Newspaper article THE JOURNAL RECORD

Briefly.In Oklahoma

Newspaper article THE JOURNAL RECORD

Briefly.In Oklahoma

Article excerpt

Quaker Assets Transfer Hearing Set A Nov. 26 hearing in the Oklahoma County Courthouse will be held for the transfer of assets from Tulsa-based Quaker Life Insurance Co. to Prairie States Life Insurance Co., headquartered in South Dakota.

Quaker Life was declared insolvent and was placed in receivership by Oklahoma County District Court on Aug. 6. The Oklahoma Guaranty Association, established by the Oklahoma State Legislature to protect consumers from the failure of insurance companies, is the receiver.

Jeff Hartmann, attorney for the receiver, said the actuarial liabilities of Quaker Life were determined to be in excess of $6 million. However, Quaker's assets are approximately $2.8 million short of funding those liabilities.

The purpose of the Nov. 26 hearing is to ask District Judge David Cook to approve a plan by which Prairie States would pay a premium of $1.6 million for the Quaker Life business and the Guaranty Fund would put in $2.8 million. Approximately $2 million of Quaker Life's assets would be transferred to complete the reinsurance transaction.

If Judge Cook approves the plan, Hartmann said the transaction would probably be completed by Dec. 1.

Depot Condemned, Museum Scuttled ENID (AP) - Enid officials have condemned an old train depot, scuttling plans to turn the facility into a railroad museum.

Glen Thomas, a building official in Enid, said the depot has been declared a health and safety hazard and will be demolished in 60 days.

Thomas said heavy rains of September and October damaged the old Rock Island railroad depot. He said the rain caused a 40-foot section of the roof to collapse. A further inspection after the debriswas cleared out showed that the main two-story structure was unsound.

Thomas said it would cost about $200,000 to bring the depot up to minimum city standards.

The Enid Model Railroad Association and Historical Society had planned to renovate the depot. …

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