The PHT is unable to distribute the proceeds of Policy 77250 at this time, due to a lawsuit filed in New York late last month. In the lawsuit, Shea Ostreicher claims that the sale of this policy to LPI in 2012 was invalid and that he is the actual owner of the policy. We will vigorously fight this suit.
This is not the first time that Mr. Ostreicher has raised this claim. He initially raised it in 2012. At that time, a Texas state court entered a judgment finding that LPI was the rightful owner of the policy. He raised his claim again in the bankruptcy. Earlier this year, Judge Nelms entered judgment in LPI’s favor finding (once again) that LPI was the rightful owner of the policy. We believe that, based on these prior rulings, the PHT will ultimately prevail in this latest suit by Mr. Ostreicher.
As events warrant, we will post updates regarding the case on the website. Please do not contact Magna or the Trustee’s office for further information regarding this suit or when the proceeds of Policy 77250 will be distributed. All of the information that we can provide to you will be provided through the website.