Boyce Hydro bankruptcy fund has between $ 3-4 million, but 6,000 claims
MIDLAND COUNTY, Mich. (WJRT) – The man who will oversee the distribution of money from a bankruptcy fund in the wake of the Edenville Dam disaster provided new information on Tuesday on the money available for victims.
Boyce Hydro, the company that operated the dams, filed for bankruptcy shortly after last year’s historic flooding. The money set aside for victims will not go very far if all the claims currently filed are valid.
“In the bankruptcy process, nearly 6,000 claims have already been filed,” said Scott Wolfson, the lawyer who was appointed liquidating trustee for Boyce Hydro’s bankruptcy plan.
Most of these 6,000 claims come from flood victims. Wolfson said that once he became involved in Boyce Hydro’s bankruptcy plan, he wanted to visit the affected area to get a better idea of what happened in Midland, Gladwin and Saginaw counties.
“My idea of how much land or land it covered was just wrong. I kept driving and driving and driving, I couldn’t believe the miles and miles of devastation, ”he said.
The bankruptcy fund consists of the insurance proceeds, the assets of Boyce Hydro and the money obtained from the condemned sale of the dams. He brought in a few million dollars.
“Between $ 3 million and $ 4 million in cash, but there will be ongoing expenses as we move forward that will impact that amount,” Wolfson said.
He believes that the real estate surrounding the dams will eventually be sold, which will increase the fund total. But it is unlikely to produce big gains for the thousands of flood victims.
“When I was asked to get involved in this, I was hoping to see insurance products and other numbers that still had zero or two, but this is the reality of the world we live in and we will do our best to distribute them fairly, ”said Wolfson.
He always wants to hear from the people who have been affected by the floods.
“If people haven’t made a claim, they’ve got damages, we’ll set up a claims process and they’ll have the opportunity to file a claim,” Wolfson said.
It is not clear at this point when these funds will begin to flow to flood victims and other creditors.
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