LIFE PARTNERS HOLDINGS INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - October 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: September   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   10/20/2016
PRINTED NAME OF RESPONSIBLE PARTY   DATE
     
PREPARER:    
     
/s/ Paula Toy   Vice-President/Controller
ORIGINAL SIGNATURE OF PREPARER   TITLE
     
Paula Toy   10/20/2016
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		   JULY   AUGUST   SEPTEMBER    
ASSETS                       
1.  UNRESTRICTED CASH  $51,248   $8,336   $5,649   $232,258    
2.  RESTRICTED CASH                       
3.  TOTAL CASH  $51,248   $8,336   $5,649   $232,258    
4.  ACCOUNTS RECEIVABLE (NET)                       
5.  INVENTORY                       
6.  NOTES RECEIVABLE                       
7.  PREPAID EXPENSES       $151,387   $120,770   $129,590    
8.  OTHER (ATTACH LIST)  $76,415   $84,665   $84,665   $84,665    
9.  TOTAL CURRENT ASSETS  $127,664   $244,388   $211,084   $446,513    
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   $244,388   $211,084   $446,513    
POSTPETITION LIABILITIES                       
17.  ACCOUNTS PAYABLE       $634,684   $355,877   $351,282   4
18.  TAXES PAYABLE       $8,876   $8,145   $10,974    
19.  NOTES PAYABLE                       
20.  PROFESSIONAL FEES       $2,507,556   $1,646,075   $1,836,177   4&5
21.  SECURED DEBT       $0   $0   $0    
22.  OTHER (ATTACH LIST)       $(13,043)  $(12,718)  $(12,718)   
23.  TOTAL POSTPETITION LIABILITIES       $3,138,074   $1,997,379   $2,185,715    
PREPETITION LIABILITIES                       
24.  SECURED DEBT  $267,505                  1
25.  PRIORITY DEBT  $3,991,351   $41,806   $41,806   $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   $1,630,638   $1,630,638   $1,630,638    
29.  TOTAL LIABILITIES  $118,542,341   $4,768,712   $3,628,017   $3,816,353    
EQUITY                       
30.  PREPETITION OWNERS' EQUITY       $(73,722,301)  $(73,722,301)  $(73,722,301)   
31.  POSTPETITION CUMULATIVE
PROFIT OR (LOSS)		       $(10,007,033)  $(10,572,382)  $(11,277,468)   
32.  DIRECT CHARGES TO EQUITY
(ATTACH EXPLANATION)		       $79,205,010   $80,877,750   $81,629,929   3
33.  TOTAL EQUITY       $(4,524,324)  $(3,416,933)  $(3,369,840)   
34.  TOTAL LIABILITIES & OWNERS' EQUITY       $244,388   $211,084   $446,513    

 

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 $133,230.00 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		   JULY   AUGUST   SEPTEMBER    
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       $(13,043)  $(12,718)  $(12,718)  1
22.                          
22.                          
22.                          
22.                          
22.                          
22  TOTAL - OTHER POSTPETITION LIABILITIES       $(13,043)  $(12,718)  $(12,718)   

 

1The balance shown for US Trustee fees is negative because LPHI was overbilled for the 1st & 2nd quarter 2016 trustee fee. These bills were 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  JUNE   JULY   AUGUST   SEPTEMBER 
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  $36,357   $36,262   $36,439   $34,976 
12.  RENT & LEASE  $0   $0   $0   $0 
13.  OTHER (ATTACH LIST)  $0   $3,858   $8,043   $5,000 
14.  TOTAL OPERATING EXPENSES  $36,357   $40,120   $44,482   $39,976 
15.  INCOME BEFORE NON-OPERATING INCOME & EXPENSE  $(36,357)  $(40,120)  $(44,482)  $(39,976)
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  $87   $(13)  $0   $0 
19.  DEPRECIATION / DEPLETION  $0   $0   $0   $0 
20.  AMORTIZATION  $0   $0   $0   $0 
21.  OTHER (ATTACH LIST)  $(670)  $(1,164)  $(731)  $2,829 
22.  NET OTHER INCOME & EXPENSES  $(583)  $(1,177)  $(731)  $2,829 
REORGANIZATION EXPENSES                    
23.  PROFESSIONAL FEES  $689,346   $573,757   $518,903   $660,163 
24.  U.S. TRUSTEE FEES  $0   $325   $325   $0 
25.  OTHER (ATTACH LIST)  $5,010   $2,798   $2,371   $2,117 
26.  TOTAL REORGANIZATION EXPENSES  $694,356   $576,880   $521,599   $662,280 
27.  INCOME TAX                    
28.  NET PROFIT (LOSS)  $(730,130)  $(615,822)  $(565,349)  $(705,085)

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-2

 

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

 

INCOME STATEMENT  JUNE   JULY   AUGUST   SEPTEMBER     
OPERATING EXPENSES                        
13.  LEGAL & PROFESSIONAL FEES  $0   $3,858   $8,043   $5,000     1
13.                           
13.                           
13.                           
13.                           
13.  TOTAL OTHER OPERATING EXPENSES  $0   $3,858   $8,043   $5,000     
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  $(670)  $(1,164)  $(731)  $2,829     
21.  INTEREST INCOME                        
21.  NET OTHER INCOME & EXPENSES  $(670)  $(1,164)  $(731)  $2,829     
REORGANIZATION EXPENSES                        
25.  TRANSCRIPTION SERVICES  $3,681   $1,362   $711   $298     
25.  RELATIVITY HOSTING  $631   $811   $856   $856     
25.  TRUSTEE TRAVEL EXPENSES  $699   $625   $805   $963     
25.  TRUSTEE BOND EXPENSE                        
25.  TOTAL OTHER REORGANIZATION EXPENSES  $5,010   $2,798   $2,371   $2,117     

 

1Operating Expenses include professional fees related to the preparation of tax returns.

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-3

 

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

 

CASH RECEIPTS AND DISBURSEMENTS  JULY   AUGUST   SEPTEMBER   QUARTER ENDED
SEPTEMBER 30, 2016		    
1.  CASH - BEGINNING OF MONTH  $20,771   $8,336   $5,649         
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   $275,000   $275,000    
9.  TOTAL NON-OPERATING RECEIPTS  $0   $0   $275,000   $275,000    
10.  TOTAL RECEIPTS  $0   $0   $275,000   $275,000    
11.  TOTAL CASH AVAILABLE  $20,771   $8,336   $280,649   $275,000    
OPERATING DISBURSEMENTS                       
12.  NET PAYROLL                 $0    
13.  PAYROLL TAXES PAID                 $0    
14.  SALES, USE & OTHER TAXES PAID                 $0    
15.  SECURED / RENTAL / LEASES                 $0    
16.  UTILITIES                 $0    
17.  INSURANCE  $955   $916   $42,068   $43,939   1
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)  $1,930   $1,691   $6,323   $9,944    
26.  TOTAL OPERATING DISBURSEMENTS  $2,885   $2,607   $48,391   $53,883    
REORGANIZATION EXPENSES                       
27.  PROFESSIONAL FEES                 $0    
28.  U.S. TRUSTEE FEES  $6,487             $6,487    
29.  OTHER (ATTACH LIST)  $3,063   $80   $0   $3,143    
30.  TOTAL REORGANIZATION EXPENSES  $9,550   $80   $0   $9,629    
31.  TOTAL DISBURSEMENTS  $12,434   $2,687   $48,391   $63,512    
32.  NET CASH FLOW  $(12,434)  $(2,687)  $226,609   $211,488    
33.  CASH - END OF MONTH  $8,336   $5,649   $232,258         

 

1Item 17. Insurance includes payments to extend D&O insurance to 10/31/16 and E&O insurance to 12/1/16.

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-3

 

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

 

CASH RECEIPTS AND DISBURSEMENTS  JULY   AUGUST   SEPTEMBER   QUARTER ENDED
SEPTEMBER 30, 2016		 
                    
OTHER NON-OPERATING RECEIPTS                    
8.  Sale of Airport Hangar                 $- 
8.  Transfer from LPI bank account 4080            $275,000   $275,000 
8.  Lease & Rental Income                 $- 
8.  Return of Retainer                 $- 
8.  Worker's Compensation Dividend                 $- 
8.  Total - Non-Operating Receipts  $-   $-   $275,000   $275,000 
                        
OTHER OPERATING DISBURSEMENTS                    
25.  Transfer to LPI bank account                 $- 
25.  Registrar & Transfer Fees  $1,095   $1,092   $1,543   $3,730 
25  Penalty Interest on 2014 Property Taxes                 $- 
25.  Filing Fees  $835   $599   $635   $2,069 
25.  Web Page Hosting            $4,145   $4,145 
25.  Bank Acct Analysis Fee                 $- 
25.  Total - Other Operating Disbursements  $1,930   $1,691   $6,323   $9,944 
                        
OTHER REORGANIZATION EXPENSES                    
29.  Transcription Services  $3,063   $80   $-   $3,143 
29.  Trustee Bond                 $0 
29.  Total - Other Reorganization Expenses  $3,063   $80   $-   $3,143 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-4

 

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

 

ACCOUNTS RECEIVABLE AGING  SCHEDULE
AMOUNT		   JUNE   JULY   AUGUST 
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:  September 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)  $10,974                  $10,974  2
5.  TOTAL TAXES PAYABLE  $10,974   $0   $0   $0   $10,974   
                               
6.  ACCOUNTS PAYABLE  $0   $1,093   $0   $350,189   $351,282   

 

STATUS OF POSTPETITION TAXES MONTH:  September 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)  $8,145   $2,829        $10,9742
15.  TOTAL STATE & LOCAL  $8,145   $2,829   $0   $10,974 
16.  TOTAL TAXES  $8,145   $2,829   $0   $10,974 

 

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:  September 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            $232,893   $232,893 
2.  ADD: TOTAL DEPOSITS NOT CREDITED                 $0 
3.  SUBTRACT: OUTSTANDING CHECKS            $635   $635 
4.  OTHER RECONCILING ITEMS                 $0 
5.  MONTH END BALANCE PER BOOKS  $0   $0   $232,258   $232,258 
6.  NUMBER OF LAST CHECK WRITTEN   1013         1104      

 

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  $232,258 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-6

 

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

 

  MONTH:  September 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  08/19/16  $1,688,819   $71,768   $1,410,590   $543,933 
2.  Bridgepoint Consulting  08/19/16  $1,739,122   $25,155   $1,381,844   $689,157 
3.  Epiq Bankruptcy Solutions  05/22/15  $5,724,060   $763,190   $4,495,978   $1,253,082 
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  08/19/16  $396,864   $14,617   $343,865   $109,337 
7.  MMS Advisors  03/25/16  $246,992        $246,992   $0 
8.  Munsch, Hardt, Kopf & Harr, P.C.  08/25/16  $3,309,914   $111,493   $2,757,043   $1,393,362 
9.  Phillips Murrah  08/01/16  $434,702   $5,491   $308,096   $242,325 
10.  Pronske Goolsby & Kathman, P.C.  05/05/15  $128,618        $128,618   $0 
11.  Thompson & Knight, LLP  08/19/16  $17,361,884   $580,973   $14,278,132   $8,083,951 
12.  Tom Moran, US Trustee  12/18/15  $11,850        $11,850   $1,224,2822
13.  Smith, Jackson, Boyer & Bovard, PLLC  08/19/16  $67,314   $66   $65,640   $14,766 
14.  Predictive Resources  08/19/16  $536,170   $57,018   $448,448   $227,794 
15.  D3G Capital Management LLC/Lewis & Ellis Inc  05/24/16  $216,725        $214,925   $23,000 
16.  Barbara Pope  12/15/15  $42,477        $42,477   $03
17.  Sutherland Asbill & Brennan LLP  08/19/16  $34,889        $17,477   $33,434 
18.  Roetzel & Andress LPA  08/30/16                 $8,692 
19.  TOTAL PAYMENTS TO PROFESSIONALS          $1,629,772   $26,446,619   $13,847,115 

 

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.                    
2.                    
3.                    
4.                    
5.                    
6.  TOTAL  $0   $0   $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.

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-7

 

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

 

  MONTH:  September 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 and from Vida Capital, Inc. per DIP Facility Docket 2924 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- 10/31/16  $23,420.00 /month1
Errors & Omissions  Indian Harbor  09/30/15- 12/01/16  $17,723.75 /2-month1
            
Commercial Package*  Allied Insurance  06/14/16 - 06/14/17  $954.83 /month 
Cyber Liability  Beazley Insurance  06/14/16 - 06/14/17  $3,597.00 /annual 

 

* includes auto, building, edp, excess liability

 

1The payment amount shown here was the amount paid to extend the policies to the dates shown.

 

 

 

LIFE PARTNERS HOLDINGS INC Reports