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.
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 …
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.
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.
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.
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.
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 …