T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, November 5, 2016, Vol. 20, No. 309
LIFE PARTNERS: Lists $705,085 Net Loss in September
LIFE PARTNERS: Lists $705,085 Net Loss in September
Life Partners Holdings, Inc., filed with the U.S. Securities and
Exchange Commission their monthly operating report for September
The Debtor suffered a net loss of $705,085 on zero revenue for the
month, as compared to $565,349 net loss reported for August.
As of September 30, 2016, the Debtor had $446,513 in total
assets, $3.82 million in total liabilities, and -$3.37 million in
total stockholders' equity.
The Debtor had $5,649 cash at the start of the month. It
reported $275,000 in total receipts and total disbursements of
$48,391. Thus, the Debtor had $232,258 ending cash balance at
September 30, 2016.
A copy of the monthly operating report is available at the SEC at:
About Life Partners Holdings
Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is the parent company engaged in the
secondary market for life insurance, commonly called "life
settlements." Since its incorporation in 1991, Life Partners,
Inc., has completed over 162,000 transactions for its worldwide
client base of over 30,000 high net worth individuals and
institutions in connection with the purchase of over 6,500
policies totaling over $3.2 billion in face value.
LPHI is a publicly traded company incorporated in Texas and its
common stock has been delisted from the NASDAQ (formerly trading
under the symbol LPHI).
Life Partners Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20,
The case is assigned to Judge Russell F. Nelms. J. Robert
Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the
LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities
as of the Chapter 11 filing.
The official committee of unsecured creditors formed in the case
tapped Munsch Hardt Kopf & Harr, P.C., as counsel.
Tracy A. Bolt of BDO USA, LLP was named as examiner for the
Debtor's case. At the behest of the U.S. Securities and Exchange
Commission, the U.S. Trustee, and the Creditors Committee, the
Court ordered the appointment of a Chapter 11 trustee. On March
13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee
in LPHI's case. The trustee is represented by Thompson & Knight
The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for
LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No.
15-41995) and LPI Financial Services, Inc. (Case No. 15-41996).
Life Partners is estimated to have $100 million to $500 million in
assets and more than $1 billion in debt. LPI Financial estimated
less than $50,000.
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