August 1, 2022

Easterday bankruptcy divides millions among dozens. What some expect to get paid

After more than a year of negotiations, the Easterday bankruptcy settlement is nearing a conclusion for dozens of businesses owed money.

At a recent hearing, lawyers and Judge Whitman Holt of the Federal Bankruptcy Court in Yakima discussed the latest in a proposed claims schedule for 65 businesses with claims ranging from $300 to $4 million.

In all the claims add up to $10.76 million and represent the bulk of the debts for the Easterday Farms portion of the lawsuit.

The Easterday Ranches portion is still ongoing and includes more than $260 million in claims by Tyson Foods and Segale Properties.

A former Easterday Ranches North Lot cattle feedlot on Blanton Road near Eltopia in rural Franklin County.

So far Rabo Agrifinance is the lone holdout, in its attempt to get more than $1 million owed from property loans.

Attorneys for many of the other businesses reported that their clients voted and approved the tentative settlement amounts, most with more than 90% approval by voting parties.

Judge Holt said that while Rabo could “throw a grenade” on the settlement, it probably isn’t the best course of action. Instead language in a recent filing was added that will allow

Read the rest

Florida warns of chaos for homeowners if 17 property insurance companies have ratings downgraded

(WFLA) — In four days, a ratings agency plans to downgrade 17 property insurance companies in Florida, according to state officials.

State leaders warn financial chaos will follow and millions of Floridians could be impacted.

8 On Your Side Investigator Mahsa Saeidi reached out to several agencies to obtain the list of at-risk companies. As of Friday night, the state is not disclosing the list.

If the downgrades happen as planned, millions of Floridians will be in default of their mortgage requirements.

Insurance brokers told 8 On Your Side homeowners will be given a few months to find acceptable coverage.

If they can’t, their mortgage company would force them to accept a new policy with a new carrier.

Bottom line — homeowners will end up paying twice the price for half the coverage, multiple insurance experts said.

Ronald Assise CIC, CPRM is an insurance broker.

“With force-placed insurance, the only party protected is the mortgage company,” he said. “So you’re paying an outrageous premium and basically getting no coverage.”

If Demotech doesn’t back down under pressure can anything be done? That’s the question 8 On Your Side had for State Sen.

Read the rest

San Diego sues former lawyer, law firm after losing $3.9 million wrongful-termination case

Months after losing a wrongful-termination lawsuit filed by one of its longtime prosecutors, the San Diego City Attorney’s Office has sued the outside law firm and one of its then-lawyers for malpractice and other alleged lapses.

City Attorney Mara Elliott is suing lawyer William Price and Burke, Williams & Sorensen, the firm she hired to defend against a case brought by former assistant city attorney Marlea Dell’Anno.

The lawsuit, filed last week in San Diego Superior Court, accuses the firm and its former partner of mishandling the case, which earlier this year ended with a $3.9 million jury verdict against the city.

“Defendants breached the duty of an attorney to discharge duties faithfully to the best of their knowledge and ability,” the suit says. “As a direct, foreseeable and proximate result of defendants’ conduct, the city has suffered substantial economic losses.”

Neither Burke nor Price responded to requests for comment on the allegations.

According to the suit, Price was defending the city in

Read the rest