Trustee Update on K-1s and Grantor Statements

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Many investors have called regarding the timing of K-1s and Grantor Statements being issued. Those forms will be mailed during the week of March 18, 2019, so you should have them shortly after that time.

Trustee Update

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Beginning January 1, 2018, a new law increased maximum US Trustee quarterly fees for Chapter 11 cases from $30,000 to $250,000. Because there was less need to keep the case open beyond first quarter 2019, as Trustee I filed a joint application in January, 2019 with the Creditors’ Trust Trustee to close the Life Partners bankruptcy case, which would terminate …

8-K Filed

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An 8-K was filed by the Trust with the Securities & Exchange Commission on February 4, 2019 and is accessible now on the Investor Relations page.

Line of Credit Secured

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Effective January 30, 2019, the Trust executed a new $15 million line of credit, secured by Trust assets, with Veritex Community Bank to be used in the future should a need ever arise.

Exit Facility Paid in Full

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Effective January 17, 2019, the Trust fully paid all obligations remaining under its $55 million Exit Loan Facility with Vida Capital, Inc. As a result, all of Vida Capital Inc.’s liens against Trust assets were released.

Newsletter Status Update

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Along with input from the Board, the Trustee has determined that information previously provided by the newsletter will now be posted directly to the website or contained in the public filings. Important announcements will be periodically posted as a “Trustee Update.” This decision was driven by cost and as time moves on, fewer items are newsworthy each month. 

New Trustee Appointed

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On December 13, 2018, the Life Partners Position Holder Trust Governing Trust Board appointed a new trustee. The Board selected Michael J. Quilling, an attorney at Quilling, Selander, Lownds, Winslett and Moser, P.C. in Dallas, Texas. Mr. Quilling functions as a receiver throughout the U.S. and Canada. He also represents financial institutions, companies and individuals in all aspects of bankruptcy matters …

Offer to Purchase from Contrarian Funds, L.L.C.

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Contrarian Funds, L.L.C. (”Contrarian”) has made an Offer to Purchase up to 19,745,000 Units of Life Partners Position Holder Trust ( “PHT units”) and up to 35,545,000 Units of Life Partners IRA Holder Partnership, LLC (“IRA Partnership units”) at a price of $0.16 per unit for the PHT and IRA Partnership units. Contrarian has mailed you documents related to the …

Tender Offer from Life Settlement Liquidity Option LLC

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Life Settlement Liquidity Option, LLC (the “Offeror”) has made a tender offer to purchase up to 150,375,940 PHT units and up to 225,563,910 IRA Partnership units at a price of $0.133 per unit for the PHT and IRA Partnership units. The Offeror has mailed you documents related to the tender offer, including the forms you will need to submit if …