LIFE PARTNERS POSITION HOLDER TRUST
In December 2014, the U.S. Securities and Exchange Commission (SEC) secured judgments against Life Partners and its senior executives totaling more than $46.8 million for engaging in “serious violations” of the securities laws that “deprived the investing public of the information it needed to make a fully informed decision about whether to invest in Life Partners.” That judgment prompted the company’s former management team to put the company in bankruptcy in the Northern District of Texas (Fort Worth Division, Case No. 15-40289-RFN-11).
H. Thomas Moran, II, the Chapter 11 Trustee for Life Partners Holdings, Inc. (LPHI), announced on December 13, 2016 that the Joint Plan of Reorganization became effective on December 9, 2016 and the company emerged from bankruptcy.
Life Partners Position Holders Trust (“LPPHT”) is one of two trusts created by LPHI’s Joint Plan of Reorganization. The job of the PHT is to liquidate the LPI policy portfolio and distribute the net proceeds to investors. Eduardo S. Espinosa of Dykema Cox Smith was appointed as the Trustee of LPPHT. Magna Servicing, a subsidiary of Vida Capital, will service the portfolio. Magna Servicing will maintain the Waco office that was previously Life Partners, many of the LPI personnel, as well as the phone and fax numbers -- so we will be easy for you to reach.