EX-99.1 2 v432420_ex99-1.htm EXHIBIT 99.1

 

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:  January   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   2/22/2016
PRINTED NAME OF RESPONSIBLE PARTY   DATE
     
PREPARER:    
     
/s/ Colette Pieper   CEO
ORIGINAL SIGNATURE OF PREPARER   TITLE
     
Colette Pieper   2/22/2016
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

   NOVEMBER   DECEMBER   JANUARY   
ASSETS                      
1.  UNRESTRICTED CASH  $51,248   $1,605,186   $429,321   $242,040   
2.  RESTRICTED CASH                      
3.  TOTAL CASH  $51,248   $1,605,186   $429,321   $242,040   
4.  ACCOUNTS RECEIVABLE (NET)                      
5.  INVENTORY                      
6.  NOTES RECEIVABLE                      
7.  PREPAID EXPENSES       $437,817   $396,641   $363,946   
8.  OTHER (ATTACH LIST)  $76,415   $84,665   $84,665   $84,665   
9.  TOTAL CURRENT ASSETS  $127,664   $2,127,668   $910,627   $690,651   
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)       $0   $0   $0   
16.  TOTAL ASSETS  $2,482,552   $2,127,668   $910,627   $690,651   
POSTPETITION LIABILITIES                      
17.  ACCOUNTS PAYABLE       $570,490   $634,711   $633,519  4
18.  TAXES PAYABLE       $10,590   $8,022   $6,239  1
19.  NOTES PAYABLE                      
20.  PROFESSIONAL FEES       $4,355,725   $2,194,306   $2,159,754  4&5
21.  SECURED DEBT       $225,680   $191,983   $160,383   
22.  OTHER (ATTACH LIST)                      
23.  TOTAL POSTPETITION LIABILITIES       $5,162,485   $3,029,023   $2,959,895   
PREPETITION LIABILITIES                      
24.  SECURED DEBT  $267,505                 1
25.  PRIORITY DEBT  $3,991,351   $90,306   $90,306   $90,306   
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   $1,679,138   
29.  TOTAL LIABILITIES  $118,542,341   $6,841,623   $4,708,161   $4,639,033   
EQUITY                      
30.  PREPETITION OWNERS' EQUITY       $(73,722,301)  $(73,722,301)  $(73,722,301)  
31.  POSTPETITION CUMULATIVE
PROFIT OR (LOSS)		       $(7,600,208)  $(7,666,780)  $(7,708,008)  
32.  DIRECT CHARGES TO EQUITY
(ATTACH EXPLANATION)		       $76,608,554   $77,591,547   $77,481,927  3
33.  TOTAL EQUITY       $(4,713,955)  $(3,797,534)  $(3,948,383)  
34.  TOTAL LIABILITIES & OWNERS' EQUITY       $2,127,668   $910,627   $690,651   

 

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 $416,559.40 of invoices from bankruptcy professionals that would normally be included in Item 20, Professional Fees.
5Item 20. Professional Fees reflects expenses accrued in excess of bankruptcy invoices allocated to LPHI. Expenses have been accrued to LPHI where the invoice allocated the expense to one of the subsidiaries, therefore, the books of Life Partners Holdings holds the majority of the liability for bankruptcy professional fees of Life Partners Holdings and its subsidiaries.

 

 

 

 

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		   NOVEMBER   DECEMBER   JANUARY 
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.                       
22.                       
22.                       
22.                       
22.                       
22.                       
22  TOTAL - OTHER POSTPETITION LIABILITIES       $-   $-   $- 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-2

 

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

 

INCOME STATEMENT  OCTOBER   NOVEMBER   DECEMBER   JANUARY   
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  $73,439   $16,408   $54,420   $35,784   
12.  RENT & LEASE  $0   $0   $0   $0   
13.  OTHER (ATTACH LIST)  $17,512   $8,894   $1,635   $0   
14.  TOTAL OPERATING EXPENSES  $90,951   $25,302   $56,055   $35,784   
15.  INCOME BEFORE NON-OPERATING INCOME & EXPENSE  $(90,951)  $(25,302)  $(56,055)  $(35,784)  
OTHER INCOME & EXPENSES                      
16.  NON-OPERATING INCOME (ATTACH LIST)  $(10,000)  $(1,667)  $0   $0   
17.  NON-OPERATING EXPENSE (ATTACH LIST)  $0   $0   $0   $0   
18.  INTEREST EXPENSE  $798   $29,169   $670   $517   
19.  DEPRECIATION / DEPLETION  $5,718   $6,517   $0   $0   
20.  AMORTIZATION  $0   $0   $0   $0   
21.  OTHER (ATTACH LIST)  $39,133   $(183,151)  $(2,568)  $(1,783)  
22.  NET OTHER INCOME & EXPENSES  $35,649   $(149,132)  $(1,898)  $(1,266)  
REORGANIZATION EXPENSES                      
23.  PROFESSIONAL FEES  $(13,826)  $29,457   $5,861   $4,535  1
24.  U.S. TRUSTEE FEES  $988   $975   $4,875   $650   
25.  OTHER (ATTACH LIST)       $1,121   $1,679   $1,525   
26.  TOTAL REORGANIZATION EXPENSES  $(12,838)  $31,552   $12,415   $6,710   
27.  INCOME TAX                      
28.  NET PROFIT (LOSS)  $(113,762)  $92,278   $(66,573)  $(41,228)  

 

1Item 23. Professional Fees for October are negative due to reversing fees previously accrued on LPHI where the invoice received allocated the fees to LPI.

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-2

 

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

 

INCOME STATEMENT  OCTOBER   NOVEMBER   DECEMBER   JANUARY 
OPERATING EXPENSES                    
13.  LEGAL & PROFESSIONAL FEES  $17,512   $8,894   $1,635      
13.                       
13.                       
13.                       
13.                       
13.  TOTAL OTHER OPERATING EXPENSES  $17,512   $8,894   $1,635   $0 
NON-OPERATING INCOME                    
16.  RENTAL INCOME  $10,000   $1,667           
16.                       
16.                       
16.                       
16.  TOTAL NON-OPERATING INCOME  $10,000   $1,667   $0   $0 
OTHER INCOME & EXPENSES                    
21.  LOSS ON SALE OF ICE AGE COLLECTION  $39,133                
21.  GAIN ON SALE OF BUILDINGS       $(196,072)          
21.  FRANCHISE TAX EXPENSE       $12,921   $(2,568)  $(1,783)
21.  INTEREST INCOME                    
21.  NET OTHER INCOME & EXPENSES  $39,133   $(183,151)  $(2,568)  $(1,783)
REORGANIZATION EXPENSES                    
25.  TRANSCRIPTION SERVICES       $58        $234 
25.  RELATIVITY HOSTING       $1,062   $1,679   $1,292 
25.  PRIVILEGE LOG EXPORT                    
25.  IT SERVICES-SYSTEM BACKUP                    
25.  SECURITY OFFICERS                    
25.  TOTAL OTHER REORGANIZATION EXPENSES  $0   $1,121   $1,679   $1,525 

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-3

 

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

 

CASH RECEIPTS AND DISBURSEMENTS  NOVEMBER   DECEMBER   QUARTER   JANUARY   
1.  CASH - BEGINNING OF MONTH  $354,758   $1,605,186        $429,321   
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  $1,389,341        $1,456,458       1
8.  OTHER (ATTACH LIST)  $1,667   $0   $11,667   $0   
9.  TOTAL NON-OPERATING RECEIPTS  $1,391,008   $0   $1,468,125   $0   
10.  TOTAL RECEIPTS  $1,391,008   $0   $1,468,125   $0   
11.  TOTAL CASH AVAILABLE  $1,745,766   $1,605,186   $1,468,125   $429,321   
OPERATING DISBURSEMENTS                      
12.  NET PAYROLL            $0        
13.  PAYROLL TAXES PAID            $0        
14.  SALES, USE & OTHER TAXES PAID  $11,510        $11,510   $1,193   
15.  SECURED / RENTAL / LEASES            $0        
16.  UTILITIES            $0        
17.  INSURANCE  $35,255   $35,250   $105,077   $33,331   
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)  $4,105   $11,169   $27,573   $151,874   
26.  TOTAL OPERATING DISBURSEMENTS  $50,870   $46,419   $144,160   $186,397   
REORGANIZATION EXPENSES                      
27.  PROFESSIONAL FEES  $89,652   $1,129,446   $1,220,045        
28.  U.S. TRUSTEE FEES            $650   $650   
29.  OTHER (ATTACH LIST)  $58   $0   $620   $234   
30.  TOTAL REORGANIZATION EXPENSES  $89,710   $1,129,446   $1,221,315   $884   
31.  TOTAL DISBURSEMENTS  $140,580   $1,175,865   $1,365,475   $187,281  2
32.  NET CASH FLOW  $1,250,428   $(1,175,865)  $102,650   ($187,281)  
33.  CASH - END OF MONTH  $1,605,186   $429,321        $242,040   

 

1Item 7. Sale of Assets for November includes proceeds received from the sale of the buildings net of closing costs & property taxes. The fourth quarter 2015 also included proceeds from the sale of the Ice Age Collection.
2Total Disbursements for January includes $150,000.00 that is NOT a disbursement, but a transfer of funds between bank accounts from Life Partners Holdings, Inc. account to Life Partners, Inc. account.

 

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-3

 

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

 

CASH RECEIPTS AND DISBURSEMENTS  NOVEMBER   DECEMBER   QUARTER   JANUARY 
                    
OTHER NON-OPERATING RECEIPTS                    
8.  Lease & Rental Income   $1,667        $11,667      
8.  Return of Retainer                    
8.  Worker's Compensation Dividend            $-      
8.  Total - Non-Operating Receipts  $1,667   $-   $11,667   $- 
                        
OTHER OPERATING DISBURSEMENTS                    
25.  Transfer to LPI bank account            $-   $150,000 
25.  Registrar & Transfer Fees  $2,100   $1,150   $4,300   $1,054 
25  Penalty Interest on 2014 Property Taxes            $-      
25.  Filing Fees  $820   $10,019   $10,839   $820 
25.  Web Page Hosting   $1,185        $12,434      
25.  Bank Acct Analysis Fee             $-      
25.  Total - Other Operating Disbursements  $4,105   $11,169   $27,573   $151,874 
                        
OTHER REORGANIZATION EXPENSES                    
29.  Transcription Services  $58        $620   $234 
29.               $0      
29.  Total - Other Reorganization Expenses  $58   $-   $620   $234 

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-4

 

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

 

ACCOUNTS RECEIVABLE AGING  SCHEDULE
AMOUNT		   NOVEMBER   DECEMBER   JANUARY 
                 
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:   January 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)  $6,240                  $6,240 2
5.  TOTAL TAXES PAYABLE  $6,240   $0   $0   $0   $6,240 
                             
6.  ACCOUNTS PAYABLE  $0   $1,635   $281,694   $350,189   $633,519 

 

STATUS OF POSTPETITION TAXES      MONTH:   January 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)   $8,022   $(1,783)       $6,240 2
15.  TOTAL STATE & LOCAL   $8,022   $(1,783)  $0   $6,240 
16.  TOTAL TAXES   $8,022   $(1,783)  $0   $6,240 

 

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 $90,305.59 considered prepetition.

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-5

 

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

 

          MONTH:   January 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             $244,797   $244,797 
2.  ADD: TOTAL DEPOSITS NOT CREDITED                  $0 
3.  SUBTRACT: OUTSTANDING CHECKS             $2,758   $2,758 
4.  OTHER RECONCILING ITEMS                  $0 
5.  MONTH END BALANCE PER BOOKS   $0   $0   $242,040   $242,040 
6.  NUMBER OF LAST CHECK WRITTEN    1013         1053      

 

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  $242,040 

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-6

 

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

  

  MONTH: January 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 3
      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  $819,974   $63,157   $819,974   $192,659 2
2.  Bridgepoint Consulting  12/15/15  $673,261        $673,261   $343,362  
3.  Epiq Bankruptcy Solutions  05/22/15  $2,650,023        $2,343,973   $331,050  
4.  Forshey & Prostok, LLP  04/28/15  $154,409        $154,409   $0 1
5.  Kevin Buchanan & Associates  07/01/15  $140,235        $140,235   $0  
6.  Kim Hinkle, Attorney at Law  12/15/15  $200,377        $200,377   $51,602  
7.  MMS Advisors                    $346,992  
8.  Munsch, Hardt, Kopf & Harr, P.C.  12/15/15  $1,673,802        $1,673,802   $476,316  
9.  Phillips Murrah  12/15/15  $152,051        $152,051   $31,153  
10.  Pronske Goolsby & Kathman, P.C.  05/05/15  $128,618        $128,618   $0 1
11.  Thompson & Knight, LLP  12/15/15  $8,304,511        $8,307,945   $2,665,200 4
12.  Tom Moran, US Trustee  12/18/15  $11,850        $11,850   $658,480 5
13.  Smith, Jackson, Boyer & Bovard, PLLC  12/18/15  $55,199        $55,199   $6,451  
14.  Predictive Resources  11/19/15  $92,121        $92,121   $158,848  
15.  D3G Capital Management LLC/Lewis & Ellis Inc  12/03/15  $88,912        $88,912   $151,663  
16.  Barbara Pope  12/15/15  $42,477        $42,477   $0 6
17.  TOTAL PAYMENTS TO PROFESSIONALS          $63,157   $14,885,204   $5,413,777  

 

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    $1,1007
2.  First Insurance Funding Corp.  $32,116   $32,116   $159,284 
3.                  
4.                  
5.                  
6.  TOTAL  $33,221   $32,116   $160,383 

 

1Total Paid To Date includes retainers paid in prior months by Life Partners, Inc.
2Amount Paid was paid by LPI and includes payments authorized by Fee Procedure Orders dated 8/6/15 and 10/29/15.
3Professional 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.
4Total Paid To Date for Thompson & Knight includes $3,434 in filing fees paid twice (at the time of filing and when the fee application was paid) which is not duplicated in Amount Approved.
5Total Paid To Date excludes out-of-pocket expense reimbursements on behalf of subsidiary debtors.
6Amounts shown are for Fee Applications only and do not include subsequent employee/contractor payments.
7January's payment was made in the last week of December.

 

 

 

  

Monthly Operating Report

ACCRUAL BASIS-7

 

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

 

  MONTH: January 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 Docker 1127 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- 09/30/16    
Errors & Omissions  Indian Harbor  09/30/15- 09/30/16    
Total for Financed thru  First Insurance Funding Corp     $32,116.09 /month
Commercial Package*  Allied Insurance  06/14/15 - 06/13/16  $923.79 /month
Cyber Liability  Beazley Insurance  05/12/15 - 06/12/16  $1,104.82 /month

 

* includes auto, building, edp, excess liability