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In re: QUADS Trust Company Conservatorship: APPROVAL
OF SALE OF CERTAIN ASSETS AND APPOINTMENT OF A
SUCCESSOR CUSTODIAN FOR THOSE ASSETS
WHEREAS, pursuant to 9-B M.R.S.A. § 363-A(1)(B)(2),
the Conservator has requested approval of the Superintendent for QTC
to resign as custodian of all 401(k), 403(b)(7), ORP, 457, IRA, and
SAR/SEP accounts or plans, except for those accounts or plans with non-traditional
assets; to sell said accounts and plans, including any associated payroll
slots to RSGroup Trust Company of Portland, Maine (“RTC”); and to appoint
RTC as Successor Custodian pursuant to an agreement between QTC and
RTC effective 12:01 a.m. on March 1, 2007; and
WHEREAS, the Superintendent has reviewed the agreement
between QTC and RTC and has evaluated and considered the current circumstances
of QTC, including: loss of its fidelity bond and errors and omissions
insurance policy, its projected cash flow deficit for the next 5 months,
the unfavorable state of QTC’s computer systems, the bankruptcy petition
of QTC’s parent company, and the uncertainty regarding QTC’s tenancy
at its principal place of business; and
WHEREAS, the Superintendent concurs with the Conservator
that the sale of above- referenced accounts or plans to a custodian
with greater financial and managerial resources is in the best interests
of the owners, sponsors and beneficiaries of those accounts or plans;
THEREFORE, the Superintendent hereby approves, under
the terms and conditions set forth in the agreement between QTC and
RTC, the sale of above-referenced accounts or plans to RS Group Trust
Company, the resignation of QUADS Trust Company as custodian of those
accounts and plans, and appointment of RSGroup Trust Company as successor
custodian of those accounts and plans.
By Order of the Superintendent of the Maine Bureau
of Financial Institutions, effective this date at Gardiner, Maine.
Dated: February 23, 2007
Appellate
Rights
Pursuant to 9-B M.R.S.A. §363-A(10),
any person aggrieved by the foregoing Order may bring an action challenging
it in the Superior Court of Kennebec County at Augusta, Maine within
ten (10) business days after receiving notice of the Order by any of
those means prescribed by 9-B M.R.S.A. §363-A(10)(B).
