UPDATE OF ECONOMIC AND FISCAL PROJECTIONS — 2012: PART 3 OF 3

This is interesting. 12 months of its issuance, plus interest—so there's an interest provision of 3.7%.

So if the GOC is giving manulife an interest provision of 3.7% then one would think that Manulife would pass this on to us. Therefore for every year of retro x 3.7% interest per year is a great deal more than the 1.3% the banks are giving at the moment.

If the GOC is giving manulife this interest rate we darn well be given it also! What is good for the goose is good for the gander...

I think those sittings are public, but could be mistaking...can someone confirm...?

Further to this discussion I found today that the case has been schedule as follow:

ONTARIO SITTINGS
Last updated on THURSDAY, DECEMBER 27, 2012 at 06:45 A.M.
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OTTAWA - 09 January 2013 at 09:30 3h.

T-463-07 DENNIS MANUGE v. HER MAJESTY THE QUEEN
(M-English)
Others - Crown (v. Queen) [Actions] 09 09:30 3h

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HALIFAX SITTINGS
Février 2013
T-463-07 DENNIS MANUGE v. HER MAJESTY THE QUEEN
(R-Anglais)
Autres - Couronne (c. Reine) [Actions] 14 09:30 2d

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the link is:
http://openparliament.ca/committees/national-defence/41-1/58/?page=4

Thank you very much Denis to take this time - I was able to extract this, also from the National Defence Committee on Nov. 27th, 2012. It might be a bit long but for those interested the case was discussed:

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National Defence Committee on Nov. 27th, 2012 record of discussion ....

4 p.m. Conservative The Chair James Bezan

Thank you. The time has expired.

Mr. McKay, you have the floor.
4 p.m. Liberal John McKay Scarborough—Guildwood, ON

Thank you, Chair.

Thank you, Minister.

Minister, I would direct your attention to page 9 of the supplementary estimates, particularly with respect to the Manuge decision. You spent a lot of time and money fighting that decision, and finally it was resolved. It says you're in fact asking for $205 million.

What I wanted to ask you about is, “The payment will reimburse Manulife for increasing payments over the remaining duration of recipient’s claims.” What does “increasing payments” mean? Is it greater than what was originally anticipated, or are the payments being increased? Could you explain what that sentence means?


4 p.m. Conservative Peter MacKay Central Nova, NS

Sure. Thank you for the question.

Mr. Chair, colleagues, on June 15, 2012, there was a promissory note signed by the Chief of Military Personnel to pay Manulife Financial $203.7 million within 12 months of its issuance, plus interest—so there's an interest provision of 3.7%—up to a maximum of $211.5 million.

In August of this year, Manulife Financial received payments in the first installment totalling $205.6 million, which resulted in a savings of $5.9 million in the area of interest. There is an interest provision here that might account for the member's question with regard to that amount.

There was also a lump sum amount reimbursed to Manulife Financial for augmenting the insurer's reserve to increase the monthly income paid to current long-term disability recipients over the duration of the claim.

There is an element here that is also currently being negotiated with the lawyers for the plaintiffs. That is an ongoing negotiation, and I really can't say much more about it.

4 p.m. Liberal John McKay Scarborough—Guildwood, ON

Can I assume there was an original payment.—

4 p.m. Conservative Peter MacKay Central Nova, NS

That's correct.

4 p.m. Liberal John McKay Scarborough—Guildwood, ON

—and then there was a, for want of a better term, premature payment from which you received some interest—

4 p.m. Conservative Peter MacKay Central Nova, NS

That's right.

4 p.m. Liberal John McKay Scarborough—Guildwood, ON

—and then you have potentially an outstanding payment once the negotiations are completed with respect to the retroactive claim.

4 p.m. Conservative Peter MacKay Central Nova, NS

That is correct, Mr. McKay. There will be a schedule of payments to—


4 p.m. Liberal John McKay Scarborough—Guildwood, ON

How much was the original payment?

4 p.m. Conservative Peter MacKay Central Nova, NS

The very first installment was $203.7 million.


4 p.m. Liberal John McKay Scarborough—Guildwood, ON

So we have $203 million into it, we have another $205 million into it, and another we-don't-know-what will go into it.

4 p.m.

Conservative Peter MacKay Central Nova, NS

That is correct. It will be a substantial amount, and there is the issue, as I said, of outstanding legal costs.


4 p.m.

Liberal John McKay Scarborough—Guildwood, ON

What part of the budget does that come from? On page 154, there are total commitments and authorizations for roughly $30.5 billion, of which you say that $11.6 billion is for payment of future years.

First of all, can you explain what the $11.6 billion for future years might be? Secondarily, does that money for Manuge rest in this $11.6 billion?


4 p.m. Conservative Peter MacKay Central Nova, NS

Mr. McKay, I think you're talking about two different issues.

I'll let Major-General Bertrand respond with respect to vote 1 funding for the Manuge settlement case.


4 p.m. MGen Robert Bertrand
With respect to the first question on vote 1, you're talking about ongoing commitments. The department does multi-year commitments, especially for programming and contracting. The funding for SISIP will be provided from the fiscal framework. It will be additional funding provided for the department when the class action lawsuit is settled. It would not be reflected in these supplementary estimates at this time.

4 p.m. Liberal John McKay Scarborough—Guildwood, ON
Okay. That's helpful. It's not in the supplementary estimates at this time.

I gotta say if the agreement isn't available on the 9th, people are going to go off their rockers after all the delays and associated bullshit to this point.

Hamilton next!

I am sure he/she will pop up again , in what city I don't know?

Nav, I don't know CdnSoldier I swear! I am in Kingston and he/she was in Downsview, Ontario according to his profile. Interestingly, I grow up in Downsview, Ont....but maybe he/she is in NWT...sparrow

sounding better all time!!
Thanks D

Arte et Marte

CdnSoldier, where r u, do you know Sparrow

I think CdnSoldier got all the privates to shine his boots!
Thank you Dennis for the Hint, any numbers you could give like , oh, for example legal fees between 0 percent and 30 percent, haha just joking, actually that hint will proberly make several hundred guys sleep better tonight

god Bless you all i feel like shining my boot!

legal fees are very reasonable...hint

Bye CdnSoldier see you around friend. Don't forget you said you would take Nav and I out for dinner and beer when this is over. sparrow