In No. 95 posted April 27, I discussed the inadequacy of the website established by H. Thomas Moran II, the Chapter 11 Trustee in the bankruptcy case of Life Partners Holdings, Inc. (LPHI) to keep affected parties informed about the case. Three developments occurred the next day: (1) the Trustee sent a letter to those with interests in the life settlements sold by Life Partners, Inc. (LPI), the primary operating subsidiary of LPHI; (2) the Trustee significantly improved his website; and (3) LPHI filed an 8-K (material event) report with the Securities and Exchange Commission (SEC).
The Trustee's April 28 Letter
The April 28 letter was addressed to "LPI position holders," provided background, said there are well over 20,000 "parties in interest" in the bankruptcy proceeding, expressed the Trustee's understanding of how distressing the situation is for interested parties, and described the Trustee's undertakings since his appointment. The letter stated in part:
The Improved Trustee's Website
The Trustee's significantly improved website (www.lphitrustee.com) includes extensive background on the bankruptcy proceedings and provides links to all recent LPHI filings with the SEC. The website also provides links to all major filings in the bankruptcy court case.
The April 28 8-K Report
On April 28 LPHI filed an 8-K report with the SEC. Attached to the report was an exhibit showing 19 frequently asked questions and the answers to them, as well as an exhibit showing the April 28 Trustee's letter to LPI position holders.
General Observations
The Trustee is to be commended in general for improving his communication with parties affected by the LPHI bankruptcy, and in particular for the improvement in his website. I think his actions are good news for the holders of fractional interests in LPI's life settlements.
I am offering a complimentary 11-page PDF containing the April 28 8-K report, which includes an exhibit showing the frequently asked questions and the answers to them, and an exhibit showing the Trustee's April 28 letter to LPI position holders. Send an e-mail to jmbelth@gmail.com and ask for LPHI's April 28 8-K report.
The Trustee's April 28 Letter
The April 28 letter was addressed to "LPI position holders," provided background, said there are well over 20,000 "parties in interest" in the bankruptcy proceeding, expressed the Trustee's understanding of how distressing the situation is for interested parties, and described the Trustee's undertakings since his appointment. The letter stated in part:
It is my goal to preserve your interests, reduce financial obligations and to provide you with information on an ongoing basis. However, please remember, this will not be a simple process and will take some time.The Trustee said in the letter that he has reduced the ministerial service fees. He described the reduction and enclosed a bill covering the six-month period from September 2014 through February 2015.
The Improved Trustee's Website
The Trustee's significantly improved website (www.lphitrustee.com) includes extensive background on the bankruptcy proceedings and provides links to all recent LPHI filings with the SEC. The website also provides links to all major filings in the bankruptcy court case.
The April 28 8-K Report
On April 28 LPHI filed an 8-K report with the SEC. Attached to the report was an exhibit showing 19 frequently asked questions and the answers to them, as well as an exhibit showing the April 28 Trustee's letter to LPI position holders.
General Observations
The Trustee is to be commended in general for improving his communication with parties affected by the LPHI bankruptcy, and in particular for the improvement in his website. I think his actions are good news for the holders of fractional interests in LPI's life settlements.
I am offering a complimentary 11-page PDF containing the April 28 8-K report, which includes an exhibit showing the frequently asked questions and the answers to them, and an exhibit showing the Trustee's April 28 letter to LPI position holders. Send an e-mail to jmbelth@gmail.com and ask for LPHI's April 28 8-K report.
===================================
Email: jmbelth@gmail.com
Blog: www.josephmbelth.com