Attached files
| file | filename |
|---|---|
| 8-K - 8-K - LIFE PARTNERS HOLDINGS INC | v434871_8k.htm |
| EX-99.1 - EXHIBIT 99.1 - LIFE PARTNERS HOLDINGS INC | v434871_ex99-1.htm |
| EX-99.3 - EXHIBIT 99.3 - LIFE PARTNERS HOLDINGS INC | v434871_ex99-3.htm |
Exhibit 99.2
| Monthly Operating Report | |
| ACCRUAL BASIS |
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
| JUDGE: | Russell Nelms |
UNITED STATES BANKRUPTCY COURT
NORTHERN & EASTERN DISTRICTS OF TEXAS
REGION 6
MONTHLY OPERATING REPORT
| MONTH ENDING: | February | 2016 | ||
| MONTH | YEAR |
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT, AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
| RESPONSIBLE PARTY: | ||
| /s/ H. Thomas Moran II | Trustee | |
| ORIGINAL SIGNATURE OF RESPONSIBLE PARTY | TITLE | |
| H. Thomas Moran II | 3/21/2016 | |
| PRINTED NAME OF RESPONSIBLE PARTY | DATE | |
| PREPARER: | ||
| /s/ Colette Pieper | CEO | |
| ORIGINAL SIGNATURE OF PREPARER | TITLE | |
| Colette Pieper | 3/21/2016 | |
| PRINTED NAME OF PREPARER | DATE |
Monthly Operating Report
ACCRUAL BASIS-1
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
COMPARATIVE BALANCE SHEET
| SCHEDULE AMOUNT | DECEMBER | JANUARY | FEBRUARY | |||||||||||||||
| ASSETS | ||||||||||||||||||
| 1. | UNRESTRICTED CASH | $ | 295,821 | $ | 293,414 | $ | 404,644 | $ | 2,506,578 | |||||||||
| 2. | RESTRICTED CASH | $ | 101,555 | $ | 7 | $ | 0 | $0 | 3 | |||||||||
| 3. | TOTAL CASH | $ | 397,376 | $ | 293,421 | $ | 404,644 | $ | 2,506,578 | |||||||||
| 4. | ACCOUNTS RECEIVABLE (NET) | $ | 143,949 | $ | 133,532 | $ | 133,532 | $ | 106,096 | |||||||||
| 5. | INVENTORY | |||||||||||||||||
| 6. | NOTES RECEIVABLE | $ | 8,912 | |||||||||||||||
| 7. | PREPAID EXPENSES | $ | 343,387 | $ | 76,002 | $ | 73,541 | $ | 83,448 | |||||||||
| 8. | OTHER (ATTACH LIST) | $ | 49,475 | $ | 54,200 | $ | 54,082 | $ | 53,963 | |||||||||
| 9. | TOTAL CURRENT ASSETS | $ | 943,098 | $ | 557,154 | $ | 665,799 | $ | 2,750,086 | |||||||||
| 10. | PROPERTY, PLANT & EQUIPMENT | $ | 1,954,154 | $ | 1,954,154 | $ | 1,954,154 | |||||||||||
| 11. | LESS: ACCUMULATED DEPRECIATION/DEPLETION | $ | (1,852,007 | ) | $ | (1,858,413 | ) | $ | (1,864,695 | ) | ||||||||
| 12. | NET PROPERTY, PLANT & EQUIPMENT | $ | 299,672 | $ | 102,147 | $ | 95,741 | $ | 89,460 | |||||||||
| 13. | DUE FROM INSIDERS | $ | 74,265,951 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 14. | OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) | $ | 662,950 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 15. | OTHER (ATTACH LIST) | $ | 13,513,629 | $ | 14,559,654 | $ | 15,032,933 | $ | 15,274,763 | |||||||||
| 16. | TOTAL ASSETS | $ | 89,685,300 | $ | 15,218,955 | $ | 15,794,473 | $ | 18,114,308 | |||||||||
| POSTPETITION LIABILITIES | ||||||||||||||||||
| 17. | ACCOUNTS PAYABLE | $ | 602,244 | $ | 1,047,432 | $690,282 | 4 | |||||||||||
| 18. | TAXES PAYABLE | $ | 75,917 | $ | 81,389 | $84,441 5 | ||||||||||||
| 19. | NOTES PAYABLE | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| 20. | PROFESSIONAL FEES | $ | 45,518 | $ | 1,747,752 | $3,911,160 | 4&6 | |||||||||||
| 21. | SECURED DEBT | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| 22. | OTHER (ATTACH LIST) | $ | 18,988,889 | $ | 19,317,240 | $ | 22,574,007 | |||||||||||
| 23. | TOTAL POSTPETITION LIABILITIES | $ | 19,712,567 | $ | 22,193,812 | $ | 27,259,890 | |||||||||||
| PREPETITION LIABILITIES | ||||||||||||||||||
| 24. | SECURED DEBT | undetermined | $ | 5,976 | $ | 5,976 | $4,504 | 2&5 | ||||||||||
| 25. | PRIORITY DEBT | undetermined | $ | 0 | $ | 0 | $ | 0 | ||||||||||
| 26. | UNSECURED DEBT | $ | 9,203,450 | $ | 686,588 | $ | 686,588 | $ | 686,588 | |||||||||
| 27. | OTHER (ATTACH LIST) | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| 28. | TOTAL PREPETITION LIABILITIES | $ | 9,203,450 | $ | 692,564 | $ | 692,564 | $ | 691,092 | |||||||||
| 29. | TOTAL LIABILITIES | $ | 9,203,450 | $ | 20,405,131 | $ | 22,886,376 | $ | 27,950,983 | |||||||||
| EQUITY | ||||||||||||||||||
| 30. | PREPETITION OWNERS' EQUITY | $ | 78,978,770 | $ | 78,978,770 | $ | 78,978,770 | |||||||||||
| 31. | POSTPETITION CUMULATIVE PROFIT OR (LOSS) | $ | (13,457,560 | ) | $ | (15,953,744 | ) | $ | (18,693,604 | ) | ||||||||
| 32. | DIRECT CHARGES TO EQUITY(ATTACH EXPLANATION) | $ | (70,707,385 | ) | $ | (70,116,929 | ) | $ | (70,121,841 | )1 | ||||||||
| 33. | TOTAL EQUITY | $ | (5,186,175 | ) | $ | (7,091,902 | ) | $ | (9,836,675 | ) | ||||||||
| 34. | TOTAL LIABILITIES & OWNERS' EQUITY | $ | 15,218,955 | $ | 15,794,473 | $ | 18,114,308 | |||||||||||
| 1 | This includes the following intercompany amounts shown below. The Schedule Amount related to this is shown under Item 13. Due From Insiders. |
| Due from Life Partners Holdings, Inc. | $ | 77,485,787.30 | ||
| Due from LPHI Management Services | $ | 11,719.74 | ||
| Due to LPI Financial Services, Inc. | $ | (7,375,665.82 | ) | |
| $ | 70,121,841.22 |
| 2 | Item 24. Secured Debt is accrued property taxes for the prepetition period of Jan. 1, 2015 thru May 19, 2015. This decreased due to the payment of property taxes on Furniture, Fixtures & Equipment. |
| 3 | Item 2. Remaining balance representing interest income paid out in January leaving $0 balance in account. |
| 4 | Item 17. Accounts Payable includes $629,972.13 of invoices from bankruptcy professionals that would normally be included in Item 20. Professional Fees. |
| 5 | Accrued personal property taxes includes 2015 property tax accessed on the airplane which remains unpaid. |
| 6 | Item 20. Professional Fees reflects expenses accrued in excess of bankruptcy invoices allocated to LPI. Invoices have been allocated to LPI where the expense was accrued on the books of Life Partners Holdings, Inc., therefore, the books of Life Partners Holdings holds the part of the liability for bankruptcy professional fees. US Trustee Fee liability was previously shown as part of Professional Fees and has been moved to Line 22. Other. |
Monthly Operating Report
SUPPLEMENT TO
ACCRUAL BASIS-1
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
COMPARATIVE BALANCE SHEET
| SCHEDULE AMOUNT | DECEMBER | JANUARY | FEBRUARY | |||||||||||||||
| 8. OTHER CURRENT ASSETS | ||||||||||||||||||
| 8. | Pardo Family Holdings Trust (Advance to Price L. Johnson, PC) | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | |||||||||
| 8. | Pardo Family Holdings Trust (Advance to Kyle, Mathis & Lucas, LLP) | $ | 15,505 | $ | 15,505 | $ | 15,505 | $ | 15,505 | |||||||||
| 8. | ESP Communications Duplicate Payment | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | |||||||||
| 8. | Advance Trust & Life Escrow Services, LTA (Abandonment Premiums) | $ | 5,064 | $ | 5,064 | $ | 5,064 | |||||||||||
| 8. | Employee Advances | $ | 992 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 8. | Notes Receivable-Employee | $ | 477 | $ | 1,130 | $ | 1,012 | $ | 894 | |||||||||
| 8 | ||||||||||||||||||
| 8. | TOTAL - OTHER CURRENT ASSETS | $ | 49,475 | $ | 54,200 | $ | 54,082 | $ | 53,963 | |||||||||
| 14. OTHER ASSETS - NET OF AMORTIZATION | ||||||||||||||||||
| 14. | Woolly Mammoth & Other Prehistoric Artifacts | $ | 662,950 | $ | - | $ | - | $ | - | 1 | ||||||||
| 14. | ||||||||||||||||||
| 14. | ||||||||||||||||||
| 14. | ||||||||||||||||||
| 14. | ||||||||||||||||||
| 14. | TOTAL - OTHER ASSETS (Net of Amort.) | $ | 662,950 | $ | - | $ | - | $ | - | |||||||||
| 15. OTHER ASSETS | ||||||||||||||||||
| 15. | TDL, LLC Misappropriation of Foreign Exchange Funds | $ | 257,395 | |||||||||||||||
| 15. | Advance on Premiums paid by PES on behalf of investors | $ | 13,083,062 | $ | 14,574,449 | $ | 14,968,582 | $ | 15,167,711 | |||||||||
| 15. | Advance on Premiums paid by ATLES on behalf of investors | $ | 136,291 | $ | 360,250 | $ | 427,773 | $ | 455,398 | |||||||||
| 15. | Allowance for Bad Debts | $ | (5,483,317 | ) | $ | (5,483,317 | ) | $ | (5,483,317 | ) | ||||||||
| 15. | Overpayments of Commissions Receivable | $ | 36,881 | |||||||||||||||
| 15. | Deferred Income Tax Benefit | $ | 4,632,419 | $ | 4,632,419 | $ | 4,632,419 | |||||||||||
| 15. | Policy Purchase | $ | 123,591 | $ | 123,591 | $ | 123,591 | |||||||||||
| 15. | Capitalized Premiums on Policies Purchased | $ | 336,704 | $ | 348,328 | $ | 363,403 | |||||||||||
| 15. | Deposits | $ | 15,558 | $ | 15,558 | $ | 15,558 | |||||||||||
| 15. | TOTAL - OTHER ASSETS | $ | 13,513,629 | $ | 14,559,654 | $ | 15,032,933 | $ | 15,274,763 | |||||||||
| POSTPETITION LIABILITIES | ||||||||||||||||||
| 22. | Accrued Payroll | $ | 29,808 | $ | 45,239 | $ | 47,407 | |||||||||||
| 22. | Accrued Vacation | $ | 81,675 | $ | 85,635 | $ | 88,609 | |||||||||||
| 22. | US Trustee Fees | $ | 21,405 | $ | 16,530 | $ | 18,155 | 3 | ||||||||||
| 22. | Phoenix Life Insurance Settlement | $ | 313,835 | $ | 313,835 | 2 | ||||||||||||
| 22. | Loan From Maturities (Dkt 1127) | $ | 13,828,486 | $ | 13,828,486 | $ | 17,078,485 | |||||||||||
| 22. | Deferred Revenue | $ | 5,027,515 | $ | 5,027,515 | $ | 5,027,515 | |||||||||||
| 22 | TOTAL - OTHER POSTPETITION LIABILITIES | $ | 18,988,889 | $ | 19,317,240 | $ | 22,574,007 | |||||||||||
| 1 | Sold pursuant to court order Dkt.1053 |
| 2 | Funds received from class action lawsuit against Phoenix Life Insurance regarding COI increases. |
| 3 | This was previously shown as part of Line 20. Professional Fee Liability on page 1 of the Monthly Operating Report. |
Monthly Operating Report
ACCRUAL BASIS-2
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
| INCOME STATEMENT | NOVEMBER | DECEMBER | JANUARY | FEBRUARY | ||||||||||||||
| REVENUES | ||||||||||||||||||
| 1. | GROSS REVENUES | |||||||||||||||||
| 2. | LESS: RETURNS & DISCOUNTS | |||||||||||||||||
| 3. | NET REVENUE | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| COST OF GOODS SOLD | ||||||||||||||||||
| 4. | MATERIAL | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 5. | DIRECT LABOR | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 6. | DIRECT OVERHEAD | $ | 4,278 | $ | 15,471 | $ | 28,979 | $ | 14,064 | |||||||||
| 7. | TOTAL COST OF GOODS SOLD | $ | 4,278 | $ | 15,471 | $ | 28,979 | $ | 14,064 | |||||||||
| 8. | GROSS PROFIT | $ | (4,278 | ) | $ | (15,471 | ) | $ | (28,979 | ) | $ | (14,064 | ) | |||||
| OPERATING EXPENSES | ||||||||||||||||||
| 9. | OFFICER / INSIDER COMPENSATION | $ | 28,794 | $ | 33,223 | $ | 28,794 | $ | 28,794 | |||||||||
| 10. | SELLING & MARKETING | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 11. | GENERAL & ADMINISTRATIVE | $ | 254,337 | $ | 288,595 | $ | 258,192 | $ | 250,035 | |||||||||
| 12. | RENT & LEASE | $ | 14,940 | $ | 24,148 | $ | 19,571 | $ | 15,054 | |||||||||
| 13. | OTHER (ATTACH LIST) | $ | 23,846 | $ | 41,952 | $ | 28,532 | $ | 9,630 | |||||||||
| 14. | TOTAL OPERATING EXPENSES | $ | 321,916 | $ | 387,919 | $ | 335,090 | $ | 303,514 | |||||||||
| 15. | INCOME BEFORE NON-OPERATING INCOME & EXPENSE | $ | (326,195 | ) | $ | (403,389 | ) | $ | (364,069 | ) | $ | (317,578 | ) | |||||
| OTHER INCOME & EXPENSES | ||||||||||||||||||
| 16. | NON-OPERATING INCOME (ATTACH LIST) | $ | (3,868 | ) | $ | (3,604 | ) | $ | (3,909 | ) | $ | (3,867 | )1 | |||||
| 17. | NON-OPERATING EXPENSE (ATTACH LIST) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 18. | INTEREST EXPENSE | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 19. | DEPRECIATION / DEPLETION | $ | 6,361 | $ | 6,377 | $ | 6,406 | $ | 6,281 | |||||||||
| 20. | AMORTIZATION | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 21. | OTHER (ATTACH LIST) | $ | 0 | $ | (2,000 | ) | $ | 0 | $ | 0 | ||||||||
| 22. | NET OTHER INCOME & EXPENSES | $ | 2,493 | $ | 774 | $ | 2,497 | $ | 2,415 | |||||||||
| REORGANIZATION EXPENSES | ||||||||||||||||||
| 23. | PROFESSIONAL FEES | $ | 2,040,295 | $ | 1,190,945 | $ | 2,098,424 | $ | 2,393,698 | 2 | ||||||||
| 24. | U.S. TRUSTEE FEES | $ | 6,500 | $ | 7,000 | $ | 4,875 | $ | 1,625 | |||||||||
| 25. | OTHER (ATTACH LIST) | $ | 19,346 | $ | 19,727 | $ | 26,318 | $ | 24,544 | |||||||||
| 26. | TOTAL REORGANIZATION EXPENSES | $ | 2,066,140 | $ | 1,217,673 | $ | 2,129,617 | $ | 2,419,867 | |||||||||
| 27. | INCOME TAX | |||||||||||||||||
| 28. | NET PROFIT (LOSS) | $ | (2,394,828 | ) | $ | (1,621,836 | ) | $ | (2,496,183 | ) | $ | (2,739,860 | ) | |||||
| 1 | See Supplement To Accrual Basis-2. |
| 2 | Item 23. Prefessional Fees for December includes a $330,000 adjustment to fees previously recorded for Thompson & Knight per Docket 1325. |
Monthly Operating Report
SUPPLEMENT TO
ACCRUAL BASIS-2
CASE NAME: Life Partners, Inc.
CASE NUMBER: 15-40289 (Jointly Administered)
| INCOME STATEMENT | NOVEMBER | DECEMBER | JANUARY | FEBRUARY | ||||||||||||||
| OTHER OPERATING EXPENSES | ||||||||||||||||||
| 13. | Other Expense- Premium Expense | $ | 12,910 | $ | 11,285 | $ | 31,679 | $ | 5,461 | |||||||||
| 13. | Other Expense- BK Premiums | $ | 10,936 | $ | 15,738 | $ | 287 | $ | 4,169 | |||||||||
| 13. | Legal & Professional Expense | $ | 14,929 | $ | (3,434 | ) | $ | - | ||||||||||
| 13. | TOTAL - OTHER OPERATING EXPENSE | $ | 23,846 | $ | 41,952 | $ | 28,532 | $ | 9,630 | |||||||||
| NON-OPERATING INCOME | ||||||||||||||||||
| 16. | Interest Income | $ | 3,868 | $ | 3,743 | $ | 3,867 | $ | 3,867 | |||||||||
| 16. | Loss on Disposal of Fixed Assets | $ | (143 | ) | ||||||||||||||
| 16. | Other Income | $ | - | $ | 4 | $ | 42 | $ | - | |||||||||
| 16. | TOTAL NON-OPERATING INCOME | $ | 3,868 | $ | 3,604 | $ | 3,909 | $ | 3,867 | |||||||||
| NON-OPERATING EXPENSE | ||||||||||||||||||
| 17. | $ | - | $ | - | $ | - | $ | - | ||||||||||
| 17. | ||||||||||||||||||
| 17. | ||||||||||||||||||
| 17. | ||||||||||||||||||
| 17. | TOTAL NON-OPERATING EXPENSE | $ | - | $ | - | $ | - | $ | - | |||||||||
| OTHER EXPENSE | ||||||||||||||||||
| 21. | Franchise Tax | $ | - | $ | - | $ | - | $ | - | |||||||||
| 21. | State Income Tax-Other | $ | - | $ | (2,000 | ) | $ | - | $ | - | ||||||||
| 21. | ||||||||||||||||||
| 21. | TOTAL OTHER EXPENSE | $ | - | $ | (2,000 | ) | $ | - | $ | - | ||||||||
| OTHER REORGANIZATION EXPENSES | ||||||||||||||||||
| 25. | Relativity Hosting | $ | 4,261 | $ | 8,955 | $ | 6,888 | $ | 5,600 | |||||||||
| 25. | Trustee Travel Expense | $ | 5,271 | $ | 11,264 | |||||||||||||
| 25. | Barbara Pope Contract Labor | $ | 9,814 | $ | 10,772 | $ | 19,430 | $ | 7,681 | |||||||||
| 25. | TOTAL OTHER REORGANIZATION EXP | $ | 19,346 | $ | 19,727 | $ | 26,318 | $ | 24,544 | |||||||||
| 1 | This is Life Partners' portion of the settlement reached between Life Assets Trust S.A.and Portigon AG, New York Branch, due to the bank foreclosing on the assets of Life Assets Trust SA. Life Partners owned approximately 19.91% of Life Assets Trust S.A. Compartment A. |
Monthly Operating Report
ACCRUAL BASIS-3
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
| CASH RECEIPTS AND DISBURSEMENTS | QUARTER ENDED DEC 31, 2015 | JANUARY | FEBRUARY | MARCH | QUARTER ENDED MARCH 31, 2016 | |||||||||||||||||
| 1. | CASH - BEGINNING OF MONTH | $ | 293,421 | $ | 404,644 | $ | 2,506,578 | |||||||||||||||
| RECEIPTS FROM OPERATIONS | ||||||||||||||||||||||
| 2. | CASH SALES | $ | 0 | $ | 0 | |||||||||||||||||
| COLLECTION OF ACCOUNTS RECEIVABLE | ||||||||||||||||||||||
| 3. | PREPETITION | $ | 0 | $ | 0 | |||||||||||||||||
| 4. | POSTPETITION | $ | 364,737 | $ | 132,088 | $ | 244,447 | $ | 376,535 | |||||||||||||
| 5. | TOTAL OPERATING RECEIPTS | $ | 364,737 | $ | 132,088 | $ | 244,447 | $ | 0 | $ | 376,535 | |||||||||||
| NON-OPERATING RECEIPTS | ||||||||||||||||||||||
| 6. | LOANS & ADVANCES (ATTACH LIST) | $ | 13,828,486 | $ | - | $ | 3,250,000 | $ | 3,250,000 | |||||||||||||
| 7. | SALE OF ASSETS | $ | 510,383 | $ | 0 | 1 | ||||||||||||||||
| 8. | OTHER (ATTACH LIST) | $ | 961,235 | $ | 970,215 | $ | 3,890 | $ | 974,104 | |||||||||||||
| 9. | TOTAL NON-OPERATING RECEIPTS | $ | 15,300,104 | $ | 970,215 | $ | 3,253,889 | $ | 0 | $ | 4,224,104 | |||||||||||
| 10. | TOTAL RECEIPTS | $ | 15,664,840 | $ | 1,102,302 | $ | 3,498,337 | $ | 0 | $ | 4,600,639 | |||||||||||
| 11. | TOTAL CASH AVAILABLE | $ | 1,395,724 | $ | 3,902,981 | $ | 2,506,578 | |||||||||||||||
| OPERATING DISBURSEMENTS | ||||||||||||||||||||||
| 12. | NET PAYROLL | $ | 424,865 | $ | 119,096 | $ | 114,483 | $ | 233,579 | |||||||||||||
| 13. | PAYROLL TAXES PAID | $ | 135,465 | $ | 53,671 | $ | 48,912 | $ | 102,583 | |||||||||||||
| 14. | SALES, USE & OTHER TAXES PAID | $ | 0 | $ | 4,164 | $ | 4,164 | |||||||||||||||
| 15. | SECURED / RENTAL / LEASES | $ | 58,293 | $ | 19,571 | $ | 16,775 | $ | 36,347 | |||||||||||||
| 16. | UTILITIES | $ | 28,983 | $ | 11,559 | $ | 9,337 | $ | 20,896 | |||||||||||||
| 17. | INSURANCE | $ | 83,038 | $ | 1,559 | $ | 52,143 | $ | 53,702 | |||||||||||||
| 18. | INVENTORY PURCHASES | $ | 0 | $ | 0 | |||||||||||||||||
| 19. | VEHICLE EXPENSES | $ | 257 | $ | 36 | $ | 36 | |||||||||||||||
| 20. | TRAVEL | $ | 5,609 | $ | 1,330 | $ | 1,067 | $ | 2,397 | |||||||||||||
| 21. | ENTERTAINMENT | $ | 0 | $ | 0 | |||||||||||||||||
| 22. | REPAIRS & MAINTENANCE | $ | 16,831 | $ | 6,067 | $ | 3,613 | $ | 9,679 | |||||||||||||
| 23. | SUPPLIES | $ | 12,271 | $ | 2,014 | $ | 7,443 | $ | 9,457 | |||||||||||||
| 24. | ADVERTISING | $ | 0 | $ | 0 | |||||||||||||||||
| 25. | OTHER (ATTACH LIST) | $ | 1,999,034 | $ | 686,581 | $ | 555,428 | $ | 1,242,009 | |||||||||||||
| 26. | TOTAL OPERATING DISBURSEMENTS | $ | 2,764,646 | $ | 901,483 | $ | 813,366 | $ | 0 | $ | 1,714,849 | |||||||||||
| REORGANIZATION EXPENSES | ||||||||||||||||||||||
| 27. | PROFESSIONAL FEES | $ | 12,884,028 | $ | 63,157 | $ | 544,050 | $ | 607,207 | |||||||||||||
| 28. | U.S. TRUSTEE FEES | $ | 9,747 | $ | 9,750 | $ | 9,750 | |||||||||||||||
| 29. | OTHER (ATTACH LIST) | $ | 56,710 | $ | 16,689 | $ | 38,987 | $ | 0 | $ | 55,676 | |||||||||||
| 30. | TOTAL REORGANIZATION EXPENSES | $ | 12,950,485 | $ | 89,597 | $ | 583,037 | $ | 0 | $ | 672,633 | |||||||||||
| 31. | TOTAL DISBURSEMENTS | $ | 15,715,131 | $ | 991,079 | $ | 1,396,403 | $ | 0 | $ | 2,387,482 | |||||||||||
| 32. | NET CASH FLOW | $ | (50,291 | ) | $ | 111,223 | $ | 2,101,934 | $ | 0 | $ | 2,213,157 | ||||||||||
| 33. | CASH - END OF MONTH | $ | 404,644 | $ | 2,506,578 | $ | 2,506,578 | |||||||||||||||
| 1 | Proceeds from sale of Ice Age Collection and replicas of Egyptian Artifacts pursuant to court order. |
Monthly Operating Report
SUPPLEMENT TO
ACCRUAL BASIS-3
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
| CASH RECEIPTS AND DISBURSEMENTS | QUARTER ENDED DEC 31, 2015 | JANUARY | FEBRUARY | MARCH | QUARTER ENDED MARCH 31, 2016 | |||||||||||||||||
| NON-OPERATING RECEIPTS-LOANS AND ADVANCES | ||||||||||||||||||||||
| 6. | Loan From Maturities (Dkt 1127) | $ | 13,828,486 | $ | 3,250,000 | $ | 3,250,000 | |||||||||||||||
| 6. | $ | - | $ | - | ||||||||||||||||||
| 6. | Total Loans and Advances | $ | 13,828,486 | $ | - | $ | 3,250,000 | $ | - | $ | 3,250,000 | |||||||||||
| NON-OPERATING RECEIPTS-OTHER | ||||||||||||||||||||||
| 8. | A/R Collections-Abandonment Refunds | $ | 6,198 | $ | - | |||||||||||||||||
| 8. | Flow Thru Premiums & Platform Fees | $ | 10,661 | $ | - | |||||||||||||||||
| 8. | Transfer From LPIFS Checking Acct# 4069 | $ | 850,000 | $ | 500,000 | $ | 500,000 | |||||||||||||||
| 8. | Transfer from LPHI Checking Acct# 3772 | $ | 150,000 | |||||||||||||||||||
| 8. | Interest Income | $ | 11,351 | $ | 3,864 | $ | 3,865 | $ | 7,729 | |||||||||||||
| 8. | Miscellaneous Income-ATLES TESS Fee | $ | 1,000 | |||||||||||||||||||
| 8. | Other Inc-dividends on pd out policies | $ | 4 | $ | 42 | $ | 42 | |||||||||||||||
| 8. | Other Income-Life Assets Trust S.A. Settlement | $ | 77,998 | $ | - | |||||||||||||||||
| 8. | Other Income-Phoenix Life Ins. Settlement | $ | 313,835 | 1 | ||||||||||||||||||
| 8. | Reimbursements & Refunds-COBRA insurance | $ | 2,881 | $ | 977 | $ | 977 | |||||||||||||||
| 8. | Reimbursements & Refunds-Employee Advance | $ | 50 | $ | 25 | $ | 25 | |||||||||||||||
| 8. | Reimbursements & Refunds-Tax | $ | 2,000 | |||||||||||||||||||
| 8. | Reimbursements & Refunds-Utilities | $ | 35 | $ | - | |||||||||||||||||
| 8. | Reimbursements & Refunds-Postage | $ | 496 | |||||||||||||||||||
| 8. | Reimbursements & Refunds-Other | $ | 57 | $ | - | |||||||||||||||||
| 8. | Total Other Non-Operating Receipts | $ | 961,235 | $ | 970,215 | $ | 3,890 | $ | - | $ | 508,773 | |||||||||||
| OTHER OPERATING DISBURSEMENTS | ||||||||||||||||||||||
| 25. | Premiums Advanced | $ | 1,701,989 | $ | 625,423 | $ | 449,227 | $ | 1,074,650 | |||||||||||||
| 25. | Premiums-LPI Owned positions | $ | 35,911 | $ | 1,115 | $ | 25,584 | $ | 26,698 | |||||||||||||
| 25. | Bank Fees (Charged & Reversed) | $ | 2,114 | $ | 1,310 | $ | 566 | $ | 1,876 | |||||||||||||
| 25. | BK Premiums | $ | 32,253 | $ | 287 | $ | 4,169 | $ | 4,456 | |||||||||||||
| 25. | Courier Services/Postage | $ | 5,706 | $ | 973 | $ | 1,604 | $ | 2,577 | |||||||||||||
| 25. | Employee Relations | $ | 2,360 | $ | 373 | $ | 373 | |||||||||||||||
| 25. | Flow Thru Premiums | $ | 14,577 | $ | - | |||||||||||||||||
| 25. | Licenses & Fees | $ | 4,212 | $ | 842 | $ | 91 | $ | 933 | |||||||||||||
| 25. | Medical Records | $ | 10,479 | $ | 2,760 | $ | 1,522 | $ | 4,282 | |||||||||||||
| 25. | Medical Review Life Expectancy | $ | - | $ | 21,400 | $ | 19,575 | $ | 40,975 | |||||||||||||
| 25. | Outside Services | $ | 5,522 | $ | 4,531 | $ | 8,288 | $ | 12,818 | |||||||||||||
| 25. | Payroll Garnishment | $ | 607 | $ | - | |||||||||||||||||
| 25. | Payroll-401K deductions | $ | 34,694 | $ | 10,755 | $ | 10,247 | $ | 21,002 | |||||||||||||
| 25. | PES Operating Exp | $ | 75,220 | $ | 9,624 | $ | 21,674 | $ | 31,299 | |||||||||||||
| 25. | Software Licenses & Support | $ | 4,875 | $ | 909 | $ | 2,650 | $ | 3,559 | |||||||||||||
| 25. | Policy Administration Expense | $ | 57,433 | $ | 5,945 | $ | 4,171 | $ | 10,117 | |||||||||||||
| 25. | Refund Duplicate Payments | $ | 845 | $ | - | |||||||||||||||||
| 25. | Subscriptions | $ | 2,770 | $ | 258 | $ | 109 | $ | 366 | |||||||||||||
| 25. | Trust Fees/Cost Reimbursement | $ | 7,416 | $ | - | |||||||||||||||||
| 25. | Equipment Purchased | $ | 5,577 | |||||||||||||||||||
| 25. | Employee Loan & Advances | $ | 50 | $ | 450 | $ | 450 | |||||||||||||||
| 25. | Total - Other Operating Disbursements | $ | 1,999,034 | $ | 686,581 | $ | 555,428 | $ | - | $ | 1,236,432 | |||||||||||
| OTHER REORGANIZATION EXPENSES | ||||||||||||||||||||||
| 29. | Transcription Services | $ | - | $ | - | |||||||||||||||||
| 29. | Relativity Hosting | $ | 12,676 | $ | 5,917 | $ | 8,293 | $ | 14,210 | |||||||||||||
| 29. | Trustee Travel Expense Reimbursement | $ | 15,274 | $ | 11,264 | $ | 11,264 | |||||||||||||||
| 29. | Barbara Pope Contract Labor | $ | 28,760 | $ | 10,772 | $ | 19,430 | $ | 30,202 | |||||||||||||
| 29. | Privilege Log Export | $ | - | $ | - | |||||||||||||||||
| 29. | Total - Other Reorganization Expenses | $ | 56,710 | $ | 16,689 | $ | 38,987 | $ | - | $ | 55,676 | |||||||||||
| 1 | Funds received from class action lawsuit against Phoenix Life Insurance regarding COI increases. |
Monthly Operating Report
ACCRUAL BASIS-4
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
| ACCOUNTS RECEIVABLE AGING | SCHEDULE AMOUNT | DECEMBER | JANUARY | FEBRUARY | ||||||||||||||
| 1. | 0-30 | $ | 139,890 | $ | 388,960 | $ | 485,798 | $ | 200,454 | |||||||||
| 2. | 31-60 | $ | 279,914 | $ | 241,896 | $ | 424,553 | $ | 485,789 | |||||||||
| 3. | 61-90 | $ | 77,762 | $ | 648,665 | $ | 206,293 | $ | 388,951 | |||||||||
| 4. | 91+ | $ | 12,721,787 | $ | 13,655,179 | $ | 14,279,710 | $ | 14,547,915 | |||||||||
| 5. | TOTAL ACCOUNTS RECEIVABLE | $ | 13,219,353 | $ | 14,934,699 | $ | 15,396,354 | $ | 15,623,109 | 1 | ||||||||
| 6. | AMOUNT CONSIDERED UNCOLLECTIBLE | $ | 5,163,790 | $ | 5,483,317 | $ | 5,483,317 | $ | 5,483,317 | 1 | ||||||||
| 7. | ACCOUNTS RECEIVABLE (NET) | $ | 8,055,563 | $ | 9,451,382 | $ | 9,913,037 | $ | 10,139,792 | 1 | ||||||||
| AGING OF POSTPETITION TAXES AND PAYABLES | MONTH: | February 2016 |
| 0-30 | 31-60 | 61-90 | 91+ | |||||||||||||||||||
| TAXES PAYABLE | DAYS | DAYS | DAYS | DAYS | TOTAL | |||||||||||||||||
| 1. | FEDERAL | $ | 0 | $ | 0 | |||||||||||||||||
| 2. | STATE | $ | 0 | $ | 0 | |||||||||||||||||
| 3. | LOCAL | $ | 10,945 | $ | 73,496 | $ | 84,441 | |||||||||||||||
| 4. | OTHER (ATTACH LIST) | $ | 0 | |||||||||||||||||||
| 5. | TOTAL TAXES PAYABLE | $ | 10,945 | $ | 73,496 | $ | 0 | $ | 0 | $ | 84,441 | |||||||||||
| 6. | ACCOUNTS PAYABLE | $ | 39,756 | $ | 42,513 | $ | 106,060 | $ | 501,952 | $ | 690,282 | |||||||||||
| STATUS OF POSTPETITION TAXES | MONTH: | February 2016 |
| BEGINNING | AMOUNT | ENDING | ||||||||||||||||
| TAX | WITHHELD AND/ | AMOUNT | TAX | |||||||||||||||
| FEDERAL | LIABILITY | 0R ACCRUED | PAID | LIABILITY | ||||||||||||||
| 1. | WITHHOLDING | $ | 0 | $ | 19,086 | $ | 19,086 | $ | 0 | |||||||||
| 2. | FICA-EMPLOYEE | $ | 0 | $ | 11,646 | $ | 11,646 | $ | 0 | |||||||||
| 3. | FICA-EMPLOYER | $ | 0 | $ | 11,646 | $ | 11,646 | $ | 0 | |||||||||
| 4. | UNEMPLOYMENT | $ | 0 | $ | 516 | $ | 516 | $ | 0 | |||||||||
| 5. | INCOME | $ | 0 | $ | 0 | |||||||||||||
| 6. | OTHER (ATTACH LIST) | $ | 0 | $ | 0 | |||||||||||||
| 7. | TOTAL FEDERAL TAXES | $ | 0 | $ | 42,895 | $ | 42,895 | $ | 0 | |||||||||
| STATE AND LOCAL | ||||||||||||||||||
| 8. | WITHHOLDING | $ | 0 | |||||||||||||||
| 9. | SALES | $ | 0 | |||||||||||||||
| 10. | EXCISE | $ | 0 | |||||||||||||||
| 11. | UNEMPLOYMENT | $ | 0 | $ | 6,018 | $ | 6,018 | $ | 0 | |||||||||
| 12. | REAL PROPERTY | $ | 0 | $ | 0 | |||||||||||||
| 13. | PERSONAL PROPERTY | $ | 81,389 | $ | 5,473 | $ | 2,420 | $ | 84,441 | 2 | ||||||||
| 14. | OTHER (ATTACH LIST) | $ | 0 | $ | 0 | |||||||||||||
| 15. | TOTAL STATE & LOCAL | $ | 81,389 | $ | 11,490 | $ | 8,438 | $ | 84,441 | |||||||||
| 16. | TOTAL TAXES | $ | 81,389 | $ | 54,385 | $ | 51,333 | $ | 84,441 | |||||||||
| 1 | These amounts are reported in detail on SUPPLEMENT TO ACCRUAL BASIS-1 under Item 15. Other Assets. |
| 2 | The figures shown here do not include $4,504.20 accrued for the prepetition period of Jan. 1, 2015 thru May 19, 2015 and include an adjustment to the calendar year 2015 tax accrual resulting from the taxing authority changing the valuation of the aircraft held on 1/1/15. |
Monthly Operating Report
ACCRUAL BASIS-5
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
| MONTH: | February 2016 | |||||||||||||||||
| BANK RECONCILIATIONS | ||||||||||||||||||
| Account #1 | Account #2 | Account #3 | ||||||||||||||||
| A. BANK: | Bank of Texas | Bank of Texas | ||||||||||||||||
| B. ACCOUNT NUMBER: | 4080 | 4091 | TOTAL | |||||||||||||||
| C. PURPOSE (TYPE): | Checking | Checking | ||||||||||||||||
| 1. | BALANCE PER BANK STATEMENT | $ | 91,170 | $ | 2,473,083 | $ | 2,564,253 | |||||||||||
| 2. | ADD: TOTAL DEPOSITS NOT CREDITED | $ | 15 | $ | 15 | |||||||||||||
| 3. | SUBTRACT: OUTSTANDING CHECKS | $ | 60,440 | $ | 0 | $ | 60,440 | |||||||||||
| 4. | OTHER RECONCILING ITEMS | $ | 0 | |||||||||||||||
| 5. | MONTH END BALANCE PER BOOKS | $ | 30,746 | $ | 2,473,083 | $ | 0 | $ | 2,503,829 | |||||||||
| 6. | NUMBER OF LAST CHECK WRITTEN | 1964 | 1018 | |||||||||||||||
INVESTMENT ACCOUNTS
| DATE OF | TYPE OF | PURCHASE | CURRENT | |||||||||||
| BANK, ACCOUNT NAME & NUMBER | PURCHASE | INSTRUMENT | PRICE | VALUE | ||||||||||
| 7. | TD Bank, Life Partners, Inc. Acct 70-T202-01-2 | unknown | MoneyMarket | $ | 0 | 2 | ||||||||
| 8. | ||||||||||||||
| 9. | ||||||||||||||
| 10. | ||||||||||||||
| 11. | TOTAL INVESTMENTS | $ | 0 | $ | 0 | |||||||||
CASH
| 12. | CURRENCY ON HAND | $ | 2,749 | 1 | ||||||||||||
| 13. | TOTAL CASH - END OF MONTH | $ | 2,506,578 | |||||||||||||
| 1 Item 12. Currency On Hand includes: | Petty Cash | $ | 1,000 | |||||||||||||
| PayPal | $ | 1,175 | ||||||||||||||
| Prepaid Visa | $ | 575 | ||||||||||||||
| 2 | Remaining balance of $7 paid out in January representing interest income. Account has $0 balance and is closed. |
Monthly Operating Report
ACCRUAL BASIS-6
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
| MONTH: | February 2016 |
PAYMENTS TO INSIDERS AND PROFESSIONALS
| INSIDERS | ||||||||||||
| TYPE OF | AMOUNT | TOTAL PAID | ||||||||||
| NAME | PAYMENT | PAID | TO DATE | |||||||||
| 1. | Mark Embry | Salaries/Expense Reimbursement | $ | 13,754 | $ | 123,264 | ||||||
| 2. | Advance Trust & Life Escrow Svcs | Premium Remittance/Cost Reimb | $ | 28,153 | $ | 458,012 | ||||||
| 3. | Life Partners Holdings, Inc. | Rent & Return deposit in error | $ | 113,565 | ||||||||
| 4. | LPI Financial Services, Inc. | Forward Platform Fees | $ | 2,037 | ||||||||
| 5. | Purchase Escrow Services, LLC | Premium Remittance/Cost Reimb | $ | 467,895 | $ | 3,823,041 | ||||||
| 6. | Colette Pieper | Salaries/Expense Reimbursement | $ | 13,962 | $ | 129,560 | ||||||
| 7. | Debora J. Carr | Salaries/Expense Reimbursement | $ | 3,750 | $ | 34,500 | ||||||
| 8. | TOTAL PAYMENTS TO INSIDERS | $ | 527,514 | $ | 4,683,979 | |||||||
| PROFESSIONALS2 | ||||||||||||||||||||
| DATE OF COURT | TOTAL | |||||||||||||||||||
| ORDER AUTHORIZING | AMOUNT | AMOUNT | TOTAL PAID | INCURRED | ||||||||||||||||
| NAME | PAYMENT | APPROVED | PAID | TO DATE | & UNPAID | |||||||||||||||
| 1. | Asset Servicing Group | 12/15/15 | $ | 819,974 | $ | 819,974 | $ | 306,510 | ||||||||||||
| 2. | Bridgepoint Consulting | 12/15/15 | $ | 784,462 | $ | 111,201 | $ | 784,462 | $ | 392,160 | 4 | |||||||||
| 3. | Epiq Bankruptcy Solutions | 05/22/15 | $ | 2,867,313 | $ | 331,050 | $ | 2,675,023 | $ | 217,290 | ||||||||||
| 4. | Kim Hinkle, Attorney at Law | 12/15/15 | $ | 215,404 | $ | 15,028 | $ | 215,404 | $ | 62,295 | 4 | |||||||||
| 5. | MMS Advisors | $ | 217,600 | 3 | ||||||||||||||||
| 6. | Munsch, Hardt, Kopf & Harr,P.C. | 12/15/15 | $ | 1,673,802 | $ | 1,673,802 | $ | 766,644 | ||||||||||||
| 7. | Thompson & Knight LLP | 12/15/15 | $ | 8,304,511 | $ | 8,307,945 | $ | 4,155,007 | 5 | |||||||||||
| 8. | Tom Moran, US Trustee | 12/18/15 | $ | 11,850 | $ | 11,850 | $ | 611,486 | 6 | |||||||||||
| 9. | Phillips Murrah | 12/15/15 | $ | 166,426 | $ | 14,375 | $ | 166,426 | $ | 84,643 | 4 | |||||||||
| 10. | Smith, Jackson, Boyer & Brovard, PLLC | 12/18/15 | $ | 55,199 | $ | 55,199 | $ | 7,795 | ||||||||||||
| 11. | Predictive Resources | 11/19/15 | $ | 164,517 | $ | 72,396 | $ | 164,517 | $ | 169,867 | 4 | |||||||||
| 12. | D3G/Lewis & Ellis | 12/03/15 | $ | 88,912 | $ | 88,912 | $ | 157,663 | ||||||||||||
| 13. | Barbara Pope | 12/15/15 | $ | 42,477 | $ | 42,477 | $ | 0 | 7 | |||||||||||
| 14. | TOTAL PAYMENTS TO PROFESSIONALS | $ | 544,050 | $ | 15,005,992 | $ | 7,148,961 | |||||||||||||
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
| SCHEDULED | AMOUNTS | |||||||||||||
| MONTHLY | PAID | TOTAL | ||||||||||||
| PAYMENTS | DURING | UNPAID | ||||||||||||
| NAME OF CREDITOR | DUE | MONTH | POSTPETITION | |||||||||||
| 1. | Pitney Bowes Global Financial Services, LLC | $ | 5,423 | $ | 0 | $ | 0 | 1 | ||||||
| 2. | Pitney Bowes Global Financial Services, LLC | $ | 906 | $ | 906 | $ | 0 | 1 | ||||||
| 3. | Johnnies Office Systems, Inc. | $ | 1,055 | $ | 1,055 | $ | 0 | |||||||
| 4. | Great America Financial Services | $ | 2,939 | $ | 4,659 | $ | 0 | 8 | ||||||
| 5. | PJC Investments, LLC | $ | 10,000 | $ | 10,000 | $ | 0 | |||||||
| 6. | TOTAL | $ | 20,323 | $ | 16,620 | $ | 0 | |||||||
| 1 | These lease payments are quarterly, not monthly. |
| 2 | Professional fees and expenses estimated and accrued prior to May 19th are reflected only on the books of Life Partners Holdings, Inc. Thereafter, professional fees and expenses reflect the estimated aggregate, unallocated fees and expenses for all of the Debtors, and are noted on each of the Debtors MORs. |
| 3 | MMS Advisors incurred fees and expenses March 13th - May 18th in the estimated amount of $230,000.00 that are not included here since their retention has not been approved for this period of time. |
| 4 | Amount Paid also includes payments authorized by Fee Procedure Orders dated 8/6/15 and 10/29/15. |
| 5 | Total Paid To Date for Thompson & Knight includes $3,434 in filing fees paid twice (at the time of filing and when the fee application was paid) which is not duplicated in Amount Approved. |
| 6 | Total Paid To Date excludes out-of-pocket expense reimbursements on behalf of subsidiary debtors. |
| 7 | Amounts shown are for Fee Applications only and do not include subsequent employee/contractor payments. |
| 8 | Includes $1,720.93 of property tax paid on leased equipment. |
Monthly Operating Report
ACCRUAL BASIS-7
| CASE NAME: | Life Partners, Inc. |
| CASE NUMBER: | 15-40289 (Jointly Administered) |
| MONTH: | February 2016 |
QUESTIONNAIRE
| YES | NO | |||||
| 1. | HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? | X | ||||
| 2. | HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? | X | ||||
| 3. | ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? | X | ||||
| 4. | HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? | X | ||||
| 5. | HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? | X | ||||
| 6. | ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? | X | ||||
| 7. | ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? | X | ||||
| 8. | ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? | X | ||||
| 9. | ARE ANY OTHER POSTPETITION TAXES PAST DUE? | X | ||||
| 10. | ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? | X | ||||
| 11. | HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? | X | ||||
| 12. | ARE ANY WAGE PAYMENTS PAST DUE? | X |
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
| Questionnaire Item 5. Loans were recevied from maturities of Life Settlements per Docket 1127 related to financing. |
| Questionnaire Item 9. 2015 Property Taxes assessed on the airplane have not been paid pending request for the amount to be reduced. |
| Questionnaire Item 11. Payments were made for 2015 Property Tax of which a portion was shown as prepetition liability on |
| Monthly Operating Report, Page 1, under Item 24. Secured Debt. |
INSURANCE
| YES | NO | |||||
| 1. | ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? | X | ||||
| 2. | ARE ALL PREMIUM PAYMENTS PAID CURRENT? | X | ||||
| 3. | PLEASE ITEMIZE POLICIES BELOW. |
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSTALLMENT PAYMENTS
| TYPE OF | PAYMENT AMOUNT | ||||||
| POLICY | CARRIER | PERIOD COVERED | & FREQUENCY | ||||
| Workers Compensation | Service Lloyds Ins. Co. | 06/14/2015- 06/14/2016 | $ | 316.00 /month | |||