LIFE PARTNERS HOLDINGS INC - FORM 8-K - EX-99.5 - EXHIBIT 99.5 - December 21, 2015

Attached files

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8-K - FORM 8-K - LIFE PARTNERS HOLDINGS INCv427341_8k.htm
EX-99.4 - EXHIBIT 99.4 - LIFE PARTNERS HOLDINGS INCv427341_ex99-4.htm
EX-99.6 - EXHIBIT 99.6 - LIFE PARTNERS HOLDINGS INCv427341_ex99-6.htm
EX-99.7 - EXHIBIT 99.7 - LIFE PARTNERS HOLDINGS INCv427341_ex99-7.htm
EX-99.9 - EXHIBIT 99.9 - LIFE PARTNERS HOLDINGS INCv427341_ex99-9.htm
EX-99.8 - EXHIBIT 99.8 - LIFE PARTNERS HOLDINGS INCv427341_ex99-8.htm
EX-99.3 - EXHIBIT 99.3 - LIFE PARTNERS HOLDINGS INCv427341_ex99-3.htm
EX-99.1 - EXHIBIT 99.1 - LIFE PARTNERS HOLDINGS INCv427341_ex99-1.htm
EX-99.2 - EXHIBIT 99.2 - LIFE PARTNERS HOLDINGS INCv427341_ex99-2.htm
EX-99.10 - EXHIBIT 99.10 - LIFE PARTNERS HOLDINGS INCv427341_ex99-10.htm
EX-99.19 - EXHIBIT 99.19 - LIFE PARTNERS HOLDINGS INCv427341_ex99-19.htm
EX-99.15 - EXHIBIT 99.15 - LIFE PARTNERS HOLDINGS INCv427341_ex99-15.htm
EX-99.17 - EXHIBIT 99.17 - LIFE PARTNERS HOLDINGS INCv427341_ex99-17.htm
EX-99.14 - EXHIBIT 99.14 - LIFE PARTNERS HOLDINGS INCv427341_ex99-14.htm
EX-99.18 - EXHIBIT 99.18 - LIFE PARTNERS HOLDINGS INCv427341_ex99-18.htm
EX-99.11 - EXHIBIT 99.11 - LIFE PARTNERS HOLDINGS INCv427341_ex99-11.htm
EX-99.13 - EXHIBIT 99.13 - LIFE PARTNERS HOLDINGS INCv427341_ex99-13.htm
EX-99.16 - EXHIBIT 99.16 - LIFE PARTNERS HOLDINGS INCv427341_ex99-16.htm
EX-99.12 - EXHIBIT 99.12 - LIFE PARTNERS HOLDINGS INCv427341_ex99-12.htm

 

Exhibit 99.5

 

  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:  September   2015  
  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   10/20/2015
PRINTED NAME OF RESPONSIBLE PARTY   DATE
     
PREPARER:    
     
/s/ Colette Pieper   CEO
ORIGINAL SIGNATURE OF PREPARER   TITLE
     
Colette Pieper   10/20/2015
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

   JULY   AUGUST   SEPTEMBER   
ASSETS                      
1.  UNRESTRICTED CASH  $295,821   $50,034   $122,481   $242,099   
2.  RESTRICTED CASH  $101,555   $101,584   $101,599   $101,613   
3.  TOTAL CASH  $397,376   $151,618   $224,080   $343,712   
4.  ACCOUNTS RECEIVABLE (NET)  $143,949   $135,456   $135,456   $135,456   
5.  INVENTORY                      
6.  NOTES RECEIVABLE  $8,912                  
7.  PREPAID EXPENSES  $343,387   $94,558   $117,417   $124,649   
8.  OTHER (ATTACH LIST)  $49,475   $56,956   $58,153   $58,696   
9.  TOTAL CURRENT ASSETS  $943,098   $438,588   $535,106   $662,514   
10.  PROPERTY, PLANT & EQUIPMENT       $2,229,987   $2,229,987   $1,996,382 3
11.  LESS: ACCUMULATED DEPRECIATION/DEPLETION       $(1,917,345)  $(1,923,673)  $(1,874,992) 3
12.  NET PROPERTY, PLANT & EQUIPMENT  $299,672   $312,642   $306,314   $121,390   
13.  DUE FROM INSIDERS  $74,265,951   $0   $0   $0   
14.  OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST)  $662,950   $662,950   $662,950   $662,950   
15.  OTHER (ATTACH LIST)  $13,513,629   $13,311,061   $13,314,901   $13,246,192   
16.  TOTAL ASSETS  $89,685,300   $14,725,240   $14,819,271   $14,693,046   
POSTPETITION LIABILITIES                      
17.  ACCOUNTS PAYABLE       $532,781   $291,016   $1,329,537 4
18.  TAXES PAYABLE       $12,070   $10,568   $13,551 5
19.  NOTES PAYABLE            $0   $0   
20.  PROFESSIONAL FEES       $738,528   $2,314,197   $2,923,067   
21.  SECURED DEBT            $0   $0   
22.  OTHER (ATTACH LIST)       $5,150,207   $5,161,945   $5,182,720   
23.  TOTAL POSTPETITION LIABILITIES       $6,433,586   $7,777,726   $9,448,874   
PREPETITION LIABILITIES                      
24.  SECURED DEBT   undetermined   $8,476   $8,476   $5,976 2
25.  PRIORITY DEBT   undetermined   $90,306   $90,306   $90,306   
26.  UNSECURED DEBT  $9,203,450   $686,751   $686,751   $686,492 6
27.  OTHER (ATTACH LIST)       $0   $0   $0   
28.  TOTAL PREPETITION LIABILITIES  $9,203,450   $785,533   $785,533   $782,773   
29.  TOTAL LIABILITIES  $9,203,450   $7,219,119   $8,563,258   $10,231,647   
EQUITY                      
30.  PREPETITION OWNERS' EQUITY       $78,978,770   $78,978,770   $78,978,770   
31.  POSTPETITION CUMULATIVE PROFIT OR (LOSS)       $(2,345,577)  $(4,262,686)  $(6,440,232)  
32.  DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)       $(69,127,072)  $(68,460,072)  $(68,077,139) 1
33.  TOTAL EQUITY       $7,506,121   $6,256,012   $4,461,399   
34.  TOTAL LIABILITIES & OWNERS' EQUITY       $14,725,240   $14,819,271   $14,693,046   
                          
1 This includes the following intercompany amounts:         
          
   Due from Life Partners Holdings, Inc.  $74,542,141.61                  
   Due from LPHI Management Services  $11,719.74                  
   Due to LPI Financial Services, Inc.  $(6,476,722.17)                 
      $68,077,139.18                  

 

2Item 24. Secured Debt is accrued property taxes for the prepetition period of Jan. 1, 2015 thru May 19, 2015. The reduction shown in September is the collection of property taxes at the time of the sale of airport hangar for this prepetition period.
3The airport hangar was carried as an asset on Life Partners, Inc. books, but it was owned by Life Partners Holdings, Inc. Since this asset & the foxcart equipment have been sold, they were removed from the assets on the books of LPI. The proceeds and gain on sale of the hangar were recorded on the books of LPHI since LPHI was the owner.
4Item 17. Accounts Payables includes $973,357.28 of EPIQ Bankruptcy Solutions invoices that were entered in September for services performed in July & August. These amounts were included in Item 20. Professional Fees in previous months.
5See footnote 1 on MOR-2
6See explanation on MOR-7 for Questionnaire Item 4.

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-1

 

CASE NAME: Life Partners, Inc.
   
CASE NUMBER: 15-40289 (Jointly Administered)

 

COMPARATIVE BALANCE SHEET

 

     

SCHEDULE

AMOUNT

   JULY   AUGUST   SEPTEMBER 
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.  Purchase Escrow Services (Abandonment Premiums)       $3,429   $3,429   $3,429 
8.  Employee Advances  $992   $(20)       $659 
8.  Notes Receivable-Employee  $477   $477   $1,655   $1,539 
8                       
8.  TOTAL - OTHER CURRENT ASSETS  $49,475   $56,956   $58,153   $58,696 
14. OTHER ASSETS - NET OF AMORTIZATION                    
14.  Woolly Mammoth & Other Prehistoric Artifacts  $662,950   $662,950   $662,950   $662,950 
14.                       
14.                       
14.                       
14.                       
14.  TOTAL - OTHER ASSETS (Net of Amort.)  $662,950   $662,950   $662,950   $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   $13,541,644   $13,585,166   $13,505,182 
15.  Advance on Premiums paid by ATLES on behalf of investors  $136,291   $140,536   $140,536   $137,006 
15.  Allowance for Bad Debts       $(5,476,845)  $(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       $161,605   $123,591   $123,591 
15.  Capitalized Premiums on Policies Purchased       $295,991   $300,793   $315,754 
15.  Deposits       $15,712   $15,712   $15,558 
15.  TOTAL - OTHER ASSETS  $13,513,629   $13,311,061   $13,314,901   $13,246,192 
                        
POSTPETITION LIABILITIES                    
22.  Accrued Payroll       $41,456   $50,305   $67,803 
22.  Accrued Vacation       $81,236   $84,125   $87,402 
22.  Accrued 401K       $0   $0   $0 
22.  401K Loan       $0   $0   $0 
22.  Child Support & PR Garnishment       $0   $0   $0 
22.  Deferred Revenue       $5,027,515   $5,027,515   $5,027,515 
22  TOTAL - OTHER POSTPETITION LIABILITIES       $5,150,207   $5,161,945   $5,182,720 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-2

 

CASE NAME: Life Partners, Inc.
   
CASE NUMBER: 15-40289 (Jointly Administered)

 

INCOME STATEMENT  May19-June30   JULY   AUGUST   SEPTEMBER   
REVENUES                      
1.  GROSS REVENUES                      
2.  LESS: RETURNS & DISCOUNTS                      
3.  NET REVENUE  $0   $0   $0   $0   
COST OF GOODS SOLD                      
4.  MATERIAL            $0   $0   
5.  DIRECT LABOR            $0   $0   
6.  DIRECT OVERHEAD  $31,060   $14,937   $19,450   $17,060   
7.  TOTAL COST OF GOODS SOLD  $31,060   $14,937   $19,450   $17,060   
8.  GROSS PROFIT  $(31,060)  $(14,937)  $(19,450)  $(17,060)  
OPERATING EXPENSES                      
9.  OFFICER / INSIDER COMPENSATION  $43,877   $34,279   $28,794   $30,165   
10.  SELLING & MARKETING                 $0   
11.  GENERAL & ADMINISTRATIVE  $380,272   $265,732   $244,334   $270,143   
12.  RENT & LEASE  $14,240   $18,452   $17,098   $14,178   
13.  OTHER (ATTACH LIST)  $80,533   $139,091   $38,302   $8,558   
14.  TOTAL OPERATING EXPENSES  $518,922   $457,554   $328,529   $323,044   
15.  INCOME BEFORE NON-OPERATING INCOME & EXPENSE  $(549,982)  $(472,491)  $(347,979)  $(340,104)  
OTHER INCOME & EXPENSES                      
16.  NON-OPERATING INCOME (ATTACH LIST)  $(33)  $(56)  $(11,490)  $(8,929)  
17.  NON-OPERATING EXPENSE (ATTACH LIST)                 $0   
18.  INTEREST EXPENSE                 $3   
19.  DEPRECIATION / DEPLETION  $13,960   $6,980   $6,327   $6,871   
20.  AMORTIZATION                 $0   
21.  OTHER (ATTACH LIST)  $2,300   $7,593   $(1,502)  $4,082 1
22.  NET OTHER INCOME & EXPENSES  $16,227   $14,517   $(6,664)  $2,027   
REORGANIZATION EXPENSES                      
23.  PROFESSIONAL FEES  $501,083   $781,528   $1,575,668   $1,832,459   
24.  U.S. TRUSTEE FEES  $4,875   $4,875        $2,956   
25.  OTHER (ATTACH LIST)            $126   $0   
26.  TOTAL REORGANIZATION EXPENSES  $505,958   $786,403   $1,575,794   $1,835,415   
27.  INCOME TAX                      
28.  NET PROFIT (LOSS)  $(1,072,167)  $(1,273,410)  $(1,917,109)  $(2,177,546)  

 

1The figure shown here for August has been revised for an entry to reduce accrued Franchise Tax that did not get reported on August MOR-1 Item 18. & MOR-2 Item 21.

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-2

 

CASE NAME: Life Partners, Inc.
   
CASE NUMBER: 15-40289 (Jointly Administered)

 

INCOME STATEMENT  JUNE   JULY   AUGUST   SEPTEMBER   
OTHER OPERATING EXPENSES                      
13.  Bad Debt Expense  $68,455   $120,008             
13.  Other Expense- Premium Expense  $10,942   $18,143   $289   $8,558   
13.  Other Expense- BK Premiums  $1,136   $941             
13.  Impairment Expense  $-   $-   $38,013   $-   
13.  TOTAL - OTHER OPERATING EXPENSE  $80,533   $139,091   $38,302   $8,558   
NON-OPERATING INCOME                      
16.  Interest Income  $29   $15   $11,490   $3,883   
16.  Other Income  $4   $42        $46   
16.  Gain on Sale of Assets                 $5,000 1
16.                         
16.                         
16.  TOTAL NON-OPERATING INCOME  $33   $56   $11,490   $8,929   
NON-OPERATING EXPENSE                      
17.                         
17.                         
17.                         
17.                         
17.                         
17.  TOTAL NON-OPERATING EXPENSE  $-   $-   $-   $-   
OTHER EXPENSE                      
21.  Franchise Tax       $7,593   $(1,502)  $4,082   
21.  State Income Tax-Other  $2,300        $-   $-   
21.                         
21.                         
21.                         
21.  TOTAL OTHER EXPENSE  $2,300   $7,593   $(1,502)  $4,082   
OTHER REORGANIZATION EXPENSES                      
25.  Transcription Services            $126        
25.                         
25.                         
25.                         
25.                         
25.  TOTAL OTHER REORGANIZATION EXP  $-   $-   $126   $-   

 

1Gain on sale of foxcart equipment sold along with the airport hangar pursuant to court order.

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-3

 

CASE NAME: Life Partners, Inc.
   
CASE NUMBER: 15-40289 (Jointly Administered)

 

CASH RECEIPTS AND DISBURSEMENTS  JULY   AUGUST   SEPTEMBER   QUARTER   
1.  CASH - BEGINNING OF MONTH  $265,232   $151,618   $224,080        
RECEIPTS FROM OPERATIONS                      
2.  CASH SALES                 $0   
COLLECTION OF ACCOUNTS RECEIVABLE                      
3.  PREPETITION  $37   $124        $161   
4.  POSTPETITION            $267,147   $267,147   
5.  TOTAL OPERATING RECEIPTS  $37   $124   $267,147   $267,308   
NON-OPERATING RECEIPTS                      
6.  LOANS & ADVANCES (ATTACH LIST)                 $0   
7.  SALE OF ASSETS            $5,000   $5,000 1
8.  OTHER (ATTACH LIST)  $815,868   $713,551   $370,531   $1,899,950   
9.  TOTAL NON-OPERATING RECEIPTS  $815,868   $713,551   $375,531   $1,904,950   
10.  TOTAL RECEIPTS  $815,905   $713,675   $642,678   $2,172,258   
11.  TOTAL CASH AVAILABLE  $1,081,137   $865,293   $866,758        
OPERATING DISBURSEMENTS                      
12.  NET PAYROLL  $170,683   $112,468   $114,878   $398,029   
13.  PAYROLL TAXES PAID  $59,905   $39,049   $36,818   $135,772   
14.  SALES, USE & OTHER TAXES PAID            $191   $191   
15.  SECURED / RENTAL / LEASES  $18,362   $7,137   $24,583   $50,082   
16.  UTILITIES  $26,063   $10,024   $10,339   $46,426   
17.  INSURANCE  $67,418   $62,429   $27,738   $157,585   
18.  INVENTORY PURCHASES                 $0   
19.  VEHICLE EXPENSES            $125   $125   
20.  TRAVEL  $1,658   $1,188   $2,137   $4,983   
21.  ENTERTAINMENT                 $0   
22.  REPAIRS & MAINTENANCE  $2,900   $4,487   $4,312   $11,699   
23.  SUPPLIES  $1,565   $195   $2,131   $3,891   
24.  ADVERTISING                 $0   
25.  OTHER (ATTACH LIST)  $481,647   $129,111   $291,516   $902,274   
26.  TOTAL OPERATING DISBURSEMENTS  $830,202   $366,087   $514,768   $1,711,056   
REORGANIZATION EXPENSES                      
27.  PROFESSIONAL FEES  $98,992   $275,000   $6,000   $379,992   
28.  U.S. TRUSTEE FEES  $325        $2,278   $2,603   
29.  OTHER (ATTACH LIST)       $126   $0   $126 2
30.  TOTAL REORGANIZATION EXPENSES  $99,317   $275,126   $8,278   $382,722   
31.  TOTAL DISBURSEMENTS  $929,519   $641,213   $523,046   $2,093,778   
32.  NET CASH FLOW  $(113,614)  $72,462   $119,632   $78,480   
33.  CASH - END OF MONTH  $151,618   $224,080   $343,712        

 

1Proceeds from sale of foxcart equipment sold pursuant to court order.
2Other Item 29. is transcription services.

 

 

 

  

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-3

 

CASE NAME: Life Partners, Inc.
   
CASE NUMBER: 15-40289 (Jointly Administered)

 

CASH RECEIPTS AND DISBURSEMENTS  JULY   AUGUST   SEPTEMBER   QUARTER 
OTHER NON-OPERATING RECEIPTS                    
8.  A/R Collections-Pd in Error  $-   $-        $- 
8.  Flow Thru Premiums  $-   $-   $14,627   $14,627 
8.  Transfer From LPIFS Checking Acct# 4069  $800,000   $700,000   $350,000   $1,850,000 
8.  Interest Income  $15   $11,485   $3,879   $15,378 
8.  LPI FS Platform Fees Received  $-   $-        $- 
8.  Other Inc-dividends on pd out policies  $42   $-   $46   $87 
8.  Other Income  $-   $-        $- 
8.  Return of retainer  $15,000   $-        $15,000 
8.  Reimbursements & Refunds-COBRA insurance  $412   $2,029   $1,944   $4,386 
8.  Reimbursements & Refunds-Employee Advance  $20   $-        $20 
8.  Reimbursements & Refunds-License & Fees  $9   $-        $9 
8.  Reimbursements & Refunds-Travel  $370   $-   $36   $406 
8.  Reimbursements & Refunds-Other  $-   $37        $37 
8.  Transfer from LPIFS  $-   $-        $- 
8.  Transferred from LPHI BoTX Acct  $-   $-        $- 
8.  Trust Fees  $-   $-        $- 
8.  Total - Non-Operating Receipts  $815,868   $713,551   $370,531   $1,899,950 
                        
OTHER OPERATING DISBURSEMENTS                    
25.  Premiums Advanced  $350,503   $43,935   $192,190   $586,629 
25.  Premiums-LPI Owned positions  $20,901   $4,803        $25,703 
25.  Bank Fees (Charged & Reversed)  $555   $670   $340   $1,565 
25.  BK Premiums  $941   $-        $941 
25.  Courier Services  $5,486   $-   $1,011   $6,497 
25.  Flow Thru Premiums  $18,017   $-   $10,711   $28,729 
25.  Licenses & Fees  $31   $500   $503   $1,034 
25.  LPI FS Platform Fees Forwarded  $-   $-        $- 
25.  Medical Records  $-   $-   $337   $337 
25.  Medical Review Life Expectancy  $700   $-        $700 
25.  Outside Services  $2,608   $1,783   $1,982   $6,373 
25.  Payroll Garnishment  $456   $304   $304   $1,063 
25.  Payroll-401K deductions  $13,796   $9,290   $9,412   $32,498 
25.  PES Operating Exp  $34,235   $29,471   $35,556   $99,261 
25.  Software Licenses & Support  $-   $5,152   $4,497   $9,649 
25.  Policy Administration Expense  $-   $11,465   $17,618   $29,083 
25.  Subscriptions  $5,109   $951   $213   $6,274 
25.  Tfrd to LPHI BoTX Acct in error  $-   $-        $- 
25.  Trust Fees/Cost Reimbursement  $28,308   $19,487   $16,824   $64,618 
25.  Employee Loan & Advances  $-   $1,300   $20   $1,320 
25.  Total - Other Operating Disbursements  $481,647   $129,111   $291,516   $902,274 
                        
OTHER REORGANIZATION EXPENSES                    
29.  Transcription Services       $126        $126 
29.                    $- 
29.                    $- 
29.  Total - Other Reorganization Expenses  $-   $126   $-   $126 

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-4

 

CASE NAME: Life Partners, Inc.
   
CASE NUMBER: 15-40289 (Jointly Administered)

 

ACCOUNTS RECEIVABLE AGING 

SCHEDULE

AMOUNT

   JULY   AUGUST   SEPTEMBER     
1.  0-30  $139,890   $332,514   $43,274   $32,834     
2.  31-60  $279,914   $160,126   $280,577   $11,534     
3.  61-90  $77,762   $44,627   $212,053   $195,541     
4.  91+  $12,721,787   $13,145,171   $13,189,797   $13,402,278     
5.  TOTAL ACCOUNTS RECEIVABLE  $13,219,353   $13,682,437   $13,725,702   $13,642,187   1
6.  AMOUNT CONSIDERED UNCOLLECTIBLE  $5,163,790   $5,476,845   $5,483,317   $5,483,317   1
7.  ACCOUNTS RECEIVABLE (NET)  $8,055,563   $8,205,592   $8,242,385   $8,158,870   1

 

AGING OF POSTPETITION TAXES AND PAYABLES   MONTH:   September 2015     
                        
      0-30   31-60   61-90   91+         
TAXES PAYABLE  DAYS   DAYS   DAYS   DAYS   TOTAL     
1.  FEDERAL                      $0     
2.  STATE  $10,173                  $10,173     
3.  LOCAL  $3,377                  $3,377     
4.  OTHER (ATTACH LIST)                      $0     
5.  TOTAL TAXES PAYABLE  $13,551   $0   $0   $0   $13,551     
                                 
6.  ACCOUNTS PAYABLE  $186,145   $454,725   $652,475   $36,191   $1,329,537     

 

STATUS OF POSTPETITION TAXES      MONTH:   September 2015     
                        
      BEGINNING   AMOUNT       ENDING     
      TAX   WITHHELD AND/   AMOUNT   TAX     
FEDERAL  LIABILITY   OR ACCRUED   PAID   LIABILITY     
1.  WITHHOLDING       $16,934   $16,934   $0     
2.  FICA-EMPLOYEE       $9,914   $9,914   $0     
3.  FICA-EMPLOYER       $9,914   $9,914   $0     
4.  UNEMPLOYMENT                 $0     
5.  INCOME                 $0     
6.  OTHER (ATTACH LIST)                 $0     
7.  TOTAL FEDERAL TAXES  $0   $36,763   $36,763   $0     
STATE AND LOCAL                        
8.  WITHHOLDING                 $0     
9.  SALES                 $0     
10.  EXCISE                 $0     
11.  UNEMPLOYMENT       $55   $55   $0     
12.  REAL PROPERTY  $2,004        $2,004   $0     
13.  PERSONAL PROPERTY  $2,473   $905        $3,377   2
14.  OTHER (ATTACH LIST)  $6,091   $4,082        $10,173   3
15.  TOTAL STATE & LOCAL  $10,568   $5,041   $2,059   $13,551     
16.  TOTAL TAXES  $10,568   $41,804   $38,822   $13,551     

 

1These amounts are reported in detail on SUPPLEMENT TO MOR-1 under Item 15. Other Assets.
2The figures shown here do not include $5975.51 accrued for the prepetition period of Jan. 1, 2015 thru May 19, 2015.
3Item 14. Other is accrual of Texas Franchise Tax.

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-5

 

CASE NAME: Life Partners, Inc.
   
CASE NUMBER: 15-40289 (Jointly Administered)

 

          MONTH:   September 2015 
BANK RECONCILIATIONS                
      Account #1   Account #2   Account #3     
A. BANK:  Bank of Texas   Bank of Texas         
B. ACCOUNT NUMBER:  4080   4091         
C. PURPOSE (TYPE):  Checking   Checking      TOTAL 
1.  BALANCE PER BANK STATEMENT  $246,889   $4,357      $251,246 
2.  ADD: TOTAL DEPOSITS NOT CREDITED                 $0 
3.  SUBTRACT: OUTSTANDING CHECKS  $9,647           $9,647 
4.  OTHER RECONCILING ITEMS                 $0 
5.  MONTH END BALANCE PER BOOKS  $237,242   $4,357   $0   $241,599 
6.  NUMBER OF LAST CHECK WRITTEN   1282    1013           

  

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       $101,613 
8.                   
9.                       
10.                       
11.  TOTAL INVESTMENTS            $0   $101,613 

 

CASH       
        
12.  CURRENCY ON HAND  $500 
         
13.  TOTAL CASH - END OF MONTH  $343,712 

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-6

 

CASE NAME: Life Partners, Inc.
   
CASE NUMBER: 15-40289 (Jointly Administered)

 

MONTH:  September 2015

 

PAYMENTS TO INSIDERS AND PROFESSIONALS

 

INSIDERS
      TYPE OF  AMOUNT   TOTAL PAID 
NAME  PAYMENT  PAID   TO DATE 
1.  Mark Embry  Salaries/Expense Reimbursement  $13,538   $47,715 
2.  Advance Trust & Life Es  Premium Remittance/Cost Reimb  $27,921   $116,973 
3.  Life Partners Holdings, Inc.  Rent & Return deposit in error  $20,500   $101,898 
4.  LPI Financial Services, Inc.  Forward Platform Fees       $1,938 
5.  Purchase Escrow Services, LLC  Premium Remittance/Cost Reimb  $227,360   $1,199,362 
6.  Colette Pieper  Salaries/Expense Reimbursement  $13,962   $49,097 
7.  Debora J. Carr  Salaries/Expense Reimbursement  $3,750   $13,125 
8.  TOTAL PAYMENTS TO INSIDERS     $307,030   $1,530,108 

 

PROFESSIONALS  2 
      DATE OF COURT              TOTAL   
      ORDER AUTHORIZING  AMOUNT   AMOUNT   TOTAL PAID   INCURRED   
NAME  PAYMENT  APPROVED   PAID   TO DATE   & UNPAID   
1.  Asset Servicing Group                    $466,656   
2.  Bridgepoint Consulting                    $417,920   
3.  Epiq Bankruptcy Solutions  05/22/15  $2,103,953   $184,781   $533,773   $1,570,180 4
4.  Kim Hinkle, Attorney at Law                    $118,726   
5.  MMS Advisors                    $217,600 3
6.  Munsch, Hardt, Kopf & Harr,P.C.                    $753,000   
7.  Thompson & Knight LLP                    $3,967,500   
8.  Tom Moran, US Trustee                    $288,900   
9.  Phillips Murrah                    $156,334   
10.  Smith, Jackson, Boyer & Brovard, PLLC                    $35,866   
11.  Inventus, LLC               $25,000   $25,000   
12.  First Advantage Litigation          $6,000   $6,000   $6,000   
13.  Predictive Resources                    $22,500   
14.  TOTAL PAYMENTS TO PROFESSIONALS          $190,781   $564,773   $8,046,183   

 

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   $0   $0 1
3.  Johnnies Office Systems, Inc.  $1,055   $1,055   $0   
4.  Great America Financial Services  $2,939   $2,939   $0   
5.  Life Partners Holdings, Inc.  $10,000   $20,500   $0   
6.  TOTAL  $20,323   $24,493   $0 

 

1These lease payments are quarterly, not monthly.
2Professional 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.
3MMS 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.
4Current month Amount Paid was paid by LPI Financial Services, Inc.

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-7

 

CASE NAME: Life Partners, Inc.
   
CASE NUMBER: 15-40289 (Jointly Administered)

 

MONTH:  September 2015

 

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.

Item 1. The aiport hanger & related foxcart equipment were sold pursuant to court order.

Item 4. Paid prepetition invoices from Pitney Bowes Global Financial Services for property taxes due under lease of mailing equipment ($159.58) and from Dr. John Goodhew to obtain attending physicians statement required to keep insurance policy in force ($100.00).

Questionnaire Item 10. Past due amounts are mainly professional fees incurred after the filing date.

Item 11. Accrued property taxes for the prepetition period of Jan 1, 2015 thru May 19, 2015, were collected at the time of the sale of the airport hangar.

 

INSURANCE

 

        YES   NO
1.   ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER   X    
    NECESSARY INSURANCE COVERAGES IN EFFECT?        
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 
          
            
            
            
            
            

 

 

 

LIFE PARTNERS HOLDINGS INC Reports