Updated Thursday September 2, 2010 @ 4:45 P.M. Eastern

Virginia  New Claim Funding -- We funded all the 8/25 and 9/1 claim decisions. ACH should settle on Friday September 3rd.

Illinois & Virginia Residual Payments -  We processed batches of VA and IL residual payments. ACH should settle on Friday September 3rd. Another large batch of IL checks hit our lockbox yesterday, those will be processed next week. .  

Important Notice to Illinois Consultants - Bad news --- Due to the State of Illinois' terrible financial condition and the fact that BB&T has no branches or other ties to the state, plus the bank's general desire to pull back from conduit type financings, the bank has informed NatLUST that it is no longer willing to fund new Illinois UST claims. Accordingly, effective July 1, NatLUST is not accepting new Illinois claim assignments. Claims already funded will be paid out as they are reimbursed.  We regret the inconvenience and hope this is only a temporary interruption NatLUST expects to secure replacement financing. NatLUST has received interest from a bank to replace BB&T but we will need to raise some permanent capital. We are working with IPMA and other state PMAA chapters on a $20 million sub debt bond issue. If you want a more detailed update, please call. If you have questions please give us a call at 804.358.6661.  

05/11/2010

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