Free Status Report - District Court of Connecticut - Connecticut

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` 4 Consulting Group, LLC Suite 305 Fax 860.52l.0035 i
RO. Box 272000 www.litigationconsultantcom
I West Hartford, CT 06127-2000 i
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BlumShap1ro _ I l
\ Litigation Consulting i- 1 ,
i United States District Court _ _ - i
1 District of Connecticut NIN il mug
i U.S. DISTRKZT COURT
i Wasley Products, Incorporated HARTFORD. CONN.
and Precision Molding Company,
Inc. 1 _ , [
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Plaintiffs $ ""' ·v {
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-against- · -···- ·
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Barry Leonard Bulakites, James Dm U @
Albert Winslow, Joshua Adam 2 2 up .
Corporation, Nationwide Life ffl ca
Insurance Co. of America f/k/a . N
Provident Mutual Life i g
Insurance Co. and Lincoln i
National Life Insurance Co.
Defendants
3:03C\/383 (DJS) i
STATUS REPORT OF SPECLAL MASTER
October 2003
In accordance with the Order of Reference dated June 24, 2003 Section IV, subsection j, I i
. respectfully submit this report of actions taken from October 1, 2003-October 31, 2003.
_ We supplied all counsel with detailed lists of what we perceived as major missing
documents and/or information to complete our reconciliation of funds and their flow
through the various depositories.
We are still missing many documents such as forms 5500 for each year, payments to the
PBGC, if any, and explanations that make sense ofthe funding process used by the
administrators. We have been in contact with a previous actuary regarding these filings
and have requested from an independent source, "free ERISA” copies of any filings from
1990 to 2001. .
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Q ‘ Case 3:03-cv—00383-WIG Document 52 Filed 1 1/17/2003 Page 2 of 2
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We have also discovered funds from Wasley marked as pension contribution that appear
I to have been deposited into Provident Mutual Life Insurance Company’s Comiecticut j
Agency Account at Shawmut Bank from 1992-1994 . Nationwide’s counsel has
A requested their client to research these items. R
We held a meeting of all parties on October 27, 2003 where in the presence of a court
reporter we interviewed various persons representing the plaintiff and defendant. Our
forensic actuary and I questioned the various parties and allowed counsel to submit i
questions for us to ask of the parties once we had finished. Because of a medical ·
emergency with one of the parties we scheduled November 11 as the day to finish the
questioning. .
The transcripts ofthe October session has just arrived and we will be reviewing it during
November.
Tasks to be completed before the final report:
At this point we are about to assemble various schedules that will show the flow of funds
from Wasley to the various depositories and their subsequent disposition. We recognize
that there are still many disbursements and deposits to these accounts that need to be
accounted for, yet we are proceeding with the hope that the answers to our questions will l
be available in the near future. A I
We are presently awaiting on certain materials that defendant Joshua Adams Corporation
counsel has indicated will be provided to us in the near future. .Counsel has indicated that
they have received some of this information and as soon as they review it they will be g
forwarding it to us.
As stated last month, the major task is to complete documentation of funds deposited into
New Haven Savings Bank, and any other depositories subsequently discovered as to their
ultimate disposition via disbursement from those accounts. The maj or hold up in
completing any reconciliation will be the ultimate discovery of documents from New
Haven Savings bank for transactions in January through April of 1995.
Respect uhy submitted this 10th day of November, 2003.
Alan R. M dell, CFE, CPA, DABFA
Special Master
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