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Stock Market & Financial Investment News

News Breaks
October 5, 2012
12:00 EDTLPHILife Partners rises 19.3%
Life Partners is up 19.3%, or 43c, to $2.66
News For LPHI From The Last 14 Days
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February 23, 2015
09:33 EDTLPHILife Partners provides update on bankruptcy proceedings
Life Partners Holdings announced that on February 12, the Official Committee of Unsecured Creditors in the company’s bankruptcy case called a witness who has served as a receiver in several cases for the SEC, including for companies involved in the life settlement business. As a result of his testimony, the company determined that it was appropriate to communicate to its shareholders and the purchasers of life settlements of certain risks they face in the event of the appointment of a trustee and the potential liquidation of the company, including but not limited to the risks that: the trustee may assert the company’s ownership over the life settlements purchased on behalf of third party purchasers; the trustee may request that the bankruptcy court pool the life settlements and strip all beneficial interests of the purchasers from any singular policy in which they intended to invest; if pooled, those interests would be treated as assets of the company and the expenses of maintaining those policies could become the responsibility of the company or the interests could lapse; the purchasers who intended to buy interests in selected policies would be pooled together with all of the other purchasers and only be entitled to their respective pro rata share of the ultimate recovered funds from all of the policies, based on the amount invested by each purchaser as approved by the trustee; the trustee may conduct a bulk sale of the interests, which would likely be sold at a substantial discount; and the trustee may liquidate the company. As a result, the purchasers of life settlements may see their investments significantly diminished, and holders of the company’s common stock may see the value of their shares of the company’s common stock significantly diminished or even completely lost.

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