Trust Advisors Stable Value Fund Files for Bankruptcy
(PRWEB) October 6, 2005 -- Fiduciary Counselors Inc., the independent fiduciary of the Trust Advisors Stable Value Fund ("the Fund") announced the filing of a voluntary bankruptcy petition by the Fund on September 30. On the same day, Circle Trust Company ("CTC"), trustee of the Fund, was put into receivership and Connecticut State Banking Commissioner John P. Burke was named as receiver. The Banking Commissioner, in his capacity as the receiver of CTC, has announced that CTC, headquartered in Darien, Connecticut, is maintaining sufficient operating staff and has advised customers that they may call CTC directly to inquire about their accounts.
As CTC had previously announced to investors, the two feeder funds, CTC Stable Value Plus Fund and The Stable Value Fund (formerly the New Century Stable Value Fund) were merged into the master fund, Trust Advisors Stable Value Plus Fund, on September 30. The merged Fund has approximately $200 million in assets.
CTC has been under close scrutiny by the Connecticut Department of Banking since 2003. Prior to the appointment of a receiver of CTC, its management appointed Fiduciary Counselors, Inc. to act as independent fiduciary with respect to the Fund. Given the appointment of a receiver for CTC, the independent fiduciary determined that a bankruptcy proceeding would provide the best vehicle for protecting the interests of the investors in and creditors of the Fund and would provide an orderly and equitable process for resolving outstanding issues.
For more information concerning the bankruptcy filing or other matters related to the Trust Advisors Stable Value Plus Fund visit the web site www.fiduciarycounselors.com/stablevalue.html.
About Fiduciary Counselors Inc.
Fiduciary Counselors Inc. is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Since its formation in 1999, Fiduciary Counselors has acted as independent fiduciary in transactions involving plan assets totaling more than $5 billion on assignments such as managing employer stock held by 401(k) plans, ESOPs and defined benefit plans; pursuing prohibited transaction exemptions involving employer securities; approving litigation settlements in ERISA and securities class action cases; proxy voting; and collecting contributions owed by plan sponsors in bankruptcy. In the past two years, Fiduciary Counselors has acted as independent fiduciary or provided fiduciary advice to more than twenty Fortune 500 companies.
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