This is one of those circumstances where it is again good to have a variety of viewpoints on a news item because one could watch the Tee Vee news here on the Coast1 and come away thinking the Singing River Retirees have been made 100% whole but unfortunately this is wishful thinking. Shearing the flock has to be done in stages and now the stage shifts from the Federal Courthouse in Gulfport back to Chancery Court in Jackson County where the actual haircuts will occur.
The certainty in that statement lies in the dollars and cents currently in the plan’s trust account and the fact that the early payment schedule provided for in the settlement does not provide much immediate help to improve the overall financial condition of the trust. The only immediate benefit is non-monetary benefit in the finality and closure provided by the settlement itself.
From a larger standpoint and viewed through the lens of time the Singing River Pension Debacle is just the latest in a long line ‘incidents’ where the ordinary people in the community get sheared for the benefit of portions of the Jackson County political oligarchy. Slabbed has documented several of these incidents including one of the most recent on these pages. The financial results of these ‘incidents’ are on display for everyone around Jackson County to see at locales such as 435 East Beach in Ocean Springs. For the folks in Jackson County, the regularity of these ‘incidents’ paid for by the public, or in this instance by both the public and the Singing River Retirees, represent the worse kind of tax imaginable because it is a hidden tax paid to the benefit of the few.
In the case of the Singing River Health System, the most galling aspect of this whole saga for the retirees is that a large portion of the very people that brought the County and the SRHS retirees this pension disaster remain firmly attached to the Health System, ostensibly skipping away as if nothing happened. For the new SRHS trustees, I frankly can’t fathom on what basis they have to actually trust the advice they are being given to support their decision making. You gotta think based on what has occurred that in the next disaster they’ll be tossed aside as easily as their predecessors. Continue reading “Fanfare for the common man: The only people getting 100% on the dollar in the Singing River Pension Debacle are the Lawyers”
So I sent a few inquiries. What I found out I was asked not to disclose. Maybe SRHS Watch will return one day. Maybe not. Regardless it was additive to the discussion and for that reason it will be missed.
Just thinking out loud, but with all the talk of Federal class action suits vs. Jackson County Chancery Court, I wonder if any currently uninvolved attorney(s) are considering taking clients from the class consisting of Jackson County taxpayers in actions against Jackson County, the supervisors, the various SRHS entities and members of those entities, the multitude of attorneys, trustees, etc., and all of their insurance/bond providers, for the millions of dollars of fees paid/received, as well as any further damages that might be collectable, in the retirement suits?
Some lawyer looking for clients might come to believe that once county – taxpayer – money got spent (and more will be spent), it may have created standing and a cause of action for any of those taxpayers. Some cases that anyone interested might start with are Canton Farm Equipment, Inc. v. Richardson, 501 So.2d 1098 (Miss. 1987) and City of Picayune v. Southern Regional Corp., 916 So. 2d 510 (Miss. 2005). Something like that might give some of these folks a whole new perspective about their own back door. Getting clawed-back out while getting something else shoved up the back door sounds mighty unpleasant. And expensive.
Pro Insider tip: You know its gonna be a good fee generator when the bookkeeping staff becomes weepy worried about tax season deadlines.
The Department of the Treasury has concluded that some employers, insurers, and other providers of coverage need additional time to adapt and implement systems and gather, analyze, and report the information. Employers and coverage providers are encouraged to provide returns and statements as soon as they are able to do so.
The only hiccup I see is in the implications of the extended 1095 deadlines on the deadline for 1040 filers in particular.
How about a couple of stories we’ve been following. First up it appears the light bulb has finally turned on in an area of Hizzoner’s brain that was once thought to have been completely and irreversibly damaged:
A bit over eight years ago Slabbed appeared in the local cyber scene as a blog dedicated to covering the wind-water insurance court battles when a nice lady from central Mississippi the world would later know as Nowdy and I met at the Cracker Barrel in Hattiesburg and made common cause to tell the coast’s story from a local point of view. In the time since we witnessed the Scruggs prosecution and it’s use as a hammer against people who had lost their homes to Hurricane Katrina. Nowdy would later describe the phenomenon as “JustUs” and it usually reared it ugly head in the Mississippi judicial system when massive amounts of money were at stake.
Yesterday, thanks to a bombshell legal filing at the Mississippi Supreme Court, JustUs again reared its ugly head here on the coast with news that the major players in the Chancery case Almond v Singing River et al, were holding a meeting in which the Plaintiff’s counsel in Almond were excluded. Less than three hours later an order staying Almond was entered by special Judge Breland Hilburn one day before motions on his recusal from the case were to be heard.
Ms. Almond and around two hundred other Singing River retirees have been deprived of their day in court thus far in favor of a forced settlement that saddled the scandal ridden pension plan with an unqualified trustee whose main qualifications appear to be his political connections. To add to the Alice in Wonderland like quality we have Jackson County Board of Supervisors pretending they are not a full partner in the Singing River disaster yet the county is paying the legal fees of the politically connected lawyers that helped caused the Singing River disaster.
For the Singing River retirees that are being lined up like sheep before being herded to the financial chop shop, the events of the past month must be absolutely maddening. Worse yet for morale is the punditry advocating for a settlement that sweeps possible illegal acts under the rug while the largest single group of retirees are cut out from access to the legal process all while a proposed compulsory settlement is allowed to advance before Judge Louis Guirola in US District Court.
And it’s the bar down here on the coast that is having the bare knuckle brawl folks and the shame of it is I haven’t had a chance to add some much needed commentary but that changes with this post, which I’ll update as I gain time through the day. The short story is this. In one corner there is what I’ll term “the settlement retirees”, their counsel along with the Jackson County political establishment (most of it anyway). In the other corner are the “we want to be made completely whole retirees” and their counsel. The money stakes here are huge which is why the fight is turning very nasty, again exposing some old rivalries that I first noticed back during the Scruggs prosecution.
For me the question is settling now a better deal than fleshing things out via litigation. I did notice that a concern raised here about the handling of attorney fees was addressed.
First things first, someone sent me “retirees that want to be made whole” attorney Harvey Barton’s 2009 judgment via anonymous email a while back and I can’t find it in my extensive email archive. Nevertheless someone took the time to mail me a hard copy and I agree the time is right to explore the judgment and more importantly the legal concepts behind what Judge Persons found.
I’ve also seen and will post the second recusal motion of Special Judge Hilburn as it exposes some of the fault lines running under the Bar in greater detail.
Before I do any of that its worth pointing out that Slabbed began covering the Singing River Pension Meltdown because it was the exact type of story to which we were tailor made to cover and not because of the gruesome car crash quality to it all but because Slabbed could help get information out to help the retirees make informed decisions. We’ve reached the inflection point. Updates will be posted beginning with the flying muck below the jump as time allows.
I guess the root of my heartburn comes from the retirees ostensibly paying for all the legal fees in a breach of fiduciary duty case and folks, it was not the Singing River Retirees that did the breaching. The folks at SRHS Watch have some heartburn too:
From a big picture standpoint the gang at SRHS sure was scared of Chancellor Harris and he was recused. It is beginning to look like the good ol’ boys now have just the state court setup they like. I’m still scratching my head on how a $6 million dollar legal bill can happen in a garden variety ERISA breach of fiduciary duty lawsuit but I’ll tackle that in another post.