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Life Partners Holdings Inc – ‘8-K’ for 4/24/17 – ‘EX-99.2’

On:  Monday, 5/1/17, at 11:55am ET   ·   For:  4/24/17   ·   Accession #:  1144204-17-23529   ·   File #:  0-07900

Previous ‘8-K’:  ‘8-K’ on 1/26/17 for 1/20/17   ·   Latest ‘8-K’:  This Filing

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/01/17  Life Partners Holdings Inc        8-K:7,9     4/24/17    4:550K                                   Vintage/FA

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     13K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML     93K 
 3: EX-99.2     Miscellaneous Exhibit                               HTML    103K 
 4: EX-99.3     Miscellaneous Exhibit                               HTML     95K

EX-99.2   —   Miscellaneous Exhibit

This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

 

Exhibit 99.2

 

CASE NAME:

Life Partners, Inc.

 

CASE NUMBER:

15-40289 (Jointly Administered)

 

UNITED STATES BANKRUPTCY COURT

 

NORTHERN AND EASTERN DISTRICTS

 

DALLAS AND TYLER DIVISONS

 

FOR POST CONFIRMATION USE

 

QUARTERLY OPERATING REPORT

 

AND

 

QUARTERLY BANK RECONCILEMENT

 

In accordance with Title 28, Section 1746, of the United States Code, I declare under penalty of perjury that I have examined the attached Post Confirmation Quarterly Operating Report, and the Post Confirmation Quarterly Bank Reconcilement 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:  
   
Original Signature of Responsible Party /s/ Eduardo S. Espinosa
   
Printed Name of Responsible Party Eduardo S. Espinosa
   
Title Trustee
   
Date 4/20/2017
   
PREPARER:  
   
Original Signature of Preparer /s/ Bonnie Stripling  
   
Printed Name of Preparer Bonnie Stripling  
   
Title Accountant  
   
Date 4/20/2017

 

 

 

  

POST CONFIRMATION

QUARTERLY OPERATING REPORT

 

CASE NAME:

Life Partners, Inc.

 

CASE NUMBER:

15-40289 (Jointly Administered)

 

QUARTER ENDING: March 31, 2017

 

1   BEGINNING OF QUARTER CASH BALANCE:             $127,284.42  
                     
    CASH RECEIPTS:                
    CASH RECEIPTS DURING CURRENT QUARTER:                
    (a). Cash receipts from business operations     +       $639.33  
    (b). Cash receipts from loan proceeds     +          
    (c). Cash receipts from contributed capital     +          
    (d). Cash receipts from tax refunds     +          
    (e). Cash receipts from other sources     +       $1,234.55 1
2   TOTAL CASH RECEIPTS     =       $1,873.88 5
                     
    CASH DISBURSEMENTS:                
    (A). PAYMENTS MADE UNDER THE PLAN:                
    (I). Administrative     +       $2,861.56 2
    (2). Secured Creditors     +          
    (3). Priority Creditors     +          
    (4). Unsecured Creditors     +          
    (5). Additional Plan Payments     +       $99.33 3
    (B). OTHER PAYMENTS MADE THIS QUARTER:                
    (1). General Business     +       $3,062.84  
    (2). Other Disbursements     +       $176.42 4
3   TOTAL DISBURSEMENTS THIS QUARTER             $6,200.15 5
4   CASH BALANCE END OF QUARTER     =       $122,958.15  

 

1Cash receipts from other sources includes $1,234.55 transferred from paypal back to LPI checking account #4080.
2Administrative Payments made under the plan includes reimbursement of Trustee's travel expenses.
3Additional Plan Payments are cash contributed to Position Holder Trust.
4Other disbursements are cash transferred to LPI Financial Services bank account #4069 to cover bank fees.
5Cash Receipts & Disbursements do not include amounts deposited directly to or disbursed from Life Partners Position Holder Trust accounts or the Life Partners Creditors' Trust account. See attached Supplements to Post Confirmation Quarterly Operating Report & Bank Reconcilement for receipts and disbursements from the Position Holder Trust & Creditors' Trust accounts.

 

 

 

  

POST CONFIRMATION

QUARTERLY BANK RECONCILEMENT

 

CASE NAME:

Life Partners, Inc.

 

CASE NUMBER:

15-40289 (Jointly Administered)

 

The reorganized debtor must complete the reconciliation below for each bank account, including all general, payroll

and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposits, governmental obligations, etc. Accounts'with restricted funds should be identified by placing an asterisk next to the account number.

Attach additional sheets for each bank reconcilement if necessary.

 

QUARTER ENDING: March 31, 2017

 

   Bank Reconciliations  Account #1   Account #2   Account #3   Account #4     
A.  Bank  Bank of Texas   Bank of Texas   Bank of Texas       TOTAL 
B.  Account Number  4080   4091   2027         
C.  Purpose (Type)  Checking   Checking   Checking         
1  Balance Per Bank Statement  $6,966.96   $117,249.36   $0.00        $124,216.32 
2  Add: Total Deposits Not Credited                      +$0.00 
3  Subtract: Outstanding Checks  $63.31   $1,194.86   $0.00         $1,258.17 
4  Other Reconciling Items                       $0.00 
5  Month End Balance Per Books  $6,903.65   $116,054.50   $0.00        =$122,958.15 
6  Number of Last Check Written   2859    4485    1044           
7  Cash: Currency on Hand                      +$0.00 
8  Total Cash - End Of Month                      =$122,958.15 

 

CASH IN:

INVESTMENT ACCOUNTS

 

      Date of   Type of             
   Bank, Account Name & Number  Purchase   Instrument           Value 
9                    + 
10                         +  
11                         +  
12                         +  
13  Total Cash Investments                      =$0.00 
14  TOTAL CASH   LINE 8 - PLUS LINE 13 = LINE 14 ****        $122,958.15 
                  ****  

 

**** Must tie to Line 4, Quarterly Operating Report

 

 

 

 

SUPPLEMENT-1 TO POST CONFIRMATION

QUARTERLY OPERATING REPORT & BANK RECONCILEMENT

 

CASE NAME:

Life Partners, Inc.

 

CASE NUMBER:

15-40289 (Jointly Administered)

 

Receipts and Disbursements of Life Partners Position Holder Trust For Informational Purposes Only

 

The Life Partners Position Holder Trust is providing this reporting for informational purposes only. Funds received and disbursed are primarily trust funds outside of the former bankruptcy estate.

 

    QUARTER ENDING:  March 31, 2017       Period Ending
December 31, 2016		   Quarter Ending
March 31, 2017      		  
1   BEGINNING OF QUARTER CASH BALANCE:       $0.00   $108,736,059.54   
                   
    CASH RECEIPTS:              
    CASH RECEIPTS DURING CURRENT QUARTER:              
    (a). Cash receipts from business operations   +   $2,087,552.65   $58,013,451.53 1
    (b). Cash receipts from loan proceeds   +   $55,000,000.00   $0.00  
    (c). Cash receipts from contributed capital   +   $1,425,876.49   -$1,135.22 2
    (d). Cash receipts from escrow accounts:              
    Premiums Collection Acct #2016*   +   $5,561.35   $0.00  
    Premium Escrow Account FHPREA #0027*   +   $9,031,980.94   $0.00  
    Maturities Account MEA #0019*   +   $36,422,599.96   $0.00  
    All ATLES Accounts   +   $156,139,199.96   $0.00  
    (e). Cash receipts from other sources:              
    Sale of Servicing Rights   +   $4,000,000.00   $0.00  
    Sale of Assets to Vida   +   $60,000.00   $0.00  
2   TOTAL CASH RECEIPTS   =   $264,172,771.35   $58,012,316.31  
                   
    CASH DISBURSEMENTS:              
    (A). PAYMENTS MADE UNDER THE PLAN:              
    (I). Administrative:              
    Payments to Bankruptcy Professionals   +   $15,138,836.96   $2,153,859.62  
    Plan Administration Professionals   +       $780,148.21  
    Other Administrative Claims   +   $735,000.00   $521,630.44  
    US Trustee Fees   +       $21,775.00  
    (2). Secured Creditors   +   $0.00   $0.00  
    (3). Priority Creditors:              
    Maturity Funds   +   $124,886,459.85   $14,956,388.49 3
    Interest on Maturity Funds Loan   +   $1,965,116.54   $143,833.17  
    Excess Escrow Funds       $0.00   $8,096,667.92  
    (4). Unsecured Creditors   +   $0.00   $0.00  
    (5). Additional Plan Payments:              
    Creditors' Trust Funding   +   $2,000,000.00   $5,000,000.00  
    Exit Loan Interest   +       $1,899,027.78  
    DIP Loan Repayment   +   $10,157,777.77   $0.00  
    Unused Credit Line Fee   +   $100,000.00   $0.00  
    (B). OTHER PAYMENTS MADE THIS QUARTER:              
    (1). General Business   +   $11,666.69   $11,804,519.70 4
    (2). Other Disbursements   +   $441,854.00   $33,536.16 5
3   TOTAL DISBURSEMENTS THIS QUARTER   =   $155,436,711.81   $45,411,386.49  
4   CASH BALANCE END OF QUARTER   =   $108,736,059.54   $121,336,989.36  6

 

1Quarter Ending March 31,2017 includes $35,853,794.15 in maturities and $22,122,836.42 in premium receipts which includes prepetition amounts, premiums advanced & platform service fees.
2This includes cash contributed to the Position Holder Trust by the debtors and is shown on the Debtors Quarterly Operating Reports as cash disbursed to the trust. Quarter End 3/31/17 reflects an adjustment of $1,234.55 resulting from the closeout of the PayPal account being deposited back to LPI's operating account #4080.
3Maturity Funds Paid Out to Position Holders to-date total $139,842,848.34, but some checks have been returned and are subject to being reissued.
4General Business Payments includes $11,078,191.61 in premiums paid on active policies and $423,375 for Securities Intermediary On Boarding Fee.
5Other Disbursements for December 31, 2016 includes payments for D&O & E&O insurance and for March 31, 2017, includes payments of other miscellaneous bankruptcy expenses.
6Cash on the books of Life Partners Position Holder Trust at the end of the month.

 

 

 

 

SUPPLEMENT-2 TO POST CONFIRMATION

QUARTERLY OPERATING REPORT & BANK RECONCILEMENT

 

CASE NAME:

Life Partners, Inc.

 

CASE NUMBER:

15-40289 (Jointly Administered)

 

Receipts and Disbursements of Life Partners Position Holder Trust For Informational Purposes Only

 

The Life Partners Position Holder Trust is providing this reporting for informational purposes only. Funds received and disbursed are primarily trust funds outside of the former bankruptcy estate.

 

QUARTER ENDING: March 31, 2017

 

      Account #1   Account #2   Account #3   Account #4   Account #5 
A.  Bank  Bank of Texas   Bank of Texas   Bank of Texas   Bank of Texas   Bank of Texas 
B.  Account Number  6025   6091*   6498   9012*   9020* 
C.  Purpose (Type)  Checking   Checking   Checking   Escrow   Escrow 
   BANK RECONCILIATION                         
1  Balance Per Bank Statement  $5,059,002.15   $20,425,897.91   $22,120,575.64   $18,487,156.47   $19,120,093.47 
2  Add: Total Deposits Not Credited                         
3  Subtract: Outstanding Checks  $1,750.87   $10,148,900.49                
4  Other Reconciling Items                         
5  Month End Balance Per Books  $5,057,251.28   $10,276,997.42   $22,120,575.64   $18,487,156.47   $19,120,093.47 
6  Number of Last Check Written   1079    3434    n/a    n/a    n/a 
7  Cash: Currency on Hand                         
8  Total Cash - End Of Month                         

 

      Account #6   Account #7   Account #8   Account #9   Account #10     
A.  Bank  Bank of Texas   Bank of Texas   Bank of Texas   Bank of Texas       TOTAL 
B.  Account Number  9038*   6036*   6135   6080         
C.  Purpose (Type)  Escrow   Checking   Checking   Checking         
   BANK RECONCILIATION                              
1  Balance Per Bank Statement  $14,663,795.68   $26,564,803.47   $432,657.73   $4,721,596.65         $131,595,579.17 
2  Add: Total Deposits Not Credited                           +$0.00 
3  Subtract: Outstanding Checks                 $108,371.38         $10,259,022.74 
4  Other Reconciling Items                 $138.50         $138.50 
5  Month End Balance Per Books  $14,663,795.68   $26,564,803.47   $432,657.73   $4,613,363.77   $0.00   =$121,336,694.93 
6  Number of Last Check Written   n/a    n/a    n/a    2529           
7  Cash: Currency on Hand                           +$294.43 
8  Total Cash - End Of Month                           =$121,336,989.36 

 

CASH IN:

INVESTMENT ACCOUNTS

 

      Date of   Type of                 
   Bank, Account Name & Number  Purchase   Instrument               Value 
9                        + 
10                              +  
12                              +  
13  Total Cash Investments                           =$0.00 
14  TOTAL CASH   LINE 8 - PLUS LINE 13 = LINE 14 ****         $121,336,989.36 
                 **** 

 

**** Must tie to Line 4, Quarterly Operating Report

 

* Accounts with restricted funds have been identified by placing an asterisk by the account number. These accounts are controlled by a third party and are not in the custody of the Position Holder Trust.

 

 

 

 

SUPPLEMENT-3 TO POST CONFIRMATION

QUARTERLY OPERATING REPORT & BANK RECONCILEMENT

 

CASE NAME:

Life Partners, Inc.

 

CASE NUMBER:

15-40289 (Jointly Administered)

 

Receipts and Disbursements of Life Partners Creditors' Trust For Informational Purposes Only

 

The Life Partners Creditors' Trust is providing this reporting for informational purposes only. Funds received are primarily funding transfers from the former bankruptcy estate.

 

    QUARTER ENDING:  March 31, 2017       Period Ending
December 31, 2016		   Quarter Ending
March 31, 2017		  
1   BEGINNING OF QUARTER CASH BALANCE:       $0.00   $1,842,330.00  
                   
    CASH RECEIPTS:              
    CASH RECEIPTS DURING CURRENT QUARTER:              
    (a). Cash receipts from business operations   +          
    (b). Cash receipts from loan proceeds   +          
    (c). Cash receipts from contributed capital   +   $2,000,000.00   $5,000,000.00 1
    (d). Cash receipts from tax refunds:   +          
    (e). Cash receipts from other sources:              
    Settlement Proceeds   +       $208,918.98  
    Other   +       $500.00  
2   TOTAL CASH RECEIPTS   =   $2,000,000.00   $5,209,418.98  
                   
    CASH DISBURSEMENTS:              
    (A). PAYMENTS MADE UNDER THE PLAN:              
    (1). Administrative:              
    Plan Administration Professionals   +          
    (2). Secured Creditors   +   $0.00   $0.00  
    (3). Priority Creditors:   +          
    (4). Unsecured Creditors   +   $0.00   $0.00  
    (5). Additional Plan Payments:   +          
    (B). OTHER PAYMENTS MADE THIS QUARTER:              
    (1). General Business   +          
    (2). Other Disbursements              
    Professional Fees Expenses   +       $1,760,884.06  
    Trustee & Board Fees & Expenses   +   $2,000.00   $111,981.20  
    Bond & Liability Insurance   +   $155,670.00      
3   TOTAL DISBURSEMENTS THIS QUARTER   =   $157,670.00   $1,872,865.26  
4   CASH BALANCE END OF QUARTER   =   $1,842,330.00   $5,178,883.72 2

 

1Funding from Position Holder Trust shown on Supplement-1 to Post Confirmation Quarterly Operating Report & Bank Reconcilement under (A)(5) Additional Plan Payments.
2Cash on the books of Life Partners Creditors' Trust at the end of the month.

 

 

 

  

SUPPLEMENT-4 TO POST CONFIRMATION

QUARTERLY OPERATING REPORT & BANK RECONCILEMENT

 

CASE NAME:

Life Partners, Inc.

 

CASE NUMBER:

15-40289 (Jointly Administered)

 

Receipts and Disbursements of Life Partners Creditors' Trust For Informational Purposes Only

 

The Life Partners Creditors' Trust is providing this reporting for informational purposes only. Funds received are primarily funding transfers from the former bankruptcy estate.

 

QUARTER ENDING: March 31, 2017

 

      Account #1   Account #2   Account #3   Account #4   Account #5     
A.  Bank  Rabobank N.A.                   TOTAL 
B.  Account Number  0166                     
C.  Purpose (Type)  Checking                     
   BANK RECONCILIATION                              
1  Balance Per Bank Statement  $5,223,845.72                        $5,223,845.72 
2  Add: Total Deposits Not Credited                           +$0.00 
3  Subtract: Outstanding Checks  $44,962.00                        $44,962.00 
4  Other Reconciling Items                            $0.00 
5  Month End Balance Per Books  $5,178,883.72   $0.00   $0.00   $0.00   $0.00   =$5,178,883.72 
6  Number of Last Check Written   113                          
7  Cash: Currency on Hand                           +  
8  Total Cash - End Of Month                           =$5,178,883.72 

 

CASH IN:

INVESTMENT ACCOUNTS

 

      Date of   Type of                 
   Bank, Account Name & Number  Purchase   Instrument               Value 
9                        + 
10                              +  
11                              +  
12                              +  
13  Total Cash Investments                           =$0.00 
14  TOTAL CASH   LINE 8 - PLUS LINE 13 = LINE 14 ****        $5,178,883.72 
                    **** 

 

**** Must tie to Line 4, Quarterly Operating Report

 

 

 

Dates Referenced Herein

This ‘8-K’ Filing    Date    Other Filings
Filed on:5/1/17None on these Dates
For Period End:4/24/17
3/31/17
12/31/16
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