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Innovative 'Surprised' By Notification of Liens

Feb. 28, 2006 — In response to reports that Innovative Communications Corp. had failed to pay into its employees pension funds for at least a year, ICC spokesman Holland L. Redfield II issued a statement, via fax and e-mail, that the company had not been notified of the liens. (See "Federal Agency Files Liens Against ICC Companies").
"The filings of these liens against us by the Pension Benefit Guaranty Corporation were a surprise because we were not notified of these filings. The company has and will continue to make payments on its employee pension obligations."
Redfield continued, "We have been in discussions with PBGC in Washington, D.C., and are confident this issue will be resolved."
On Monday PBGC spokesperson Jeffrey Speicher told the Source a Jan. 31 filing from ICC actually triggered the liens.
Speicher said companies are required to notify PBGC if they fail to make their pension payments. Once PBGC received the notice of nonpayment, they proceeded to file the liens, quite possibly out of concern expressed by Redfield that in the event of a bankruptcy their claim would not be recognized.
In his release Redfield said, "We believe these liens may have been triggered by recent filings made by Greenlight Capital in Delaware to force our parent companies into involuntary bankruptcy." (See "Prosser Pushed Toward Bankruptcy".)
He said, "Greenlight's actions were yet another legal tactic without merit, and we are confident the court will rule in favor for a motion to dismiss."
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Feb. 28, 2006 -- In response to reports that Innovative Communications Corp. had failed to pay into its employees pension funds for at least a year, ICC spokesman Holland L. Redfield II issued a statement, via fax and e-mail, that the company had not been notified of the liens. (See "Federal Agency Files Liens Against ICC Companies").
"The filings of these liens against us by the Pension Benefit Guaranty Corporation were a surprise because we were not notified of these filings. The company has and will continue to make payments on its employee pension obligations."
Redfield continued, "We have been in discussions with PBGC in Washington, D.C., and are confident this issue will be resolved."
On Monday PBGC spokesperson Jeffrey Speicher told the Source a Jan. 31 filing from ICC actually triggered the liens.
Speicher said companies are required to notify PBGC if they fail to make their pension payments. Once PBGC received the notice of nonpayment, they proceeded to file the liens, quite possibly out of concern expressed by Redfield that in the event of a bankruptcy their claim would not be recognized.
In his release Redfield said, "We believe these liens may have been triggered by recent filings made by Greenlight Capital in Delaware to force our parent companies into involuntary bankruptcy." (See "Prosser Pushed Toward Bankruptcy".)
He said, "Greenlight's actions were yet another legal tactic without merit, and we are confident the court will rule in favor for a motion to dismiss."
Back Talk


Share your reaction to this news with other Source readers. Please include headline, your name and city and state/country or island where you reside.