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

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8-K - FORM 8-K - LIFE PARTNERS HOLDINGS INCv444593_8k.htm
EX-99.3 - EXHIBIT 99.3 - LIFE PARTNERS HOLDINGS INCv444593_ex99-3.htm
EX-99.2 - EXHIBIT 99.2 - LIFE PARTNERS HOLDINGS INCv444593_ex99-2.htm

 

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: June   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   7/20/2016
PRINTED NAME OF RESPONSIBLE PARTY   DATE
     
PREPARER:    
     
/s/ Paula Toy   Vice-President/Controller
ORIGINAL SIGNATURE OF PREPARER   TITLE
     
Paula Toy   7/20/2016
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		   APRIL   MAY   JUNE   
ASSETS              
1.  UNRESTRICTED CASH  $ 51,248   $ 117,716   $  77,771   $ 20,771   
2.  RESTRICTED CASH                      
3.  TOTAL CASH  $51,248   $117,716   $77,771   $20,771   
4.  ACCOUNTS RECEIVABLE (NET)                      
5.  INVENTORY                      
6.  NOTES RECEIVABLE                      
7.  PREPAID EXPENSES       $247,454   $213,377   $183,385   
8.  OTHER (ATTACH LIST)  $76,415   $84,665   $84,665   $84,665   
9.  TOTAL CURRENT ASSETS  $127,664   $449,835   $375,813   $288,821   
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)                      
16.  TOTAL ASSETS  $2,482,552   $449,835   $375,813   $288,821   
POSTPETITION LIABILITIES                      
17.  ACCOUNTS PAYABLE       $638,533   $633,462   $635,007  4
18.  TAXES PAYABLE       $11,211   $10,710   $10,040   
19.  NOTES PAYABLE                      
20.  PROFESSIONAL FEES       $1,802,824   $2,075,173   $2,727,215  4&5
21.  SECURED DEBT       $63,972   $32,029   $0   
22.  OTHER (ATTACH LIST)       $(7,193)  $(6,868)  $(6,868)  
23.  TOTAL POSTPETITION LIABILITIES       $2,509,347   $2,744,506   $3,365,394   
PREPETITION LIABILITIES                      
24.  SECURED DEBT  $267,505                 1
25.  PRIORITY DEBT  $3,991,351   $90,306   $90,306   $41,806  6
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   $1,630,638   
29.  TOTAL LIABILITIES  $118,542,341   $4,188,485   $4,423,643   $4,996,032   
EQUITY                      
30.  PREPETITION OWNERS' EQUITY       $ (73,722,301)  $ (73,722,301)  $ (73,722,301)  
31.  POSTPETITION CUMULATIVE PROFIT OR (LOSS)       $(8,097,065)  $(8,661,081)  $(9,391,211)  
32.  DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)       $78,080,716   $78,335,551   $78,406,301  3
33.  TOTAL EQUITY       $(3,738,650)  $(4,047,830)  $(4,707,211)  
34.  TOTAL LIABILITIES & OWNERS' EQUITY       $449,835   $375,813   $288,821   

 

1Property 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.
2The Schedule Amount for Item 26. Unsecured Debt includes Intercompany Due To/From Life Partners, Inc. shown below in Item 32.
3Intercompany Due To/From Life Partners, Inc.
4Item 17. Accounts Payables includes $415,251.40 of invoices from bankruptcy professionals that would otherwise be included in Item 20, Professional Fees.
5Item 20. Professional Fees accrual reflects only expenses allocated to LPHI. MOR-6 reflects all bankruptcy professional fees of Life Partners Holdings and its subsidiaries.
6Priority debt was reduced in June by an estimated tax extension payment of $48,500 for the 2016 Texas Franchise Tax.  This tax is on the fiscal year ended 2/28/2015.  As LPHI filed for bankruptcy on 1/20/2015, the vast majority of this tax debt was accrued pre-petition.

 

 

 

 

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		   APRIL   MAY   JUNE   
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       $(7,193)  $(6,868)  $(6,868) 1
22.                         
22.                         
22.                         
22.                         
22.                         
22  TOTAL - OTHER POSTPETITION LIABILITIES       $(7,193)  $(6,868)  $(6,868)  

 

1The balance shown for US Trustee fees is negative because LPHI was overbilled for the 1st quarter 2016 trustee fee. 1st qtr billing was estimated to be the same as the previous quarter, but is less when calculated based on disbursements.

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-2

 

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

 

INCOME STATEMENT  MARCH   APRIL   MAY   JUNE 
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  $37,442   $37,197   $36,864   $36,357 
12.  RENT & LEASE  $0   $0   $0   $0 
13.  OTHER (ATTACH LIST)  $246   $264   $0   $0 
14.  TOTAL OPERATING EXPENSES  $37,688   $37,461   $36,864   $36,357 
15.  INCOME BEFORE NON-OPERATING INCOME & EXPENSE  $(37,688)  $(37,461)  $(36,864)  $(36,357)
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  $346   $273   $173   $87 
19.  DEPRECIATION / DEPLETION  $0   $0   $0   $0 
20.  AMORTIZATION  $0   $0   $0   $0 
21.  OTHER (ATTACH LIST)  $3,256   $3,336   $(501)  $(670)
22.  NET OTHER INCOME & EXPENSES  $3,602   $3,609   $(328)  $(583)
REORGANIZATION EXPENSES                    
23.  PROFESSIONAL FEES  $23,999   $215,238   $525,336   $689,346 
24.  U.S. TRUSTEE FEES       $650   $325   $0 
25.  OTHER (ATTACH LIST)  $1,617   $3,558   $1,819   $5,010 
26.  TOTAL REORGANIZATION EXPENSES  $25,617   $219,446   $527,480   $694,356 
27.  INCOME TAX                    
28.  NET PROFIT (LOSS)  $(66,906)  $(260,515)  $(564,016)  $(730,130)

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-2

 

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

 

INCOME STATEMENT  MARCH   APRIL   MAY   JUNE 
OPERATING EXPENSES                    
13.  LEGAL & PROFESSIONAL FEES  $246   $264   $0   $0 
13.                       
13.                       
13.                       
13.                       
13.  TOTAL OTHER OPERATING EXPENSES  $246   $264   $0   $0 
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  $3,256   $3,336   $(501)  $(670)
21.  INTEREST INCOME                    
21.  NET OTHER INCOME & EXPENSES  $3,256   $3,336   $(501)  $(670)
REORGANIZATION EXPENSES                    
25.  TRANSCRIPTION SERVICES  $41   $1,022        $3,681 
25.  RELATIVITY HOSTING  $1,201   $1,114   $1,125   $631 
25.  TRUSTEE TRAVEL EXPENSES       $1,422   $694   $699 
25.  TRUSTEE BOND EXPENSE  $375                
25.  TOTAL OTHER REORGANIZATION EXPENSES  $1,617   $3,558   $1,819   $5,010 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-3

 

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

 

CASH RECEIPTS AND DISBURSEMENTS  APRIL   MAY   JUNE   QUARTER ENDED
JUNE 30, 2016		   
1.  CASH - BEGINNING OF MONTH  $164,660   $117,716   $77,771        
RECEIPTS FROM OPERATIONS                      
2.  CASH SALES                 $0   
COLLECTION OF ACCOUNTS RECEIVABLE                      
3.  PREPETITION       $145        $145  1
4.  POSTPETITION                 $0   
5.  TOTAL OPERATING RECEIPTS  $0   $145   $0   $145   
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   $145   $0   $145   
11.  TOTAL CASH AVAILABLE  $164,660   $117,862   $77,771   $145   
OPERATING DISBURSEMENTS                      
12.  NET PAYROLL                 $0   
13.  PAYROLL TAXES PAID                 $0   
14.  SALES, USE & OTHER TAXES PAID            $48,500   $48,500  2
15.  SECURED / RENTAL / LEASES                 $0   
16.  UTILITIES                 $0   
17.  INSURANCE  $33,094   $33,094   $4,674   $70,862  3
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)  $2,438   $6,323   $1,847   $10,608   
26.  TOTAL OPERATING DISBURSEMENTS  $35,532   $39,417   $55,021   $129,970   
REORGANIZATION EXPENSES                      
27.  PROFESSIONAL FEES                 $0   
28.  U.S. TRUSTEE FEES  $11,063             $11,063   
29.  OTHER (ATTACH LIST)  $348   $674   $1,980   $3,002    
30.  TOTAL REORGANIZATION EXPENSES  $11,411   $674   $1,980   $14,065   
31.  TOTAL DISBURSEMENTS  $46,944   $40,091   $57,000   $144,035   
32.  NET CASH FLOW  $(46,944)  $(39,945)  $(57,000)  $(143,889)  
33.  CASH - END OF MONTH  $117,716   $77,771   $20,771        

 

1Refund of expense paid prepetition related to annual reporting mailouts.
2Item 14. Sales, Use and Other Taxes paid includes the payment of 2016 Franchise Taxes.
3Item 17. Insurance does not include the monthly D&O and E&O insurance payment which was paid by Life Partners, Inc.

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-3

 

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

 

CASH RECEIPTS AND DISBURSEMENTS  APRIL   MAY   JUNE   QUARTER ENDED
JUNE 30, 2016		 
                    
OTHER NON-OPERATING RECEIPTS                    
8.  Sale of Airport Hangar                 $- 
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                 $- 
25.  Registrar & Transfer Fees  $1,800   $1,053   $1,051   $3,904 
25  Penalty Interest on 2014 Property Taxes                 $- 
25.  Filing Fees  $638   $1,125   $796   $2,559 
25.  Web Page Hosting       $4,145        $4,145 
25.  Bank Acct Analysis Fee                 $- 
25.  Total - Other Operating Disbursements  $2,438   $6,323   $1,847   $10,608 
                        
OTHER REORGANIZATION EXPENSES                    
29.  Transcription Services  $348   $674   $1,980   $3,002 
29.  Trustee Bond                 $0 
29.  Total - Other Reorganization Expenses  $348   $674   $1,980   $3,002 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-4

 

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

 

ACCOUNTS RECEIVABLE AGING  SCHEDULE
AMOUNT		   APRIL   MAY   JUNE 
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:  June 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)  $10,040                  $10,040 2
5.  TOTAL TAXES PAYABLE  $10,040   $0   $0   $0   $10,040
                              
6.  ACCOUNTS PAYABLE  $1,701   $1,095   $0   $632,211   $635,007  

 

STATUS OF POSTPETITION TAXES MONTH:  June 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             $0 1
13.  PERSONAL PROPERTY                 $0  
14.  OTHER (ATTACH LIST)  $10,710   $(670)      $10,040 2
15.  TOTAL STATE & LOCAL  $10,710   $(670)  $0   $10,040  
16.  TOTAL TAXES  $10,710   $(670)  $0   $10,040  

 

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 the balance of $41,805.59 considered prepetition.

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-5

 

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

 

  MONTH:  June 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             $20,771   $20,771 
2.  ADD: TOTAL DEPOSITS NOT CREDITED                  $0 
3.  SUBTRACT: OUTSTANDING CHECKS                  $0 
4.  OTHER RECONCILING ITEMS                  $0 
5.  MONTH END BALANCE PER BOOKS   $0   $0   $20,771   $20,771 
6.  NUMBER OF LAST CHECK WRITTEN    1013         1087      

 

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  $20,771 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-6

 

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

 

  MONTH:  June 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 

 

PROFESSIONALS 1
      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  $1,134,925   $56,998   $1,134,925   $449,391  
2.  Bridgepoint Consulting  12/15/15  $1,125,686   $76,009   $1,125,686   $562,585  
3.  Epiq Bankruptcy Solutions  05/22/15  $3,707,788   $198,318   $3,500,271   $232,517  
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  $286,299   $13,236   $286,299   $92,558  
7.  MMS Advisors  03/25/16  $246,992        $246,992   $0  
8.  Munsch, Hardt, Kopf & Harr, P.C.  12/15/15  $1,989,216        $1,989,216   $1,365,978  
9.  Phillips Murrah  12/15/15  $257,940   $20,488   $257,940   $162,682  
10.  Pronske Goolsby & Kathman, P.C.  05/05/15  $128,618        $128,618   $0  
11.  Thompson & Knight, LLP  12/15/15  $9,567,162        $9,567,162   $8,597,414  
12.  Tom Moran, US Trustee  12/18/15  $11,850       $11,850   $1,003,449 2
13.  Smith, Jackson, Boyer & Bovard, PLLC  12/18/15  $57,305        $57,305   $9,811  
14.  Predictive Resources  11/19/15  $361,206   $63,742   $361,206   $119,938  
15.  D3G Capital Management LLC/Lewis & Ellis Inc  12/03/15  $169,540   $17,080   $169,540   $53,385  
16.  Barbara Pope  12/15/15  $42,477        $42,477   $0 3
17.  Sutherland Asbill & Brennan LLP  12/15/15  $0             $39,749  
18.  TOTAL PAYMENTS TO PROFESSIONALS          $445,872   $19,174,132   $12,689,457  

 

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   $0 4
2.  First Insurance Funding Corp.  $32,116   $32,116   $0 4
3.                   
4.                   
5.                   
6.  TOTAL   $33,221   $32,116   $0  

 

1Professional 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.
2Total Paid To Date excludes out-of-pocket expense reimbursements on behalf of subsidiary debtors.
3Amounts shown do not include employee/contractor payments.
4Obligation has been paid in full. Amount paid during month was paid by Life Partners, Inc.

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-7

 

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

 

  MONTH:  June 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.
Questionnaire Item 11. 2016 Franchise Taxes were paid which are calculated on fiscal year ending 2/28/2015.

 

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  06/14/16 - 06/14/17  $978.06  /month 
Cyber Liability  Beazley Insurance  06/14/16 - 06/14/17  $1,104.82  /month 

 

* includes auto, building, edp, excess liability

 

 

LIFE PARTNERS HOLDINGS INC Reports