Friday, October 15, 2010

$100 million 'final distribution' nears in Exxon case

After nearly two years of handing out winnings from the Exxon Valdez oil spill case, the court-appointed administrator of the process is now talking about a "final distribution."

Lynn Sarko lays out the plan in this 15-page declaration.

Unless you're just itching to decipher this complex document yourself, let me give you some highlights:

• The final distribution will be big, more than $128 million.

• As in past rounds, this distribution will go out in stages. Fishermen and other plaintiffs with no holds on their claims will get their money first. The initial release will be around $100 million.

• Payments could come in December, but January is more likely.

• People in almost claim categories will share in the final distribution.

• Sarko, the administrator, reckons it'll take until 2014 to fully wrap up this case. That is, for example, to deal with claims that have multiple liens against them, to work out disputes among fishing partners over how to divide a claim, or to handle instances of bad addresses or checks never cashed.

• Any "residual funds" will be distributed by year-end 2013.

One final note: Lists for the final distribution showing the amount each claimant is due (before deduction of attorney fees) have been filed in federal court in Anchorage. Normally I would post these lists, but this time Deckboss can't afford the considerable cost to download them from the Pacer court records database. I'll get them somehow.

Anyway, looks like the end of the Exxon Valdez ordeal is finally on the horizon.

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