LIFE PARTNERS HOLDINGS INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - April 20, 2016

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Exhibit 99.1

 

  Monthly Operating Report
  ACCRUAL BASIS

 

CASE  NAME: Life Partners Holdings, Inc.
   
CASE  NUMBER: 15-40289-rfn-11
   
JUDGE: Russell Nelms

 

UNITED STATES BANKRUPTCY COURT

 

NORTHERN & EASTERN DISTRICTS OF TEXAS

 

REGION 6

 

MONTHLY OPERATING REPORT

 

MONTH ENDING: March   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   4/20/2016
PRINTED NAME OF RESPONSIBLE PARTY   DATE
     
PREPARER:    
     
/s/ Paula Toy   Vice-President of Finance
ORIGINAL SIGNATURE OF PREPARER   TITLE
     
Paula Toy   4/20/2016
PRINTED NAME OF PREPARER   DATE

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-1

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

COMPARATIVE BALANCE SHEET

 

      SCHEDULE
AMOUNT		   JANUARY   FEBRUARY   MARCH   
ASSETS                      
1.  UNRESTRICTED CASH  $51,248   $242,040   $204,170   $164,660   
2.  RESTRICTED CASH                      
3.  TOTAL CASH  $51,248   $242,040   $204,170   $164,660   
4.  ACCOUNTS RECEIVABLE (NET)                      
5.  INVENTORY                      
6.  NOTES RECEIVABLE                      
7.  PREPAID EXPENSES       $363,946   $331,251   $298,556   
8.  OTHER (ATTACH LIST)  $76,415   $84,665   $84,665   $84,665   
9.  TOTAL CURRENT ASSETS  $127,664   $690,651   $620,086   $547,881   
10.  PROPERTY, PLANT & EQUIPMENT  $2,188,639   $0   $0   $0  1
11.  LESS: ACCUMULATED DEPRECIATION/DEPLETION       $0   $0   $0  1
12.  NET PROPERTY, PLANT & EQUIPMENT  $2,188,639   $0   $0   $0   
13.  DUE FROM INSIDERS                      
14.  OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST)  $166,250   $0   $0   $0   
15.  OTHER (ATTACH LIST)       $0   $0        
16.  TOTAL ASSETS  $2,482,552   $690,651   $620,086   $547,881   
POSTPETITION LIABILITIES                      
17.  ACCOUNTS PAYABLE       $633,519   $637,550   $634,011  4
18.  TAXES PAYABLE       $6,239   $4,619   $7,875   
19.  NOTES PAYABLE                      
20.  PROFESSIONAL FEES       $2,154,195   $2,174,130   $1,998,478  4&5
21.  SECURED DEBT       $160,383   $127,599   $95,829   
22.  OTHER (ATTACH LIST)       $5,559   $3,207   $3,207  5
23.  TOTAL POSTPETITION LIABILITIES       $2,959,895   $2,947,106   $2,739,400   
PREPETITION LIABILITIES                      
24.  SECURED DEBT  $267,505                 1
25.  PRIORITY DEBT  $3,991,351   $90,306   $90,306   $90,306   
26.  UNSECURED DEBT  $114,283,485   $1,588,832   $1,588,832   $1,588,832  2
27.  OTHER (ATTACH LIST)                      
28.  TOTAL PREPETITION LIABILITIES  $118,542,341   $1,679,138   $1,679,138   $1,679,138   
29.  TOTAL LIABILITIES  $118,542,341   $4,639,033   $4,626,243   $4,418,538   
EQUITY                      
30.  PREPETITION OWNERS' EQUITY        $(73,722,301)  $(73,722,301)  $(73,722,301)  
31.  POSTPETITION CUMULATIVE
PROFIT OR (LOSS)		       $(7,708,008)  $(7,769,644)  $(7,836,550)  
32.  DIRECT CHARGES TO EQUITY
(ATTACH EXPLANATION)		       $77,481,927   $77,485,787   $77,688,194  3
33.  TOTAL EQUITY       $(3,948,383)  $(4,006,157)  $(3,870,657)  
34.  TOTAL LIABILITIES & OWNERS' EQUITY       $690,651   $620,086   $547,881   

 

1 Property Plant & Equipment included the buildings that were sold per Dkt. 1089. Secured Debt and Taxes Payable included property taxes owed on the buildings that were collected at closing.
2 The Schedule Amount for Item 26. Unsecured Debt includes Intercompany Due To/From Life Partners, Inc. shown below in Item 32.
3 Intercompany Due To/From Life Partners, Inc.
4 Item 17. Accounts Payables includes $416,559.40 of invoices from bankruptcy professionals that would otherwise be included in Item 20, Professional Fees.
5 Item 20. Professional Fees accrual reflects only expenses allocated to LPHI. MOR-6 reflects all bankruptcy professional fees of Life Partners Holdings and its subsidiaries.

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-1

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

COMPARATIVE BALANCE SHEET

 

      SCHEDULE
AMOUNT		   JANUARY   FEBRUARY   MARCH   
8. OTHER CURRENT ASSETS                      
8.  Pardo Family Holdings Trust (Advance to Price L. Johnson, PC)  $24,441   $31,323   $31,323   $31,323 
8.  Pardo Family Holdings Trust (Advance to Kyle, Mathis & Lucas, LLP)  $51,975   $53,343   $53,343   $53,343   
8.  Rent due from Life Partners, Inc.                      
8.                         
8.                         
8.                         
8.                         
8                         
8.  TOTAL - OTHER CURRENT ASSETS  $76,415   $84,665   $84,665   $84,665   
14. OTHER ASSETS - NET OF AMORTIZATION                      
14.  Woolly Mammoth & Other Prehistoric Artifacts  $166,250                  
14.                         
14.                         
14.                         
14.                         
14.  TOTAL - OTHER ASSETS (Net of Amort.)  $166,250   $-   $-   $-   
15. OTHER ASSETS                      
15.                         
15.                         
15.                         
15.                         
15.                         
15.                         
15.                         
15.                         
15.                         
15.  TOTAL - OTHER ASSETS  $-   $-   $-   $-   
                          
POSTPETITION LIABILITIES                      
22.  US Trustee Fees       $5,559   $3,207   $3,207  1
22.                         
22.                         
22.                         
22.                         
22.                         
22  TOTAL - OTHER POSTPETITION LIABILITIES       $5,559   $3,207   $3,207   

 

1US Trustee Fees were moved from in Line 20. Professional Fees on the Monthly Operating Report, page 1.

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-2

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

INCOME STATEMENT  DECEMBER   JANUARY   FEBRUARY   MARCH 
REVENUES                    
1.  GROSS REVENUES                    
2.  LESS: RETURNS & DISCOUNTS                    
3.  NET REVENUE  $0   $0   $0   $0 
COST OF GOODS SOLD                    
4.  MATERIAL                    
5.  DIRECT LABOR                    
6.  DIRECT OVERHEAD                    
7.  TOTAL COST OF GOODS SOLD  $0   $0   $0   $0 
8.  GROSS PROFIT  $0   $0   $0   $0 
OPERATING EXPENSES                    
9.  OFFICER / INSIDER COMPENSATION                    
10.  SELLING & MARKETING                    
11.  GENERAL & ADMINISTRATIVE  $54,420   $35,784   $38,115   $37,442 
12.  RENT & LEASE  $0   $0   $0   $0 
13.  OTHER (ATTACH LIST)  $1,635   $0   $1,344   $246 
14.  TOTAL OPERATING EXPENSES  $56,055   $35,784   $39,459   $37,688 
15.  INCOME BEFORE NON-OPERATING INCOME & EXPENSE  $(56,055)  $(35,784)  $(39,459)  $(37,688)
OTHER INCOME & EXPENSES                    
16.  NON-OPERATING INCOME (ATTACH LIST)  $0   $0   $0   $0 
17.  NON-OPERATING EXPENSE (ATTACH LIST)  $0   $0   $0   $0 
18.  INTEREST EXPENSE  $670   $517   $437   $346 
19.  DEPRECIATION / DEPLETION  $0   $0   $0   $0 
20.  AMORTIZATION  $0   $0   $0   $0 
21.  OTHER (ATTACH LIST)  $(2,568)  $(1,783)  $(1,620)  $3,256 
22.  NET OTHER INCOME & EXPENSES  $(1,898)  $(1,266)  $(1,184)  $3,602 
REORGANIZATION EXPENSES                    
23.  PROFESSIONAL FEES  $5,861   $4,535   $21,402   $23,999 
24.  U.S. TRUSTEE FEES  $4,875   $650   $248      
25.  OTHER (ATTACH LIST)  $1,679   $1,525   $1,710   $1,617 
26.  TOTAL REORGANIZATION EXPENSES  $12,415   $6,710   $23,360   $25,617 
27.  INCOME TAX                    
28.  NET PROFIT (LOSS)  $(66,573)  $(41,228)  $(61,635)  $(66,906)

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-2

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

INCOME STATEMENT  DECEMBER   JANUARY   FEBRUARY   MARCH 
OPERATING EXPENSES                    
13.  LEGAL & PROFESSIONAL FEES  $1,635        $1,344   $246 
13.                       
13.                       
13.                       
13.                       
13.  TOTAL OTHER OPERATING EXPENSES  $1,635   $0   $1,344   $246 
NON-OPERATING INCOME                    
16.  RENTAL INCOME                    
16.                       
16.                       
16.                       
16.  TOTAL NON-OPERATING INCOME  $0   $0   $0   $0 
OTHER INCOME & EXPENSES                    
21.  LOSS ON SALE OF ICE AGE COLLECTION                    
21.  GAIN ON SALE OF BUILDINGS                    
21.  FRANCHISE TAX EXPENSE  $(2,568)  $(1,783)  $(1,620)  $3,256 
21.  INTEREST INCOME                    
21.  NET OTHER INCOME & EXPENSES  $(2,568)  $(1,783)  $(1,620)  $3,256 
REORGANIZATION EXPENSES                    
25.  TRANSCRIPTION SERVICES       $234   $660   $41 
25.  RELATIVITY HOSTING  $1,679   $1,292   $1,050   $1,201 
25.  TRUSTEE TRAVEL EXPENSES                    
25.  TRUSTEE BOND EXPENSE                 $375 
25.  TOTAL OTHER REORGANIZATION EXPENSES  $1,679   $1,525   $1,710   $1,617 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-3

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

CASH RECEIPTS AND DISBURSEMENTS  JANUARY   FEBRUARY   MARCH   QUARTER ENDED
MARCH 31, 2016		   
1.  CASH - BEGINNING OF MONTH  $429,321   $242,040   $204,170        
RECEIPTS FROM OPERATIONS                      
2.  CASH SALES                 $0   
COLLECTION OF ACCOUNTS RECEIVABLE                      
3.  PREPETITION                 $0   
4.  POSTPETITION                 $0   
5.  TOTAL OPERATING RECEIPTS  $0   $0   $0   $0   
NON-OPERATING RECEIPTS                      
6.  LOANS & ADVANCES (ATTACH LIST)                 $0   
7.  SALE OF ASSETS                 $0   
8.  OTHER (ATTACH LIST)  $0   $0   $0   $0   
9.  TOTAL NON-OPERATING RECEIPTS  $0   $0   $0   $0   
10.  TOTAL RECEIPTS  $0   $0   $0   $0   
11.  TOTAL CASH AVAILABLE  $429,321   $242,040   $204,170   $0   
OPERATING DISBURSEMENTS                      
12.  NET PAYROLL                 $0   
13.  PAYROLL TAXES PAID                 $0   
14.  SALES, USE & OTHER TAXES PAID  $1,193             $1,193   
15.  SECURED / RENTAL / LEASES                 $0   
16.  UTILITIES                 $0   
17.  INSURANCE  $33,331   $34,190   $33,085   $100,606   
18.  INVENTORY PURCHASES                 $0   
19.  VEHICLE EXPENSES                 $0   
20.  TRAVEL                 $0   
21.  ENTERTAINMENT                 $0   
22.  REPAIRS & MAINTENANCE                 $0   
23.  SUPPLIES                 $0   
24.  ADVERTISING                 $0   
25.  OTHER (ATTACH LIST)  $151,874   $638   $5,791   $158,303   
26.  TOTAL OPERATING DISBURSEMENTS  $186,397   $34,828   $38,876   $260,101   
REORGANIZATION EXPENSES                      
27.  PROFESSIONAL FEES                 $0   
28.  U.S. TRUSTEE FEES  $650   $2,600        $3,250   
29.  OTHER (ATTACH LIST)  $234   $441   $635   $1,310   
30.  TOTAL REORGANIZATION EXPENSES  $884   $3,041   $635   $4,560   
31.  TOTAL DISBURSEMENTS  $187,281   $37,869   $39,510   $264,661  1
32.  NET CASH FLOW  $(187,281)  $(37,869)  $(39,510)  $(264,661)  
33.  CASH - END OF MONTH  $242,040   $204,170   $164,660        

 

1Total Disbursements for January includes $150,000.00 that is NOT a disbursement, but a transfer of funds between bank accounts from Life Partners Holdings, Inc. account to Life Partners, Inc. account.

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-3

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

CASH RECEIPTS AND DISBURSEMENTS  JANUARY   FEBRUARY   MARCH   QUARTER ENDED
MARCH 31, 2016		 
                    
OTHER NON-OPERATING RECEIPTS                    
8.  Lease & Rental Income                  $- 
8.  Return of Retainer                    
8.  Worker's Compensation Dividend                 $- 
8.  Total - Non-Operating Receipts  $-   $-   $-   $0 
                        
OTHER OPERATING DISBURSEMENTS                    
25.  Transfer to LPI bank account  $150,000             $150,000 
25.  Registrar & Transfer Fees  $1,054        $1,050   $2,104 
25  Penalty Interest on 2014 Property Taxes                 $- 
25.  Filing Fees  $820   $638   $596   $2,054 
25.  Web Page Hosting             $4,145   $4,145 
25.  Bank Acct Analysis Fee                  $- 
25.  Total - Other Operating Disbursements  $151,874   $638   $5,791   $158,303 
                        
OTHER REORGANIZATION EXPENSES                    
29.  Transcription Services  $234   $441   $260   $935 
29.  Trustee Bond            $375   $375 
29.  Total - Other Reorganization Expenses  $234   $441   $635   $1,310 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-4

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

ACCOUNTS RECEIVABLE AGING  SCHEDULE
AMOUNT		   DECEMBER   JANUARY   FEBRUARY 
1.  0-30                    
2.  31-60                    
3.  61-90                    
4.  91+                    
5.  TOTAL ACCOUNTS RECEIVABLE  $0   $0   $0   $0 
6.  AMOUNT CONSIDERED UNCOLLECTIBLE                    
7.  ACCOUNTS RECEIVABLE (NET)  $0   $0   $0   $0 

 

AGING OF POSTPETITION TAXES AND PAYABLES  MONTH:   March 2016 
                        
      0-30   31-60   61-90   91+     
TAXES PAYABLE  DAYS   DAYS   DAYS   DAYS   TOTAL 
1.  FEDERAL                      $0 
2.  STATE                      $0 
3.  LOCAL                      $0 
4.  OTHER (ATTACH LIST)  $7,875                  $7,8752
5.  TOTAL TAXES PAYABLE  $7,875   $0   $0   $0   $7,875 
                             
6.  ACCOUNTS PAYABLE  $0   $1,800   $0   $632,211   $634,011 

 

STATUS OF POSTPETITION TAXES      MONTH:   March 2016 
                    
      BEGINNING   AMOUNT       ENDING 
      TAX   WITHHELD AND/   AMOUNT   TAX 
FEDERAL  LIABILITY   0R ACCRUED   PAID   LIABILITY 
1.  WITHHOLDING                 $0 
2.  FICA-EMPLOYEE                 $0 
3.  FICA-EMPLOYER                 $0 
4.  UNEMPLOYMENT                 $0 
5.  INCOME                 $0 
6.  OTHER (ATTACH LIST)                 $0 
7.  TOTAL FEDERAL TAXES  $0   $0   $0   $0 
STATE AND LOCAL                    
8.  WITHHOLDING                 $0 
9.  SALES                 $0 
10.  EXCISE                 $0 
11.  UNEMPLOYMENT                 $0 
12.  REAL PROPERTY  $0             $01
13.  PERSONAL PROPERTY                 $0 
14.  OTHER (ATTACH LIST)  $4,619   $3,256        $7,8752
15.  TOTAL STATE & LOCAL  $4,619   $3,256   $0   $7,875 
16.  TOTAL TAXES  $4,619   $3,256   $0   $7,875 

 

1All property taxes for calendar 2014 & 2015 were paid at the closing on the sale of the buildings.
2This is Texas Franchise Tax previously shown on LPI books. This does not include $90,305.59 considered prepetition.

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-5

 

CASE NAME: Life Partners Holdings, Inc.  
   
CASE NUMBER: 15-40289-rfn-11  

 

       MONTH:   March 2016 
BANK  RECONCILIATIONS                
   Account #1   Account #2   Account #3     
A.         BANK:  Bank of America   Alliance Bank   Bank of Texas     
B.         ACCOUNT NUMBER:  3363   613   3772   TOTAL 
C.         PURPOSE (TYPE):  DIP Account   MoneyMarket   Checking    
1. BALANCE PER BANK STATEMENT            $166,191   $166,191 
2. ADD: TOTAL DEPOSITS NOT CREDITED                 $0 
3. SUBTRACT: OUTSTANDING CHECKS            $1,531   $1,531 
4. OTHER RECONCILING ITEMS                 $0 
5. MONTH END BALANCE PER BOOKS  $0   $0   $164,660   $164,660 
6. NUMBER OF LAST CHECK WRITTEN   1013         1067      

 

INVESTMENT ACCOUNTS                
                 
   DATE OF   TYPE OF   PURCHASE   CURRENT 
BANK, ACCOUNT NAME & NUMBER  PURCHASE   INSTRUMENT   PRICE   VALUE 
7.                       
8.                       
9.                       
10.                       
11.  TOTAL  INVESTMENTS          $0   $0 

 

CASH

 

12.  CURRENCY ON HAND  $0 
         
13.  TOTAL  CASH  -  END  OF MONTH  $164,660 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-6

 

CASE  NAME: Life Partners Holdings, Inc.  
   
CASE  NUMBER: 15-40289-rfn-11  

 

  MONTH: March 2016

 

PAYMENTS TO INSIDERS AND PROFESSIONALS

 

INSIDERS
        TYPE OF     AMOUNT     TOTAL PAID  
NAME   PAYMENT     PAID     TO DATE  
1.                            
2.                            
3.                            
4.                            
5.                            
6.   TOTAL PAYMENTS TO INSIDERS           $ 0     $ 0  

 

PROFESSIONALS1
      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  $955,564   $135,590   $955,564   $273,879 
2.  Bridgepoint Consulting  12/15/15  $898,979   $114,517   $898,979   $415,541 
3.  Epiq Bankruptcy Solutions  05/22/15  $3,290,276   $217,290   $2,892,313   $205,672 
4.  Forshey & Prostok, LLP  04/28/15  $154,409        $154,409   $0 
5.  Kevin Buchanan & Associates  07/01/15  $140,235        $140,235   $0 
6.  Kim Hinkle, Attorney at Law  12/15/15  $235,457   $20,053   $235,457   $72,532 
7.  MMS Advisors  03/25/16  $246,992             $246,992 
8.  Munsch, Hardt, Kopf & Harr, P.C.  12/15/15  $1,810,924   $137,121   $1,810,924   $871,023 
9.  Phillips Murrah  12/15/15  $174,638   $8,212   $174,638   $131,695 
10.  Pronske Goolsby & Kathman, P.C.  05/05/15  $128,618        $128,618   $0 
11.  Thompson & Knight, LLP  12/15/15  $8,304,511        $8,307,945   $5,382,2102 
12.  Tom Moran, US Trustee  12/18/15  $11,850        $11,850   $785,9533 
13.  Smith, Jackson, Boyer & Bovard, PLLC  12/18/15  $56,507   $1,308   $56,507   $6,733 
14.  Predictive Resources  11/19/15  $202,711   $38,194   $202,711   $186,942 
15.  D3G Capital Management LLC/Lewis & Ellis Inc  12/03/15  $152,460   $63,548   $152,460   $70,465 
16.  Barbara Pope  12/15/15  $42,477        $42,477   $04
17.  TOTAL  PAYMENTS TO  PROFESSIONALS          $735,833   $16,165,087   $8,649,637 

  

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.  Bank Direct Capital Finance  $1,105   $0   $05
2.  First Insurance Funding Corp.  $32,116   $32,116   $95,829 
3.                  
4.                  
5.                  
6.  TOTAL  $33,221   $32,116   $95,829 

 

1 Professional fee and expense allocations are estimated by each firm across the 3 debtors, and are booked accordingly in the books and records.  Payments are made based on cash availability and intercompany accounting.  The total of all aggregate unallocated fees and expenses for the 3 debtors are reflected in the schedule above.  
2 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.  
3 Total Paid To Date excludes out-of-pocket expense reimbursements on behalf of subsidiary debtors.  
4 Amounts shown do not include employee/contractor payments.  
5 Obligation has been paid in full.  

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-7

 

CASE  NAME: Life Partners Holdings, Inc.
   
CASE  NUMBER: 15-40289-rfn-11

 

  MONTH: March 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.  A postpetition loan was received from First Insurance Funding Corp. to finance D&O and E&O insurance premiums. Loans were received from maturities of Life Settlements per Docket 1127 related to financing.  
Questionnaire Item 10.  Past due amounts are mainly fees from non-bankruptcy professionals incurred after the filing date.    
 

 

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 
Directors & Officers  Illinois National  09/30/15- 09/30/16       
Errors & Omissions  Indian Harbor  09/30/15- 09/30/16       
Total D&O and E&O Financed thru  First Insurance Funding Corp  09/30/15- 09/30/16    $32,116.09  /month 
Commercial Package*  Allied Insurance  06/14/15 - 06/13/16    $969.06  /month 
Cyber Liability  Beazley Insurance  05/12/15 - 06/12/16    $1,104.82  /month 

 

* includes auto, building, edp, excess liability

 

 

LIFE PARTNERS HOLDINGS INC Reports