Tuesday, August 20, 2013

WSJ Article on Delaware Escheator's Jump to Contingent Fee Auditing Firm

The Wall Street Journal has an update on the story of the retirement of Delaware's State Escheator and his subsequent employment by Kelmar Associates - a privately held unclaimed property auditing firm.  Today's Wall Street Journal CFO Journal has an analysis piece about Mark Udinski's jump to Kelmar.  It is interesting reading.

Thursday, August 15, 2013

Lost + Found: California Lawsuit, Buckeye Bucks, North Carolina Changes

California Files Unclaimed Property Lawsuit -- According to an article in LifeHealthPro, the California State Controller's office has filed a lawsuit against Kemper Corporation - a company operating life insurance subsidiaries - for failing to turn over records and data requested in connection with California's unclaimed property laws.  The article notes that this is the second such lawsuit filed by California seeking access to unclaimed property compliance information.

Buckeye State Gambler Pennies Add Up -- State Hits Jackpot -- An article in The Columbus Dispatch demonstrates how the delivery of an aggregate of incredibly small dollar items to the state pursuant to unclaimed property laws results in real money.  The article recounts how slot players and others often fail to redeem credit vouchers worth only a few cents.  After time, those unclaimed credit vouchers get reported and delivered to the state pursuant to the Ohio Unclaimed Property Act -- to the tune of over $800,000 thus far.

North Carolina Makes Technical Changes to Unclaimed Property Act -- The CCHGroup blog posted a recent article concerning some technical changes to North Carolina's unclaimed property act that went into effect on July 18.  As the article recounts, among other things the Act has been amended to remove some fees and paperwork burdens placed on holders.

Tuesday, August 6, 2013

Former Delaware State Escheator Joins Private Auditing Firm

Last week, we passed along the news that Mark Udinski, the Delaware State Escheator, was retiring from that office.  The Delaware State Escheator is, as the name suggests, the public official primarily responsible for the operation of Delaware's unclaimed property program.  While Delaware has not announced who Mr. Udinski's successor will be, a press release issued by Kelmar Associates indicates that Mr. Udinski has joined that firm.  For those who don't know Kelmar is a privately-held unclaimed property auditing firm routinely engaged by states (especially Delaware) to perform unclaimed property audits of companies on the states' behalf.

No specific word on what Mr. Udinski's particular responsibilities will be, other than the general statement that he will work in the areas of "Practice Development, Marketing, Businsess Development, and Client Relations."