CareVest MIC Redemption

Good old Bob wrote the following in his Redemption Song:


Old pirates, yes, they rob I;
Sold I to the merchant ships,
Minutes after they took I
From the bottomless pit.

...and so on.

Holders of Carevest MICs are likely singing the blues as opposed to swaying to reggae hits if they are looking for any redemption of their MIC units.  Limitations are all spelled out in the subscription agreements, but it doesn't hit home until you are looking to cash in your units.  By the end of February,  the MIC received "retraction notices" that filled the limits for 2013, meaning no more are accepted for the year.  It seems there has been a run on redemption (retraction) requests since the proposed amalgamation.

Directors of the MICs may waive limitations and pay out retractions at their discretion.  As it stands today, a redemption will take 10 to 14 months and that is subject to change.  A good lesson in liquidity.