LIFE PARTNERS HOLDINGS INC - FORM 8-K - EX-99.8 - EXHIBIT 99.8 - December 21, 2015

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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-99.3 - 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-99.5 - EXHIBIT 99.5 - LIFE PARTNERS HOLDINGS INCv427341_ex99-5.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 99.8

 

  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:   August   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   9/21/2015
PRINTED NAME OF RESPONSIBLE PARTY   DATE

 

PREPARER:    
     
/s/ Colette Pieper   CEO
ORIGINAL SIGNATURE OF PREPARER   TITLE
     
Colette Pieper   9/21/2015
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		   JUNE   JULY   AUGUST 
ASSETS                    
1.  UNRESTRICTED CASH  $295,821   $163,663   $50,034   $122,481 
2.  RESTRICTED CASH  $101,555   $101,569   $101,584   $101,599 
3.  TOTAL CASH  $397,376   $265,232   $151,618   $224,080 
4.  ACCOUNTS RECEIVABLE (NET)  $143,949   $135,456   $135,456   $135,456 
5.  INVENTORY                    
6.  NOTES RECEIVABLE  $8,912                
7.  PREPAID EXPENSES  $343,387   $111,549   $94,558   $117,417 
8.  OTHER (ATTACH LIST)  $49,475   $57,857   $56,956   $58,153 
9.  TOTAL CURRENT ASSETS  $943,098   $570,094   $438,588   $535,106 
10.  PROPERTY, PLANT & EQUIPMENT       $2,229,987   $2,229,987   $2,229,987 
11.  LESS: ACCUMULATED DEPRECIATION/DEPLETION       $(1,910,365)  $(1,917,345)  $(1,923,673)
12.  NET PROPERTY, PLANT & EQUIPMENT  $299,672   $319,622   $312,642   $306,314 
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   $13,073,453   $13,311,061   $13,314,901 
16.  TOTAL ASSETS  $89,685,300   $14,626,119   $14,725,240   $14,819,271 
POSTPETITION LIABILITIES                    
17.  ACCOUNTS PAYABLE       $612,578   $532,781   $291,016 
18.  TAXES PAYABLE       $22,635   $12,070   $10,568 
19.  NOTES PAYABLE                 $0 
20.  PROFESSIONAL FEES       $4,875   $738,528   $2,314,197 
21.  SECURED DEBT                 $0 
22.  OTHER (ATTACH LIST)       $5,185,638   $5,150,207   $5,161,945 
23.  TOTAL POSTPETITION LIABILITIES       $5,825,725   $6,433,586   $7,777,726 
PREPETITION LIABILITIES                    
24.  SECURED DEBT   undetermined   $8,476   $8,476    $8,4762
25.  PRIORITY DEBT   undetermined   $90,306   $90,306   $90,306 
26.  UNSECURED DEBT  $9,203,450   $687,793   $686,751   $686,751 
27.  OTHER (ATTACH LIST)       $0   $0   $0 
28.  TOTAL PREPETITION LIABILITIES  $9,203,450   $786,574   $785,533   $785,533 
29.  TOTAL LIABILITIES  $9,203,450   $6,612,299   $7,219,119   $8,563,258 
EQUITY                    
30.  PREPETITION OWNERS' EQUITY        $78,978,770   $78,978,770   $78,978,770 
31.  POSTPETITION CUMULATIVE
PROFIT OR (LOSS)		       $(1,072,167)  $(2,345,577)  $(4,262,686)
32.  DIRECT CHARGES TO EQUITY
(ATTACH EXPLANATION)		       $(69,892,783)  $(69,127,072)   $(68,460,072)1
33.  TOTAL EQUITY       $8,013,820   $7,506,121   $6,256,012 
34.  TOTAL LIABILITIES & OWNERS' EQUITY       $14,626,119   $14,725,240   $14,819,271 

 

1 This includes the following intercompany amounts:  

 

Due from Life Partners Holdings, Inc.  $74,359,704.91 
Due from LPHI Management Services  $11,719.74 
Due to LPI Financial Services, Inc.  $(5,911,353.03)
   $68,460,071.62 

 

2 The figure shown here is accrued property taxes for the prepetition period of Jan. 1, 2015 thru May 19, 2015.    

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-1

 

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

 

COMPARATIVE BALANCE SHEET

 

      SCHEDULE
AMOUNT		   JUNE   JULY   AUGUST 
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   $881   $(20)     
8.  Notes Receivable-Employee  $477   $477   $477   $1,655 
8                       
8.  TOTAL - OTHER CURRENT ASSETS  $49,475   $57,857   $56,956   $58,153 
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   $13,209,139   $13,541,644   $13,585,166 
15.  Advance on Premiums paid by ATLES on behalf of investors  $136,291   $140,536   $140,536   $140,536 
15.  Allowance for Bad Debts       $(5,356,838)  $(5,476,845)  $(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   $161,505   $123,591 
15.  Capitalized Premiums on Policies Purchased       $280,238   $295,991   $300,793 
15.  Deposits       $6,355   $15,712   $15,712 
15.  TOTAL - OTHER ASSETS  $13,513,629   $13,073,453   $13,310,961   $13,314,901 
                        
POSTPETITION LIABILITIES                    
22.  Accrued Payroll       $74,282   $41,456   $50,305 
22.  Accrued Vacation       $79,088   $81,236   $84,125 
22.  Accrued 401K       $3,986   $0   $- 
22.  401K Loan       $614   $0   $- 
22.  Child Support & PR Garnishment       $152   $0   $- 
22.  Deferred Revenue       $5,027,515   $5,027,515   $5,027,515 
22  TOTAL - OTHER POSTPETITION LIABILITIES       $5,185,638   $5,150,207   $5,161,945 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-2

 

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

 

INCOME STATEMENT  May19-June30   JULY   AUGUST   MONTH 
REVENUES                    
1.  GROSS REVENUES                    
2.  LESS: RETURNS & DISCOUNTS                    
3.  NET REVENUE  $0   $0   $0   $0 
COST OF GOODS SOLD                    
4.  MATERIAL            $0      
5.  DIRECT LABOR            $0      
6.  DIRECT OVERHEAD  $31,060   $14,937   $19,450      
7.  TOTAL COST OF GOODS SOLD  $31,060   $14,937   $19,450   $0 
8.  GROSS PROFIT  $(31,060)  $(14,937)  $(19,450)  $0 
OPERATING EXPENSES                    
9.  OFFICER / INSIDER COMPENSATION  $43,877   $34,279   $28,794      
10.  SELLING & MARKETING                    
11.  GENERAL & ADMINISTRATIVE  $380,272   $265,732   $242,833      
12.  RENT & LEASE  $14,240   $18,452   $17,098      
13.  OTHER (ATTACH LIST)  $80,533   $139,091   $38,302      
14.  TOTAL OPERATING EXPENSES  $518,922   $457,554   $327,028   $0 
15.  INCOME BEFORE NON-OPERATING INCOME & EXPENSE  $(549,982)  $(472,491)  $(346,478)  $0 
OTHER INCOME & EXPENSES                    
16.  NON-OPERATING INCOME (ATTACH LIST)  $(33)  $(56)  $(11,490)     
17.  NON-OPERATING EXPENSE (ATTACH LIST)                    
18.  INTEREST EXPENSE                    
19.  DEPRECIATION / DEPLETION  $13,960   $6,980   $6,327      
20.  AMORTIZATION                    
21.  OTHER (ATTACH LIST)  $2,300   $7,593           
22.  NET OTHER INCOME & EXPENSES  $16,227   $14,517   $(5,163)  $0 
REORGANIZATION EXPENSES                    
23.  PROFESSIONAL FEES  $501,083   $781,528   $1,575,668      
24.  U.S. TRUSTEE FEES  $4,875   $4,875           
25.  OTHER (ATTACH LIST)            $126      
26.  TOTAL REORGANIZATION EXPENSES  $505,958   $786,403   $1,575,794   $0 
27.  INCOME TAX                    
28.  NET PROFIT (LOSS)  $(1,072,167)  $(1,273,410)  $(1,917,109)  $0 

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-2

 

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

 

INCOME STATEMENT  JUNE   JULY   AUGUST 
OTHER OPERATING EXPENSES               
13.  Bad Debt Expense  $68,455   $120,008      
13.  Other Expense- Premium Expense  $10,942   $18,143   $289 
13.  Other Expense- BK Premiums  $1,136   $941      
13.  Impairment Expense  $-   $-   $38,013 
13.  TOTAL - OTHER OPERATING EXPENSE  $80,533   $139,091   $38,302 
NON-OPERATING INCOME               
16.  Interest Income  $29   $15   $11,490 
16.  Other Income  $4   $42      
16.                  
16.                  
16.                  
16.  TOTAL NON-OPERATING INCOME  $33   $56   $11,490 
NON-OPERATING EXPENSE               
17.  Franchise Tax       $7,593      
17.  State Income Tax-Other  $2,300           
17.                  
17.                  
17.                  
17.                  
17.                  
17.  TOTAL - NON-OPERATING EXPENSE  $2,300   $7,593   $- 
OTHER EXPENSES               
21.  Transcription Services            $126 
21.                  
21.                  
21.                  
21.                  
21  TOTAL - OTHER EXPENSES/(INCOME)  $-   $-   $126 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-3

 

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

 

CASH RECEIPTS AND DISBURSEMENTS  May19-June30   JULY   AUGUST   MONTH   QUARTER 
1.  CASH - BEGINNING OF MONTH  $397,376   $265,232   $151,618   $224,080      
RECEIPTS FROM OPERATIONS                         
2.  CASH SALES                      $0 
COLLECTION OF ACCOUNTS RECEIVABLE                         
3.  PREPETITION  $2,868   $37   $124        $161 
4.  POSTPETITION                      $0 
5.  TOTAL OPERATING RECEIPTS  $2,868   $37   $124   $0   $161 
NON-OPERATING RECEIPTS                         
6.  LOANS & ADVANCES (ATTACH LIST)                      $0 
7.  SALE OF ASSETS                      $0 
8.  OTHER (ATTACH LIST)  $655,093   $815,868   $713,551        $1,529,419 
9.  TOTAL NON-OPERATING RECEIPTS  $655,093   $815,868   $713,551   $0   $1,529,419 
10.  TOTAL RECEIPTS  $657,961   $815,905   $713,675   $0   $1,529,580 
11.  TOTAL CASH AVAILABLE  $1,055,337   $1,081,137   $865,293   $224,080      
OPERATING DISBURSEMENTS                         
12.  NET PAYROLL  $704   $170,683   $112,468        $283,151 
13.  PAYROLL TAXES PAID  $35,121   $59,905   $39,049        $98,954 
14.  SALES, USE & OTHER TAXES PAID  $2,300                  $0 
15.  SECURED / RENTAL / LEASES  $14,623   $18,362   $7,137        $25,499 
16.  UTILITIES  $13,980   $26,063   $10,024        $36,087 
17.  INSURANCE  $86,546   $67,418   $62,429        $129,847 
18.  INVENTORY PURCHASES                      $0 
19.  VEHICLE EXPENSES                      $0 
20.  TRAVEL  $1,796   $1,658   $1,188        $2,846 
21.  ENTERTAINMENT                      $0 
22.  REPAIRS & MAINTENANCE  $6,746   $2,900   $4,487        $7,387 
23.  SUPPLIES  $830   $1,565   $195        $1,760 
24.  ADVERTISING                      $0 
25.  OTHER (ATTACH LIST)  $627,459   $481,647   $129,111        $610,758 
26.  TOTAL OPERATING DISBURSEMENTS  $790,105   $830,202   $366,087   $0   $1,196,289 
REORGANIZATION EXPENSES                         
27.  PROFESSIONAL FEES       $98,992   $275,000        $373,992 
28.  U.S. TRUSTEE FEES       $325             $325 
29.  OTHER (ATTACH LIST)            $126         $1262
30.  TOTAL REORGANIZATION EXPENSES  $0   $99,317   $275,126   $0   $374,443 
31.  TOTAL DISBURSEMENTS  $790,105   $929,519   $641,213   $0   $1,570,732 
32.  NET CASH FLOW  $(132,144)  $(113,614)  $72,462   $0   $(41,152)
33.  CASH - END OF MONTH  $265,232   $151,618   $224,080   $224,080      

 

2 Other 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  MONTH END
06/30/15		   MONTH END
07/31/15		   MONTH END
08/31/15		 
                
OTHER NON-OPERATING RECEIPTS               
8.  A/R Collections-Pd in Error  $-   $-   $- 
8.  Flow Thru Premiums  $332,105   $-   $- 
8.  Transfer From LPIFS Checking Acct# 4069  $250,000   $800,000   $700,000 
8.  Interest Income  $15   $15   $11,485 
8.  LPI FS Platform Fees Received  $1,938   $-   $- 
8.  Other Inc-dividends on pd out policies  $4   $42   $- 
8.  Other Income  $0   $-   $- 
8.  Return of retainer  $6,142   $15,000   $- 
8.  Reimbursements & Refunds-COBRA insurance  $-   $412   $2,029 
8.  Reimbursements & Refunds-Employee Advance  $-   $20   $- 
8.  Reimbursements & Refunds-License & Fees  $-   $9   $- 
8.  Reimbursements & Refunds-Travel  $-   $370   $- 
8.  Reimbursements & Refunds-Other  $-   $-   $37 
8.  Transfer from LPIFS  $3,442   $-   $- 
8.  Transferred from LPHI BoTX Acct  $61,398   $-   $- 
8.  Trust Fees  $50   $-   $- 
8.  Total - Non-Operating Receipts  $655,093   $815,868   $713,551 
                   
OTHER OPERATING DISBURSEMENTS               
25.  Premiums Advanced  $143,567   $350,503   $43,935 
25.  Premiums-LPI Owned positions  $-   $20,901   $4,803 
25.  Bank Fees (Charged & Reversed)  $395   $555   $670 
25.  BK Premiums  $1,136   $941   $- 
25.  Courier Services  $1,167   $5,486   $- 
25.  Flow Thru Premiums  $314,088   $18,017   $- 
25.  Licenses & Fees  $-   $31   $500 
25.  LPI FS Platform Fees Forwarded  $1,938   $-   $- 
25.  Medical Records  $250   $-   $- 
25.  Medical Review Life Expectancy  $-   $700   $- 
25.  Outside Services  $6,480   $2,608   $1,783 
25.  Payroll Garnishment  $152   $456   $304 
25.  Payroll-401K deductions  $13,722   $13,796   $9,290 
25.  PES Operating Exp  $60,834   $34,235   $29,471 
25.  Software Licenses & Support  $5,543   $-   $5,152 
25.  Policy Administration Expense  $-   $-   $11,465 
25.  Subscriptions  $-   $5,109   $951 
25.  Tfrd to LPHI BoTX Acct in error  $61,398   $-   $- 
25.  Trust Fees/Cost Reimbursement  $16,790   $28,308   $19,487 
25.  Employee Loan  $-   $-   $1,300 
25.  Total - Other Operating Disbursements  $627,459   $481,647   $129,111 
                   
OTHER REORGANIZATION EXPENSES               
29.                  
29.                  
29.  Total - Other Reorganization Expenses  $-   $-   $- 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-4

 

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

 

 

ACCOUNTS RECEIVABLE AGING

   SCHEDULE
AMOUNT		     JUNE     JULY     AUGUST  
1.   0-30   $ 139,890     $ 155,881     $ 332,514     $ 43,274  
2.   31-60   $ 279,914     $ 44,627     $ 160,126     $ 280,577  
3.   61-90   $ 77,762     $ 127,550     $ 44,627     $ 212,053  
4.   91+   $ 12,721,787     $ 13,021,052     $ 13,145,171     $ 13,189,797  
5.   TOTAL ACCOUNTS RECEIVABLE   $ 13,219,353     $ 13,349,110     $ 13,682,437     $ 13,725,702 1
6.   AMOUNT CONSIDERED UNCOLLECTIBLE   $ 5,163,790     $ 5,163,790     $ 5,476,845     $ 5,483,317 1
7.   ACCOUNTS RECEIVABLE (NET)   $ 8,055,563     $ 8,185,320     $ 8,205,592     $ 8,242,385 1

 

AGING OF POSTPETITION TAXES AND PAYABLES  MONTH:   August 2015 
                        
      0-30   31-60   61-90   91+     
TAXES PAYABLE  DAYS   DAYS   DAYS   DAYS   TOTAL 
1.  FEDERAL                      $0 
2.  STATE                      $0 
3.  LOCAL  $4,477                  $4,477 
4.  OTHER (ATTACH LIST)                      $0 
5.  TOTAL TAXES PAYABLE  $4,477   $0   $0   $0   $4,477 
                             
6.  ACCOUNTS PAYABLE  $73,610   $81,056   $135,829   $522   $291,016 

 

STATUS OF POSTPETITION TAXES      MONTH:   August 2015 
                    
      BEGINNING   AMOUNT       ENDING 
      TAX   WITHHELD AND/   AMOUNT   TAX 
FEDERAL  LIABILITY   0R ACCRUED   PAID   LIABILITY 
1.  WITHHOLDING        $16,810   $16,810   $0 
2.  FICA-EMPLOYEE        $11,047   $11,047   $0 
3.  FICA-EMPLOYER        $11,047   $11,047   $0 
4.  UNEMPLOYMENT        $6   $6   $0 
5.  INCOME                  $0 
6.  OTHER (ATTACH LIST)                  $0 
7.  TOTAL FEDERAL TAXES   $0   $38,910   $38,910   $0 
STATE AND LOCAL                    
8.  WITHHOLDING                  $0 
9.  SALES                  $0 
10.  EXCISE                  $0 
11.  UNEMPLOYMENT        $139   $139   $0 
12.  REAL PROPERTY   $4,477             $4,4772
13.  PERSONAL PROPERTY                  $0 
14.  OTHER (ATTACH LIST)   $7,593   $(1,502)       $6,0913
15.  TOTAL STATE & LOCAL   $12,070   $(1,363)  $139   $10,568 
16.  TOTAL TAXES   $12,070   $37,547   $39,049   $10,568 

 

1 These amounts are reported in detail on Supplement To Accrual Basis-1.  
2 The figures shown here do not include $8,475.58 accrued for the prepetition period of Jan. 1, 2015 thru May 19, 2015.  
3 Item 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:   August 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   $140,199   $309        $140,509 
2.  ADD: TOTAL DEPOSITS NOT CREDITED                  $0 
3.  SUBTRACT: OUTSTANDING CHECKS   $18,528             $18,528 
4.  OTHER RECONCILING ITEMS                  $0 
5.  MONTH END BALANCE PER BOOKS   $121,671   $309   $0   $121,981 
6.  NUMBER OF LAST CHECK WRITTEN    1219    1010           
                        
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        $101,599 
8.                       
9.                       
10.                       
11.  TOTAL INVESTMENTS            $0   $101,599 
                        
CASH                       
                        
12.  CURRENCY ON HAND                 $500 
                        
13.  TOTAL CASH - END OF MONTH                 $224,080 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-6

 

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

 

          MONTH: August 2015  

 

PAYMENTS TO INSIDERS AND PROFESSIONALS

 

INSIDERS
      TYPE OF  AMOUNT   TOTAL PAID 
   NAME  PAYMENT  PAID   TO DATE 
1.  Mark Embry  Salaries/Expense Reimbursement  $13,594   $34,177 
2.  Advance Trust & Life Es  Premium Remittance/Cost Reimb  $19,487   $89,053 
3.  Life Partners Holdings, Inc.  Rent & Return deposit in error       $81,398 
4.  LPI Financial Services, Inc.  Forward Platform Fees       $1,938 
5.  Purchase Escrow Services, LLC  Premium Remittance/Cost Reimb  $77,308   $972,001 
6.  Colette Pieper  Salaries/Expense Reimbursement  $14,193   $35,135 
7.  Debora J. Carr  Salaries/Expense Reimbursement  $3,750   $9,375 
8.  TOTAL PAYMENTS TO INSIDERS  $128,332   $1,223,078 

 

PROFESSIONALS2
      DATE OF COURT              TOTAL 
      ORDER AUTHORIZING  AMOUNT   AMOUNT   TOTAL PAID   INCURRED 
NAME  PAYMENT  APPROVED   PAID   TO DATE   & UNPAID 
1.  Asset Servicing Group                    $258,656 
2.  Bridgepoint Consulting                    $258,119 
3.  Epiq Bankruptcy Solutions  05/22/15  $1,336,306   $250,000   $348,992   $987,314 
4.  Kim Hinkle, Attorney at Law                    $114,113 
5.  MMS Advisors                    $217,600 3
6.  Munsch, Hardt, Kopf & Harr,P.C.                    $564,047 
7.  Thompson & Knight LLP                    $3,603,500 
8.  Tom Moran, US Trustee                    $217,900 
9.  Phillips Murrah                    $150,334 
10.  Smith, Jackson, Boyer & Brovard, PLLC                    $53,000 
11.  Inventus, LLC          $25,000   $25,000      
12.                          
13.  TOTAL PAYMENTS TO PROFESSIONALS       $275,000   $373,992   $6,424,583 

 

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.  1. Pitney Bowes Global Financial Services, LLC  $5,423   $0   $01
2.  2. Pitney Bowes Global Financial Services, LLC  $906   $906   $01
3.  3. Johnnies Office Systems, Inc.  $1,055   $3,292   $0 
4.  4. Great America Financial Services  $2,939   $2,939   $0 
5.  5. Life Partners Holdings, Inc.  $10,000        $10,000 
7.  TOTAL  $20,323   $7,137   $10,000 

 

1 These lease payments are quarterly, not monthly.  
2 Professional fees and expenses estimated and accrued prior to May 19th are reflected only on the books of Life Partners Holdings, Inc.  Thereafter, professional fees and expenses reflect the estimated aggregate, unallocated fees and expenses for all of the Debtors, and are noted on each of the Debtors MORs.  
3 MMS Advisors incurred fees and expenses March 13th - May 18th in the estimated amount of $230,000.00 that are not included here since their retention has not been approved for this period of time.  

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-7

 

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

 

  MONTH: August 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.

 

INSURANCE

 

 

       YES   NO
1.     ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT?   X    
2.   ARE ALL PREMIUM PAYMENTS PAID CURRENT?     X    
3.   PLEASE ITEMIZE POLICIES BELOW.            

 

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.

 

INSTALLMENT PAYMENTS

 

TYPE OF        PAYMENT AMOUNT 
POLICY  CARRIER  PERIOD COVERED  & FREQUENCY 
Workers Compensation  Service Lloyds Ins. Co.  6/14/2015-6/14/2016  $316.00/month

 

 

LIFE PARTNERS HOLDINGS INC Reports