegetables in Miami.

First are wages to employees, the Taxman also takes their take, Passengers are next but only up to $2,125.  The rest owed to passengers goes into the unsecured pot.   So according to the article quoted all passengers owed money will get the allowed portion, which allows ABC to begin paying a fraction of the unsecured lower priority claims.  How much does $12M left (of which $1M is wages and ABC fees not fully accounted) go.  That is the question??

 

Me thinks not far...  🙂

Following CC for years but recently joined and first post.  

 

Is there a website that provides the latest information on the status of refunds. You seem to be in the know on this?  While I am not new to Crystal I am new to CC which is why I chose new in my member name.

Edited July 10, 2023 by NewCrystalCruiser1

[crickette]

6 hours ago, NewCrystalCruiser1 said:

Following CC for years but recently joined and first post.  

 

Is there a website that provides the latest information on the status of refunds. You seem to be in the know on this?  While I am not new to Crystal I am new to CC which is why I chose new in my member name.

https://crystalcruiseclaims.com/

[PaulMCO]

11 hours ago, NewCrystalCruiser1 said:

Following CC for years but recently joined and first post.  

 

Is there a website that provides the latest information on the status of refunds. You seem to be in the know on this?  While I am not new to Crystal I am new to CC which is why I chose new in my member name.

The web site is one way, you can also send them an email to get on their info list.

 

I did notice this....

 

[NewCrystalCruiser1]

Thank you crickette and PaulMCO

[Keith1010]

On 7/9/2023 at 9:57 AM, PaulMCO said:

Anyone on contract are considered no different than the persons owed for vegetables in Miami.

First are wages to employees, the Taxman also takes their take, Passengers are next but only up to $2,125.  The rest owed to passengers goes into the unsecured pot.   So according to the article quoted all passengers owed money will get the allowed portion, which allows ABC to begin paying a fraction of the unsecured lower priority claims.  How much does $12M left (of which $1M is wages and ABC fees not fully accounted) go.  That is the question??

 

Me thinks not far...  🙂

I received something from Crystal Claims today abut a filing with the court which modifies various claims and mine was listed. It was been modified to $2225.00 person (close to your number) for a total of $4450.00. Same for several others listed with it being $2225.00 or $4450.00 depending on the number of people on the reservation.  No guarantee we'll see this amount. 

 

I've always expected Zero and am at peace with that.

 

Keith

[Keith1010]

On 7/9/2023 at 6:51 PM, the_dylaness said:

Is the 2125 per reservation, or per person?

Per person and I just posted something right above this but it looks to be $2,250.00 according to the court information I received today.

 

Keith

[vistaman]

2 hours ago, Keith1010 said:

Per person and I just posted something right above this but it looks to be $2,250.00 according to the court information I received today.

 

Keith

i also did receive something  similar  - lucky we do have that "special offer " 

[happy cruising]

Since it’s only $2225 per person now (I received the same email) does this reduce the total amount of credit we can take advantage of with the exceptional initiative? I sure hope not!

[PaulMCO]

4 hours ago, Keith1010 said:

I received something from Crystal Claims today abut a filing with the court which modifies various claims and mine was listed. It was been modified to $2225.00 person (close to your number) for a total of $4450.00. Same for several others listed with it being $2225.00 or $4450.00 depending on the number of people on the reservation.  No guarantee we'll see this amount. 

 

I've always expected Zero and am at peace with that.

 

Keith

I hope you see the amount.  I did notice that a claimant is only allowed ONE priority claim.  The rest of the amount becomes an unsecured claim.

 

"CLAIM IS ONE OF FIVE CLAIMS FILED BY TWO
CLAIMANTS. EACH CLAIMANT IS ENTITTLED TO ONE
PRIORITY PAYMENT."

 

Since that is the case then probably ever claimant will get the FULL $2,250 per person.

 

It still says that they have alot of filings to go.  Most of the previous claims were complete denials (claims that were paid by credit cards or insurance) and now they are going through partials - priority claims that hot the maximum limit under State Law.