UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 20, 2015
LIFE PARTNERS HOLDINGS, INC.
(Exact name of registrant as specified in its
charter)
Texas |
0-7900 |
74-2962475 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
204 Woodhew
Waco, Texas |
76712 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (254) 751-7797
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2 below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On November 20, 2015, Life
Partners Holdings, Inc. (the “Company”) and its direct and indirect subsidiaries, Life Partners, Inc.
and LPI Financial Services, Inc., filed with the United States Bankruptcy Court for the Northern District of Texas unaudited and
unreviewed monthly operating reports for the Company and its direct and indirect subsidiaries for the month ended October 31, 2015
(the “Monthly Operating Reports”). The Monthly Operating Reports are attached to this current report
on Form 8-K as Exhibit 99.1 through Exhibit 99.3 and are incorporated herein by reference.
Limitation on Incorporation by Reference:
In accordance with general
instruction B.2 of Form 8-K, the information in Item 7.01 of this report, including Exhibit 99.1 through Exhibit 99.3, is furnished
pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liability of that section.
| Item 9.01 | Financial Statements and Exhibits. |
| 99.1 | Monthly Operating Report for the month ended October 31,
2015 for Life Partners Holdings, Inc. |
| 99.2 | Monthly Operating Report for the month ended October 31,
2015 for Life Partners, Inc. |
| 99.3 | Monthly Operating Report for the month ended October 31,
2015 for LPI Financial Services, Inc. |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
LIFE PARTNERS HOLDINGS, INC. |
|
|
|
Date: November 23, 2015 |
By: |
/s/ Colette Pieper |
|
|
Colette Pieper |
|
|
Chief Executive Officer |
INDEX TO EXHIBITS
Item |
|
Exhibit |
|
|
|
99.1 |
|
Monthly Operating Report for the month ended October 31, 2015 for Life Partners Holdings, Inc. |
|
|
|
99.2 |
|
Monthly Operating Report for the month ended October 31, 2015 for Life Partners, Inc. |
|
|
|
99.3 |
|
Monthly Operating Report for the month ended October 31, 2015 for LPI Financial Services, Inc. |
Exhibit 99.1
|
Monthly Operating Report |
|
ACCRUAL BASIS |
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
|
|
JUDGE: |
Russell Nelms |
UNITED STATES
BANKRUPTCY COURT
NORTHERN &
EASTERN DISTRICTS OF TEXAS
REGION 6
MONTHLY OPERATING
REPORT
MONTH ENDING: |
October |
|
2015 |
|
|
MONTH |
|
YEAR |
|
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES
CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL
BASIS-7) AND THE ACCOMPANYING ATTACHMENTS 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: |
|
|
|
|
|
/s/ H. Thomas Moran II |
|
Trustee |
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY |
|
TITLE |
|
|
|
H. Thomas Moran II |
|
11/20/2015 |
PRINTED NAME OF RESPONSIBLE PARTY |
|
DATE |
|
|
|
PREPARER: |
|
|
|
|
|
/s/ Colette Pieper |
|
CEO |
ORIGINAL SIGNATURE OF PREPARER |
|
TITLE |
|
|
|
Colette Pieper |
|
11/20/2015 |
PRINTED NAME OF PREPARER |
|
DATE |
Monthly Operating
Report
ACCRUAL BASIS-1
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
COMPARATIVE BALANCE SHEET
| |
| |
SCHEDULE AMOUNT | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | | |
|
| |
| |
| | | |
| | | |
| | | |
| | | |
|
ASSETS | |
| | | |
| | | |
|
1. | |
UNRESTRICTED CASH | |
$ | 51,248 | | |
$ | 35,458 | | |
$ | 326,670 | | |
$ | 354,758 | | |
|
2. | |
RESTRICTED CASH | |
| | | |
| | | |
| | | |
| | | |
|
3. | |
TOTAL CASH | |
$ | 51,248 | | |
$ | 35,458 | | |
$ | 326,670 | | |
$ | 354,758 | | |
|
4. | |
ACCOUNTS RECEIVABLE (NET) | |
| | | |
| | | |
| | | |
| | | |
|
5. | |
INVENTORY | |
| | | |
| | | |
| | | |
| | | |
|
6. | |
NOTES RECEIVABLE | |
| | | |
| | | |
| | | |
| | | |
|
7. | |
PREPAID EXPENSES | |
| | | |
$ | 168,482 | | |
$ | 504,726 | | |
$ | 468,698 | | |
|
8. | |
OTHER (ATTACH LIST) | |
$ | 76,415 | | |
$ | 95,165 | | |
$ | 84,665 | | |
$ | 84,665 | | |
|
9. | |
TOTAL CURRENT ASSETS | |
$ | 127,664 | | |
$ | 299,105 | | |
$ | 916,061 | | |
$ | 908,120 | | |
|
10. | |
PROPERTY, PLANT & EQUIPMENT | |
$ | 2,188,639 | | |
$ | 2,188,639 | | |
$ | 2,188,639 | | |
$ | 2,188,639 | | |
|
11. | |
LESS: ACCUMULATED DEPRECIATION/DEPLETION | |
| | | |
$ | (825,402 | ) | |
$ | (831,120 | ) | |
$ | (836,838 | ) | |
|
12. | |
NET PROPERTY, PLANT & EQUIPMENT | |
$ | 2,188,639 | | |
$ | 1,363,237 | | |
$ | 1,357,519 | | |
$ | 1,351,801 | | |
|
13. | |
DUE FROM INSIDERS | |
| | | |
| | | |
| | | |
| | | |
|
14. | |
OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) | |
$ | 166,250 | | |
$ | 166,250 | | |
$ | 166,250 | | |
$ | 0 | | |
|
15. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | | |
|
16. | |
TOTAL ASSETS | |
$ | 2,482,552 | | |
$ | 1,828,592 | | |
$ | 2,439,830 | | |
$ | 2,259,921 | | |
|
POSTPETITION LIABILITIES | |
| | | |
| | | |
|
17. | |
ACCOUNTS PAYABLE | |
| | | |
$ | 513,595 | | |
$ | 1,054,868 | | |
$ | 1,045,066 | | |
|
18. | |
TAXES PAYABLE | |
| | | |
$ | 37,923 | | |
$ | 43,071 | | |
$ | 76,683 | | |
|
19. | |
NOTES PAYABLE | |
| | | |
| | | |
| | | |
| | | |
|
20. | |
PROFESSIONAL FEES | |
| | | |
$ | 6,536,268 | | |
$ | 6,156,291 | | |
$ | 6,097,578 | | |
|
21. | |
SECURED DEBT | |
| | | |
$ | 6,521 | | |
$ | 290,616 | | |
$ | 258,193 | | |
|
22. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | | |
|
23. | |
TOTAL POSTPETITION LIABILITIES | |
| | | |
$ | 7,094,306 | | |
$ | 7,544,846 | | |
$ | 7,477,521 | | |
|
PREPETITION LIABILITIES | |
| | | |
| | | |
|
24. | |
SECURED DEBT | |
$ | 267,505 | | |
$ | 65,035 | | |
$ | 65,035 | | |
$ | 65,035 | | |
1 |
25. | |
PRIORITY DEBT | |
$ | 3,991,351 | | |
| | | |
| | | |
| | | |
|
26. | |
UNSECURED DEBT | |
$ | 114,283,485 | | |
$ | 1,588,832 | | |
$ | 1,588,832 | | |
$ | 1,588,832 | | |
2 |
27. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | | |
|
28. | |
TOTAL PREPETITION LIABILITIES | |
$ | 118,542,341 | | |
$ | 1,653,867 | | |
$ | 1,653,867 | | |
$ | 1,653,867 | | |
|
29. | |
TOTAL LIABILITIES | |
$ | 118,542,341 | | |
$ | 8,748,174 | | |
$ | 9,198,714 | | |
$ | 9,131,388 | | |
|
EQUITY | |
| | | |
| | | |
|
30. | |
PREPETITION OWNERS' EQUITY | |
| | | |
$ | (73,722,301 | ) | |
$ | (73,722,301 | ) | |
$ | (73,722,301 | ) | |
|
31. | |
POSTPETITION CUMULATIVE PROFIT OR (LOSS) | |
| | | |
$ | (7,556,986 | ) | |
$ | (7,578,724 | ) | |
$ | (7,692,486 | ) | |
|
32. | |
DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) | |
| | | |
$ | 74,359,705 | | |
$ | 74,542,142 | | |
$ | 74,543,320 | | |
3 |
33. | |
TOTAL EQUITY | |
| | | |
$ | (6,919,582 | ) | |
$ | (6,758,884 | ) | |
$ | (6,871,467 | ) | |
|
34. | |
TOTAL LIABILITIES & OWNERS' EQUITY | |
| | | |
$ | 1,828,592 | | |
$ | 2,439,830 | | |
$ | 2,259,921 | | |
|
| 1 | Item 24. Secured Debt includes $3,260.33 accrued property
tax for the prepetition period, due post petition. |
| 2 | The Schedule Amount for Item 26. Unsecured Debt includes
Intercompany Due To/From LPI shown below in Item 32. |
| 3 | Intercompany Due To/From Life Partners, Inc. |
Monthly Operating
Report
SUPPLEMENT TO
ACCRUAL BASIS-1
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
COMPARATIVE BALANCE SHEET
| |
| |
SCHEDULE AMOUNT | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | |
| |
| |
| | |
| | |
| | |
| |
8. OTHER CURRENT ASSETS | |
| | | |
| | |
8. | |
Pardo Family Holdings Trust (Advance to Price L. Johnson, PC) | |
$ | 24,441 | | |
$ | 31,323 | | |
$ | 31,323 | | |
$ | 31,323 | |
8. | |
Pardo Family Holdings Trust (Advance to Kyle, Mathis & Lucas, LLP) | |
$ | 51,975 | | |
$ | 53,343 | | |
$ | 53,343 | | |
$ | 53,343 | |
8. | |
Rent due from Life Partners, Inc. | |
| | | |
$ | 10,500 | | |
| | | |
| | |
8. | |
| |
| | | |
| | | |
| | | |
| | |
8. | |
| |
| | | |
| | | |
| | | |
| | |
8. | |
| |
| | | |
| | | |
| | | |
| | |
8. | |
| |
| | | |
| | | |
| | | |
| | |
8 | |
| |
| | | |
| | | |
| | | |
| | |
8. | |
TOTAL - OTHER CURRENT ASSETS | |
$ | 76,415 | | |
$ | 95,165 | | |
$ | 84,665 | | |
$ | 84,665 | |
14. OTHER ASSETS - NET OF AMORTIZATION | |
| | | |
| | |
14. | |
Woolly Mammoth & Other Prehistoric Artifacts | |
$ | 166,250 | | |
$ | 166,250 | | |
$ | 166,250 | | |
| | |
14. | |
| |
| | | |
| | | |
| | | |
| | |
14. | |
| |
| | | |
| | | |
| | | |
| | |
14. | |
| |
| | | |
| | | |
| | | |
| | |
14. | |
| |
| | | |
| | | |
| | | |
| | |
14. | |
TOTAL - OTHER ASSETS (Net of Amort.) | |
$ | 166,250 | | |
$ | 166,250 | | |
$ | 166,250 | | |
$ | - | |
15. OTHER ASSETS | |
| | | |
| | |
15. | |
| |
| | | |
| | | |
| | | |
| | |
15. | |
| |
| | | |
| | | |
| | | |
| | |
15. | |
| |
| | | |
| | | |
| | | |
| | |
15. | |
| |
| | | |
| | | |
| | | |
| | |
15. | |
| |
| | | |
| | | |
| | | |
| | |
15. | |
| |
| | | |
| | | |
| | | |
| | |
15. | |
| |
| | | |
| | | |
| | | |
| | |
15. | |
| |
| | | |
| | | |
| | | |
| | |
15. | |
| |
| | | |
| | | |
| | | |
| | |
15. | |
TOTAL - OTHER ASSETS | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| |
| | | |
| | | |
| | | |
| | |
POSTPETITION LIABILITIES | |
| | | |
| | |
22. | |
| |
| | | |
| | | |
| | | |
| | |
22. | |
| |
| | | |
| | | |
| | | |
| | |
22. | |
| |
| | | |
| | | |
| | | |
| | |
22. | |
| |
| | | |
| | | |
| | | |
| | |
22. | |
| |
| | | |
| | | |
| | | |
| | |
22. | |
| |
| | | |
| | | |
| | | |
| | |
22 | |
TOTAL - OTHER POSTPETITION LIABILITIES | |
| | | |
$ | - | | |
$ | - | | |
$ | - | |
Monthly Operating
Report
ACCRUAL BASIS-2
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
INCOME STATEMENT | |
JULY | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | | |
|
REVENUES | |
| | | |
| | | |
|
1. | |
GROSS REVENUES | |
| | | |
| | | |
| | | |
| | | |
|
2. | |
LESS: RETURNS & DISCOUNTS | |
| | | |
| | | |
| | | |
| | | |
|
3. | |
NET REVENUE | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
COST OF GOODS SOLD | |
| | | |
| | | |
|
4. | |
MATERIAL | |
| | | |
| | | |
| | | |
| | | |
|
5. | |
DIRECT LABOR | |
| | | |
| | | |
| | | |
| | | |
|
6. | |
DIRECT OVERHEAD | |
| | | |
| | | |
| | | |
| | | |
|
7. | |
TOTAL COST OF GOODS SOLD | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
8. | |
GROSS PROFIT | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
OPERATING EXPENSES | |
| | | |
| | | |
|
9. | |
OFFICER / INSIDER COMPENSATION | |
| | | |
| | | |
| | | |
| | | |
|
10. | |
SELLING & MARKETING | |
| | | |
| | | |
| | | |
| | | |
|
11. | |
GENERAL & ADMINISTRATIVE | |
$ | 47,520 | | |
$ | 42,251 | | |
$ | 51,554 | | |
$ | 73,439 | | |
1 |
12. | |
RENT & LEASE | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | | |
|
13. | |
OTHER (ATTACH LIST) | |
$ | 10,320 | | |
$ | 22,352 | | |
$ | 15,413 | | |
$ | 17,512 | | |
1 |
14. | |
TOTAL OPERATING EXPENSES | |
$ | 57,840 | | |
$ | 64,603 | | |
$ | 66,966 | | |
$ | 90,951 | | |
|
15. | |
INCOME BEFORE NON-OPERATING INCOME & EXPENSE | |
$ | (57,840 | ) | |
$ | (64,603 | ) | |
$ | (66,966 | ) | |
$ | (90,951 | ) | |
|
OTHER INCOME & EXPENSES | |
| | | |
| | | |
|
16. | |
NON-OPERATING INCOME (ATTACH LIST) | |
$ | (10,000 | ) | |
$ | (10,500 | ) | |
$ | (10,000 | ) | |
$ | (10,000 | ) | |
|
17. | |
NON-OPERATING EXPENSE (ATTACH LIST) | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | | |
|
18. | |
INTEREST EXPENSE | |
$ | 131 | | |
$ | 36 | | |
$ | 31 | | |
$ | 798 | | |
|
19. | |
DEPRECIATION / DEPLETION | |
$ | 5,718 | | |
$ | 5,718 | | |
$ | 5,718 | | |
$ | 5,718 | | |
|
20. | |
AMORTIZATION | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | | |
|
21. | |
OTHER (ATTACH LIST) | |
$ | 0 | | |
| | | |
$ | (35,447 | ) | |
$ | 39,133 | | |
2 |
22. | |
NET OTHER INCOME & EXPENSES | |
$ | (4,152 | ) | |
$ | (4,746 | ) | |
$ | (39,698 | ) | |
$ | 35,649 | | |
|
REORGANIZATION EXPENSES | |
| | | |
| | | |
|
23. | |
PROFESSIONAL FEES | |
$ | 1,314,994 | | |
$ | 804,838 | | |
$ | (6,279 | ) | |
$ | (13,826 | ) | |
3 |
24. | |
U.S. TRUSTEE FEES | |
$ | 325 | | |
| | | |
$ | 71 | | |
$ | 988 | | |
|
25. | |
OTHER (ATTACH LIST) | |
$ | 1,770 | | |
$ | 582 | | |
$ | 669 | | |
| | | |
|
26. | |
TOTAL REORGANIZATION EXPENSES | |
$ | 1,317,088 | | |
$ | 805,420 | | |
$ | (5,540 | ) | |
$ | (12,838 | ) | |
|
27. | |
INCOME TAX | |
| | | |
| | | |
$ | 10 | | |
| | | |
|
28. | |
NET PROFIT (LOSS) | |
$ | (1,370,776 | ) | |
$ | (865,276 | ) | |
$ | (21,738 | ) | |
$ | (113,762 | ) | |
|
| 1 | August figures have been adjusted to reflect $3,333.34
that was reclassified from Other to General & Administrative Expenses. |
| 2 | Item 21. Other Income & Expense for September is gain
recognized on the sale of the airport hangar. This asset was carried on the books of Life Partners, Inc., but was owned by LPHI,
therefore, the corresponding reduction in assets shows on Life Partners, Inc. MOR-1 |
| 3 | Item 23. Professional Fees for October are negative due
to reversing fees previously accrued on LPHI where the invoice received allocate the fees to LPI. |
Monthly Operating
Report
SUPPLEMENT TO
ACCRUAL BASIS-2
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
INCOME STATEMENT | |
JULY | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | | |
|
OPERATING EXPENSES | |
| | | |
| | | |
|
13. | |
LEGAL & PROFESSIONAL FEES | |
$ | 10,320 | | |
$ | 22,352 | | |
$ | 15,413 | | |
$ | 17,512 | | |
|
13. | |
| |
| | | |
| | | |
| | | |
| | | |
|
13. | |
TOTAL OTHER OPERATING EXPENSES | |
$ | 10,320 | | |
$ | 22,352 | | |
$ | 15,413 | | |
$ | 17,512 | | |
|
NON-OPERATING INCOME | |
| | | |
| | | |
|
16. | |
RENTAL INCOME | |
$ | 10,000 | | |
$ | 10,000 | | |
$ | 10,000 | | |
$ | 10,000 | | |
|
16. | |
LATE FEE INCOME | |
| | | |
$ | 500 | | |
| | | |
| | | |
|
16. | |
| |
| | | |
| | | |
| | | |
| | | |
|
16. | |
TOTAL NON-OPERATING INCOME | |
$ | 10,000 | | |
$ | 10,500 | | |
$ | 10,000 | | |
$ | 10,000 | | |
|
OTHER INCOME & EXPENSES | |
| | | |
| | | |
|
21. | |
GAIN ON SALE OF AIRPORT HANGAR | |
| | | |
| | | |
$ | (35,447 | ) | |
| | | |
1 |
21. | |
LOSS ON SALE OF ICE AGE COLLECTION | |
| | | |
| | | |
| | | |
$ | 39,133 | | |
|
21. | |
| |
| | | |
| | | |
| | | |
| | | |
|
21. | |
NET OTHER INCOME & EXPENSES | |
$ | 0 | | |
$ | 0 | | |
$ | (35,447 | ) | |
$ | 39,133 | | |
|
REORGANIZATION EXPENSES | |
| | | |
| | | |
|
25. | |
TRANSCRIPTION SERVICES | |
$ | 1,770 | | |
$ | 582 | | |
$ | 669 | | |
| | | |
|
25. | |
| |
| | | |
| | | |
| | | |
| | | |
|
25. | |
TOTAL OTHER REORGANIZATION EXPENSES | |
$ | 1,770 | | |
$ | 582 | | |
$ | 669 | | |
$ | 0 | | |
|
| 1 | Item 21. The airport hangar was carried on the books of
Life Partners, Inc., but was owned by LPHI, therefore, the corresponding reduction in assets shows on Life Partners, Inc. MOR-1 |
Monthly Operating Report
ACCRUAL BASIS-3
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
CASH RECEIPTS AND DISBURSEMENTS | |
AUGUST | | |
SEPTEMBER | | |
QUARTER | | |
OCTOBER | | |
|
1. | |
CASH - BEGINNING OF MONTH | |
$ | 33,749 | | |
$ | 35,458 | | |
| | | |
$ | 326,670 | | |
|
RECEIPTS FROM OPERATIONS | |
| | | |
| | | |
|
2. | |
CASH SALES | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
COLLECTION OF ACCOUNTS RECEIVABLE | |
| | | |
| | | |
|
3. | |
PREPETITION | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
4. | |
POSTPETITION | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
5. | |
TOTAL OPERATING RECEIPTS | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
NON-OPERATING RECEIPTS | |
| | | |
| | | |
|
6. | |
LOANS & ADVANCES (ATTACH LIST) | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
7. | |
SALE OF ASSETS | |
| | | |
$ | 268,996 | | |
$ | 268,996 | | |
$ | 67,117 | | |
1 |
8. | |
OTHER (ATTACH LIST) | |
$ | 5,168 | | |
$ | 26,255 | | |
$ | 41,423 | | |
$ | 10,000 | | |
|
9. | |
TOTAL NON-OPERATING RECEIPTS | |
$ | 5,168 | | |
$ | 295,251 | | |
$ | 310,419 | | |
$ | 77,117 | | |
|
10. | |
TOTAL RECEIPTS | |
$ | 5,168 | | |
$ | 295,251 | | |
$ | 310,419 | | |
$ | 77,117 | | |
|
11. | |
TOTAL CASH AVAILABLE | |
$ | 38,917 | | |
$ | 330,710 | | |
$ | 310,419 | | |
$ | 403,787 | | |
|
OPERATING DISBURSEMENTS | |
| | | |
| | | |
|
12. | |
NET PAYROLL | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
13. | |
PAYROLL TAXES PAID | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
14. | |
SALES, USE & OTHER TAXES PAID | |
| | | |
$ | 10 | | |
$ | 10 | | |
| | | |
|
15. | |
SECURED / RENTAL / LEASES | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
16. | |
UTILITIES | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
17. | |
INSURANCE | |
$ | 2,456 | | |
$ | 2,456 | | |
$ | 7,388 | | |
$ | 34,572 | | |
|
18. | |
INVENTORY PURCHASES | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
19. | |
VEHICLE EXPENSES | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
20. | |
TRAVEL | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
21. | |
ENTERTAINMENT | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
22. | |
REPAIRS & MAINTENANCE | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
23. | |
SUPPLIES | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
24. | |
ADVERTISING | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
25. | |
OTHER (ATTACH LIST) | |
$ | 212 | | |
$ | 1,394 | | |
$ | 6,624 | | |
$ | 12,299 | | |
|
26. | |
TOTAL OPERATING DISBURSEMENTS | |
$ | 2,668 | | |
$ | 3,860 | | |
$ | 14,022 | | |
$ | 46,871 | | |
|
REORGANIZATION EXPENSES | |
| | | |
| | | |
|
27. | |
PROFESSIONAL FEES | |
| | | |
| | | |
$ | 0 | | |
$ | 947 | | |
|
28. | |
U.S. TRUSTEE FEES | |
| | | |
| | | |
$ | 1,950 | | |
$ | 650 | | |
|
29. | |
OTHER (ATTACH LIST) | |
$ | 791 | | |
$ | 180 | | |
$ | 2,459 | | |
$ | 562 | | |
|
30. | |
TOTAL REORGANIZATION EXPENSES | |
$ | 791 | | |
$ | 180 | | |
$ | 4,409 | | |
$ | 2,159 | | |
|
31. | |
TOTAL DISBURSEMENTS | |
$ | 3,459 | | |
$ | 4,039 | | |
$ | 18,431 | | |
$ | 49,030 | | |
|
32. | |
NET CASH FLOW | |
$ | 1,709 | | |
$ | 291,212 | | |
$ | 291,989 | | |
$ | 28,087 | | |
|
33. | |
CASH - END OF MONTH | |
$ | 35,458 | | |
$ | 326,670 | | |
| | | |
$ | 354,758 | | |
|
| 1 | Item 7. Sale of Assets for September includes $208,996.12
received from the sale of the airplane hangar and a $60,000 down payment on the sale of the Ice Age Collection. For October, this
includes proceeds from the sale of the Ice Age Collection. |
Monthly Operating
Report
SUPPLEMENT TO
ACCRUAL BASIS-3
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
CASH RECEIPTS AND DISBURSEMENTS | |
AUGUST | | |
SEPTEMBER | | |
QUARTER | | |
OCTOBER | |
| |
| |
| | |
| | |
| | |
| |
OTHER NON-OPERATING RECEIPTS | |
| | | |
| | |
8. | |
Lease & Rental Income | |
| | | |
$ | 20,500 | | |
$ | 30,500 | | |
$ | 10,000 | |
8. | |
Return of Retainer | |
| | | |
$ | 5,755 | | |
$ | 5,755 | | |
| | |
8. | |
Worker's Compensation Dividend | |
$ | 5,168 | | |
| | | |
$ | 5,168 | | |
| | |
8. | |
Total - Non-Operating Receipts | |
$ | 5,168 | | |
$ | 26,255 | | |
$ | 41,423 | | |
$ | 10,000 | |
| |
| |
| | | |
| | | |
| | | |
| | |
OTHER OPERATING DISBURSEMENTS | |
| | | |
| | |
25. | |
Registrar & Transfer Fees | |
| | | |
$ | 1,400 | | |
$ | 2,450 | | |
$ | 1,050 | |
25. | |
Filing Fees | |
$ | 212 | | |
| | | |
$ | 212 | | |
| | |
25. | |
Web Page Hosting | |
| | | |
| | | |
$ | 3,750 | | |
$ | 11,249 | |
25. | |
Bank Acct Analysis Fee | |
| | | |
$ | (6 | ) | |
$ | 213 | | |
| | |
25. | |
Total - Other Operating Disbursements | |
$ | 212 | | |
$ | 1,394 | | |
$ | 6,624 | | |
$ | 12,299 | |
| |
| |
| | | |
| | | |
| | | |
| | |
OTHER REORGANIZATION EXPENSES | |
| | | |
| | |
29. | |
Transcription Services | |
$ | 791 | | |
$ | 180 | | |
$ | 2,459 | | |
$ | 562 | |
29. | |
| |
| | | |
| | | |
$ | 0 | | |
| | |
29. | |
Total - Other Reorganization Expenses | |
$ | 791 | | |
$ | 180 | | |
$ | 2,459 | | |
$ | 562 | |
Monthly Operating Report
ACCRUAL BASIS-4
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
ACCOUNTS RECEIVABLE AGING | |
SCHEDULE AMOUNT | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | |
| |
| | |
| | |
| | |
| |
1. | |
0-30 | |
| | | |
| | | |
| | | |
| | |
2. | |
31-60 | |
| | | |
| | | |
| | | |
| | |
3. | |
61-90 | |
| | | |
| | | |
| | | |
| | |
4. | |
91+ | |
| | | |
| | | |
| | | |
| | |
5. | |
TOTAL ACCOUNTS RECEIVABLE | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
6. | |
AMOUNT CONSIDERED UNCOLLECTIBLE | |
| | | |
| | | |
| | | |
| | |
7. | |
ACCOUNTS RECEIVABLE (NET) | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
AGING OF POSTPETITION TAXES AND PAYABLES | |
MONTH: | | |
October 2015 | |
| |
| |
| | |
| | |
| | |
| | |
| |
| |
| |
0-30 | | |
31-60 | | |
61-90 | | |
91+ | | |
| |
TAXES PAYABLE | |
DAYS | | |
DAYS | | |
DAYS | | |
DAYS | | |
TOTAL | |
1. | |
FEDERAL | |
| | | |
| | | |
| | | |
| | | |
$ | 0 | |
2. | |
STATE | |
| | | |
| | | |
| | | |
| | | |
$ | 0 | |
3. | |
LOCAL | |
$ | 76,683 | | |
| | | |
| | | |
| | | |
$ | 76,683 | |
4. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | | |
$ | 0 | |
5. | |
TOTAL TAXES PAYABLE | |
$ | 76,683 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 76,683 | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
6. | |
ACCOUNTS PAYABLE | |
$ | 2,542 | | |
$ | 401,699 | | |
$ | 139,831 | | |
$ | 500,994 | | |
$ | 1,045,066 | |
STATUS OF POSTPETITION TAXES | |
| | |
MONTH: | | |
October 2015 | | |
|
| |
| |
| | |
| | |
| | |
| | |
|
| |
| |
BEGINNING | | |
AMOUNT | | |
| | |
ENDING | | |
|
| |
| |
TAX | | |
WITHHELD AND/ | | |
AMOUNT | | |
TAX | | |
|
FEDERAL | |
LIABILITY | | |
0R ACCRUED | | |
PAID | | |
LIABILITY | | |
|
1. | |
WITHHOLDING | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
2. | |
FICA-EMPLOYEE | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
3. | |
FICA-EMPLOYER | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
4. | |
UNEMPLOYMENT | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
5. | |
INCOME | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
6. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
7. | |
TOTAL FEDERAL TAXES | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
STATE AND LOCAL | |
| | | |
| | | |
|
8. | |
WITHHOLDING | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
9. | |
SALES | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
10. | |
EXCISE | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
11. | |
UNEMPLOYMENT | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
12. | |
REAL PROPERTY | |
$ | 43,071 | | |
$ | 33,612 | | |
| | | |
$ | 76,683 | | |
1 |
13. | |
PERSONAL PROPERTY | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
14. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
15. | |
TOTAL STATE & LOCAL | |
$ | 43,071 | | |
$ | 33,612 | | |
$ | 0 | | |
$ | 76,683 | | |
|
16. | |
TOTAL TAXES | |
$ | 43,071 | | |
$ | 33,612 | | |
$ | 0 | | |
$ | 76,683 | | |
|
| 1 | The figures shown here include $28,460.88 in penalty accrued
on calendar year 2014 taxes, but do not include $3,260.33 accrued for the prepetition period of Jan. 1, 2015 thru Jan. 19, 2015. |
Monthly Operating
Report
ACCRUAL BASIS-5
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
| |
| |
| | |
MONTH: | | |
October 2015 | |
BANK RECONCILIATIONS | |
| | |
| | |
| | |
| |
| |
| |
Account #1 | | |
Account #2 | | |
Account #3 | | |
| |
A. BANK: | |
Bank of America | | |
Alliance Bank | | |
Bank of Texas | | |
| |
B. ACCOUNT NUMBER: | |
3363 | | |
613 | | |
3772 | | |
| |
C. PURPOSE (TYPE): | |
DIP Account | | |
MoneyMarket | | |
Checking | | |
TOTAL | |
1. | |
BALANCE PER BANK STATEMENT | |
| | | |
| | | |
$ | 355,630 | | |
$ | 355,630 | |
2. | |
ADD: TOTAL DEPOSITS NOT CREDITED | |
| | | |
| | | |
| | | |
$ | 0 | |
3. | |
SUBTRACT: OUTSTANDING CHECKS | |
| | | |
| | | |
$ | 872 | | |
$ | 872 | |
4. | |
OTHER RECONCILING ITEMS | |
| | | |
| | | |
| | | |
$ | 0 | |
5. | |
MONTH END BALANCE PER BOOKS | |
$ | 0 | | |
$ | 0 | | |
$ | 354,758 | | |
$ | 354,758 | |
6. | |
NUMBER OF LAST CHECK WRITTEN | |
| 1013 | | |
| | | |
| 1029 | | |
| | |
INVESTMENT ACCOUNTS | |
| | |
| | |
| | |
| |
| |
| |
| | |
| | |
| | |
| |
| |
| |
DATE OF | | |
TYPE OF | | |
PURCHASE | | |
CURRENT | |
BANK, ACCOUNT NAME & NUMBER | |
PURCHASE | | |
INSTRUMENT | | |
PRICE | | |
VALUE | |
7. | |
| |
| | | |
| | | |
| | | |
| | |
8. | |
| |
| | | |
| | | |
| | | |
| | |
9. | |
| |
| | | |
| | | |
| | | |
| | |
10. | |
| |
| | | |
| | | |
| | | |
| | |
11. | |
TOTAL INVESTMENTS | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | |
CASH | |
| |
| |
| |
| |
| |
12. | |
CURRENCY ON HAND | |
$ | 0 | |
| |
| |
| | |
13. | |
TOTAL CASH - END OF MONTH | |
$ | 354,758 | |
Monthly Operating
Report
ACCRUAL BASIS-6
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
PAYMENTS TO INSIDERS AND PROFESSIONALS
INSIDERS |
| |
| |
TYPE OF | | |
AMOUNT | | |
TOTAL PAID | |
| |
NAME | |
PAYMENT | | |
PAID | | |
TO DATE | |
1. | |
| |
| | | |
| | | |
| | |
2. | |
| |
| | | |
| | | |
| | |
3. | |
| |
| | | |
| | | |
| | |
4. | |
| |
| | | |
| | | |
| | |
5. | |
| |
| | | |
| | | |
| | |
6. | |
TOTAL PAYMENTS TO INSIDERS | |
| | | |
$ | 0 | | |
$ | 0 | |
PROFESSIONALS | | |
3 |
| |
| |
DATE OF COURT | |
| | |
| | |
| | |
TOTAL | | |
|
| |
| |
ORDER AUTHORIZING | |
AMOUNT | | |
AMOUNT | | |
TOTAL PAID | | |
INCURRED | | |
|
| |
NAME | |
PAYMENT | |
APPROVED | | |
PAID | | |
TO DATE | | |
& UNPAID | | |
|
1. | |
Asset Servicing Group | |
| |
| | | |
| | | |
| | | |
$ | 770,581 | | |
|
2. | |
Bridgepoint Consulting | |
10/29/15 | |
$ | 70,372 | | |
| | | |
| | | |
$ | 606,217 | | |
|
3. | |
Epiq Bankruptcy Solutions | |
05/22/15 | |
$ | 2,178,943 | | |
| | | |
$ | 558,773 | | |
$ | 1,620,170 | | |
|
4. | |
Forshey & Prostok, LLP | |
04/28/15 | |
$ | 154,409 | | |
| | | |
$ | 57,613 | | |
$ | 96,796 | | |
1 |
5. | |
Kevin Buchanan & Associates | |
07/01/15 | |
$ | 140,235 | | |
| | | |
| | | |
$ | 140,235 | | |
|
6. | |
Kim Hinkle, Attorney at Law | |
| |
| | | |
| | | |
| | | |
$ | 187,945 | | |
|
7. | |
MMS Advisors | |
| |
| | | |
| | | |
| | | |
$ | 346,992 | | |
|
8. | |
Munsch, Hardt, Kopf & Harr, P.C. | |
| |
| | | |
| | | |
| | | |
$ | 1,535,116 | | |
|
9. | |
Phillips Murrah | |
| |
| | | |
| | | |
| | | |
$ | 151,136 | | |
|
10. | |
Pronske Goolsby & Kathman, P.C. | |
05/05/15 | |
$ | 128,618 | | |
| | | |
$ | 100,000 | | |
$ | 28,618 | | |
1 |
11. | |
Thompson & Knight, LLP | |
| |
| | | |
| | | |
$ | 3,434 | | |
$ | 7,772,799 | | |
4 |
12. | |
Tom Moran, US Trustee | |
| |
| | | |
$ | 9,632 | | |
$ | 9,632 | | |
$ | 451,918 | | |
|
13. | |
Smith, Jackson, Boyer & Bovard, PLLC | |
| |
| | | |
| | | |
| | | |
$ | 52,021 | | |
|
14. | |
Inventus, LLC | |
| |
| | | |
| | | |
$ | 25,000 | | |
$ | 1,405 | | |
5 |
15. | |
First Advantage Litigation Consulting | |
| |
| | | |
| | | |
$ | 6,000 | | |
$ | 6,000 | | |
5 |
16. | |
Predictive Resources | |
| |
| | | |
| | | |
| | | |
$ | 72,500 | | |
|
17. | |
Barbara Pope | |
| |
| | | |
$ | 4,355 | | |
$ | 4,355 | | |
$ | 57,067 | | |
|
18. | |
TOTAL PAYMENTS TO PROFESSIONALS | |
| |
| | | |
$ | 9,632 | | |
$ | 760,452 | | |
$ | 13,840,451 | | |
|
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND
ADEQUATE PROTECTION PAYMENTS
| |
| |
SCHEDULED | | |
AMOUNTS | | |
| |
| |
| |
MONTHLY | | |
PAID | | |
TOTAL | |
| |
| |
PAYMENTS | | |
DURING | | |
UNPAID | |
NAME OF CREDITOR | |
DUE | | |
MONTH | | |
POSTPETITION | |
1. | |
Bank Direct Capital Finance | |
$ | 1,105 | | |
$ | 1,105 | | |
$ | 4,368 | |
2. | |
First Insurance Funding Corp. | |
$ | 32,116 | | |
$ | 32,116 | | |
$ | 253,825 | |
3. | |
| |
| | | |
| | | |
| | |
4. | |
| |
| | | |
| | | |
| | |
5. | |
| |
| | | |
| | | |
| | |
6. | |
TOTAL | |
$ | 33,221 | | |
$ | 33,221 | | |
$ | 258,193 | |
| 1 | The payments reflected here are retainers paid in prior
months by Life Partners, Inc. |
| 3 | Professional fees and expenses estimated and accrued prior
to May 19th are reflected only on the books of Life Partners Holdings, Inc. Thereafter, professional fees and
expenses reflect the estimated aggregate, unallocated fees and expenses for all of the Debtors, and are noted on each of the Debtors
MORs. |
| 4 | The payment reflected here was a payment made by Life Partners,
Inc. to Thompson & Knight for the initial bankruptcy filing fees for LPI & LPIFS. This is being shown here because these
fees are included in the amounts invoiced by Thompson & Knight. |
| 5 | Amounts paid to Inventus, LLC and First Advantage Litigation
Consulting are retainers paid by Life Partners, Inc. |
Monthly Operating
Report
ACCRUAL BASIS-7
CASE NAME: |
Life Partners Holdings, Inc. |
|
|
CASE NUMBER: |
15-40289-rfn-11 |
QUESTIONNAIRE
| |
| |
YES | |
NO |
1. | |
HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? | |
X | |
|
2. | |
HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? | |
| |
X |
3. | |
ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? | |
| |
X |
4. | |
HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? | |
| |
X |
5. | |
HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? | |
X | |
|
6. | |
ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? | |
| |
X |
7. | |
ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? | |
| |
X |
8. | |
ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? | |
| |
X |
9. | |
ARE ANY OTHER POSTPETITION TAXES PAST DUE? | |
| |
X |
10. | |
ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? | |
X | |
|
11. | |
HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? | |
| |
X |
12. | |
ARE ANY WAGE PAYMENTS PAST DUE? | |
| |
X |
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES,"
PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
Questionnaire Item 1. The Ice Age Collection was sold pursuant to
court order (Docket 1053).
Questionnaire Item 5. A postpetition loan was received from First
Insurance Funding Corp. to finance D&O and E&O insurance premiums.
Questionnaire Item 10. Past due amounts are mainly professional
fees incurred after the filing date.
INSURANCE
|
|
|
|
YES |
|
NO |
1. |
|
ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? |
|
X |
|
|
2. |
|
ARE ALL PREMIUM PAYMENTS PAID CURRENT? |
|
X |
|
|
3. |
|
PLEASE ITEMIZE POLICIES BELOW. |
|
|
|
|
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO,"
OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL
SHEETS IF NECESSARY.
Commercial Fine Arts insurance thru Travelers Lloyds Insurance was
cancelled due to sale of artifacts (Ice Age Collection).
INSTALLMENT PAYMENTS
TYPE OF | |
| |
| |
PAYMENT AMOUNT | |
POLICY | |
CARRIER | |
PERIOD COVERED | |
& FREQUENCY | |
Directors & Officers | |
Illinois National | |
09/30/15- 09/30/16 | |
| | |
Errors & Omissions | |
Indian Harbor | |
09/30/15- 09/30/16 | |
| | |
Total for Financed thru | |
First Insurance Funding Corp | |
| |
$ | 32,116.09 /month | |
Commercial Package* | |
Allied Insurance | |
06/14/15 - 06/13/16 | |
$ | 1,066.08
/month | |
Commercial Fine Arts | |
Travelers Lloyds Insurance | |
06/14/15 - 06/14/16 | |
$ | 285.10 /month | |
Cyber Liability | |
Beazley Insurance | |
05/12/15 - 06/12/16 | |
$ | 1,104.82
/month | |
| * | includes auto, building, edp, excess liability |
| 1 | This obligation has been
paid in full. |
Exhibit 99.2
|
Monthly Operating Report |
|
ACCRUAL BASIS |
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
|
|
JUDGE: |
Russell Nelms |
UNITED STATES BANKRUPTCY COURT
NORTHERN & EASTERN DISTRICTS OF TEXAS
REGION 6
MONTHLY OPERATING REPORT
MONTH ENDING: |
October |
|
2015 |
|
|
MONTH |
|
YEAR |
|
IN ACCORDANCE WITH TITLE 28,
SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING
REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS 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: |
|
|
|
|
|
/s/ H. Thomas Moran II |
|
Trustee |
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY |
|
TITLE |
|
|
|
H. Thomas Moran II |
|
11/20/2015 |
PRINTED NAME OF RESPONSIBLE PARTY |
|
DATE |
|
|
|
PREPARER: |
|
|
|
|
|
/s/ Colette Pieper |
|
CEO |
ORIGINAL SIGNATURE OF PREPARER |
|
TITLE |
|
|
|
Colette Pieper |
|
11/20/2015 |
PRINTED NAME OF PREPARER |
|
DATE |
Monthly
Operating Report
ACCRUAL
BASIS-1
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
COMPARATIVE BALANCE SHEET
| |
| |
SCHEDULE AMOUNT | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | | |
|
ASSETS | |
| | | |
| | | |
|
1. | |
UNRESTRICTED CASH | |
$ | 295,821 | | |
$ | 122,481 | | |
$ | 242,099 | | |
$ | 228,824 | | |
|
2. | |
RESTRICTED CASH | |
$ | 101,555 | | |
$ | 101,599 | | |
$ | 101,613 | | |
$ | 7 | | |
|
3. | |
TOTAL CASH | |
$ | 397,376 | | |
$ | 224,080 | | |
$ | 343,712 | | |
$ | 228,831 | | |
|
4. | |
ACCOUNTS RECEIVABLE (NET) | |
$ | 143,949 | | |
$ | 135,456 | | |
$ | 135,456 | | |
$ | 133,532 | | |
|
5. | |
INVENTORY | |
| | | |
| | | |
| | | |
| | | |
|
6. | |
NOTES RECEIVABLE | |
$ | 8,912 | | |
| | | |
| | | |
| | | |
|
7. | |
PREPAID EXPENSES | |
$ | 343,387 | | |
$ | 117,417 | | |
$ | 124,649 | | |
$ | 122,207 | | |
|
8. | |
OTHER (ATTACH LIST) | |
$ | 49,475 | | |
$ | 58,153 | | |
$ | 58,696 | | |
$ | 54,434 | | |
|
9. | |
TOTAL CURRENT ASSETS | |
$ | 943,098 | | |
$ | 535,106 | | |
$ | 662,514 | | |
$ | 539,004 | | |
|
10. | |
PROPERTY, PLANT & EQUIPMENT | |
| | | |
$ | 2,229,987 | | |
$ | 1,996,382 | | |
$ | 1,996,382 | | |
3 |
11. | |
LESS: ACCUMULATED DEPRECIATION/DEPLETION | |
| | | |
$ | (1,923,673 | ) | |
$ | (1,874,992 | ) | |
$ | (1,881,353 | ) | |
3 |
12. | |
NET PROPERTY, PLANT & EQUIPMENT | |
$ | 299,672 | | |
$ | 306,314 | | |
$ | 121,390 | | |
$ | 115,029 | | |
|
13. | |
DUE FROM INSIDERS | |
$ | 74,265,951 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
14. | |
OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) | |
$ | 662,950 | | |
$ | 662,950 | | |
$ | 662,950 | | |
$ | 0 | | |
|
15. | |
OTHER (ATTACH LIST) | |
$ | 13,513,629 | | |
$ | 13,314,901 | | |
$ | 13,246,192 | | |
$ | 13,917,492 | | |
|
16. | |
TOTAL ASSETS | |
$ | 89,685,300 | | |
$ | 14,819,271 | | |
$ | 14,693,046 | | |
$ | 14,571,525 | | |
|
POSTPETITION LIABILITIES | |
| | | |
| | | |
|
17. | |
ACCOUNTS PAYABLE | |
| | | |
$ | 291,016 | | |
$ | 1,329,537 | | |
$ | 1,866,555 | | |
4 |
18. | |
TAXES PAYABLE | |
| | | |
$ | 10,568 | | |
$ | 13,551 | | |
$ | 90,454 | | |
5 |
19. | |
NOTES PAYABLE | |
| | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
20. | |
PROFESSIONAL FEES | |
| | | |
$ | 2,314,197 | | |
$ | 2,923,067 | | |
$ | 4,942,561 | | |
|
21. | |
SECURED DEBT | |
| | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
22. | |
OTHER (ATTACH LIST) | |
| | | |
$ | 5,161,945 | | |
$ | 5,182,720 | | |
$ | 5,179,974 | | |
|
23. | |
TOTAL POSTPETITION LIABILITIES | |
| | | |
$ | 7,777,726 | | |
$ | 9,448,874 | | |
$ | 12,079,543 | | |
|
PREPETITION LIABILITIES | |
| | | |
| | | |
|
24. | |
SECURED DEBT | |
| undetermined | | |
$ | 8,476 | | |
$ | 5,976 | | |
$ | 5,976 | | |
2 |
25. | |
PRIORITY DEBT | |
| undetermined | | |
$ | 90,306 | | |
$ | 90,306 | | |
$ | 90,306 | | |
|
26. | |
UNSECURED DEBT | |
$ | 9,203,450 | | |
$ | 686,751 | | |
$ | 686,492 | | |
$ | 686,588 | | |
6 |
27. | |
OTHER (ATTACH LIST) | |
| | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
28. | |
TOTAL PREPETITION LIABILITIES | |
$ | 9,203,450 | | |
$ | 785,533 | | |
$ | 782,773 | | |
$ | 782,869 | | |
|
29. | |
TOTAL LIABILITIES | |
$ | 9,203,450 | | |
$ | 8,563,258 | | |
$ | 10,231,647 | | |
$ | 12,862,412 | | |
|
EQUITY | |
| | | |
| | | |
|
30. | |
PREPETITION OWNERS' EQUITY | |
| | | |
$ | 78,978,770 | | |
$ | 78,978,770 | | |
$ | 78,978,770 | | |
|
31. | |
POSTPETITION CUMULATIVE PROFIT OR (LOSS) | |
| | | |
$ | (4,262,686 | ) | |
$ | (6,440,232 | ) | |
$ | (9,440,896 | ) | |
|
32. | |
DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) | |
| | | |
$ | (68,460,072 | ) | |
$ | (68,077,139 | ) | |
$ | (67,828,761 | ) | |
1 |
33. | |
TOTAL EQUITY | |
| | | |
$ | 6,256,012 | | |
$ | 4,461,399 | | |
$ | 1,709,113 | | |
|
34. | |
TOTAL LIABILITIES & OWNERS' EQUITY | |
| | | |
$ | 14,819,271 | | |
$ | 14,693,046 | | |
$ | 14,571,525 | | |
|
| 1 | This includes the following intercompany amounts shown below. The Schedule Amount related to this is shown under Item 13. Due
From Insiders. |
Due from Life Partners Holdings, Inc. | |
$ | 74,543,319.50 | |
Due from LPHI Management Services | |
$ | 11,719.74 | |
Due to LPI Financial Services, Inc. | |
$ | (6,726,277.79 | ) |
| |
$ | 67,828,761.45 | |
| 2 | Item 24. Secured Debt is accrued property taxes for the prepetition period of Jan. 1, 2015 thru May 19, 2015. The reduction
shown in September is the collection of property taxes at the time of the sale of airport hangar for this prepetition period. |
| 3 | The airport hangar was carried as an asset on Life Partners, Inc. books, but it was owned by Life Partners Holdings, Inc. Since
this asset & the foxcart equipment have been sold, they were removed from the assets on the books of LPI. The proceeds and
gain on sale of the hangar were recorded on the books of LPHI since LPHI was the owner. |
| 4 | Item 17. Accounts Payables includes $1,780,031.25 of invoices from bankruptcy professionals that would normally be included
in Item 20. Professional Fees. |
| 5 | Accrued personal property taxes includes an adjustment
to taxes as a result of the taxing authority changing the valuation of the airplane held on 1/1/15. |
| 6 | This figure increased due to applying a prepetition credit of $96.36 against postpetition invoices. |
Monthly
Operating Report
SUPPLEMENT TO
ACCRUAL BASIS-1
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
COMPARATIVE BALANCE
SHEET
| |
| |
SCHEDULE AMOUNT | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | | |
|
8. OTHER CURRENT ASSETS | |
| | | |
| | | |
|
8. | |
Pardo Family Holdings Trust (Advance to Price L. Johnson, PC) | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
|
8. | |
Pardo Family Holdings Trust (Advance to Kyle, Mathis & Lucas, LLP) | |
$ | 15,505 | | |
$ | 15,505 | | |
$ | 15,505 | | |
$ | 15,505 | | |
|
8. | |
ESP Communications Duplicate Payment | |
$ | 7,500 | | |
$ | 7,500 | | |
$ | 7,500 | | |
$ | 7,500 | | |
|
8. | |
Advance Trust & Life Escrow Services, LTA (Abandonment Premiums) | |
| | | |
$ | 5,064 | | |
$ | 5,064 | | |
$ | 5,064 | | |
|
8. | |
Purchase Escrow Services (Abandonment Premiums) | |
| | | |
$ | 3,429 | | |
$ | 3,429 | | |
$ | - | | |
2 |
8. | |
Employee Advances | |
$ | 992 | | |
| | | |
$ | 659 | | |
$ | 0 | | |
|
8. | |
Notes Receivable-Employee | |
$ | 477 | | |
$ | 1,655 | | |
$ | 1,539 | | |
$ | 1,365 | | |
|
8 | |
| |
| | | |
| | | |
| | | |
| | | |
|
8. | |
TOTAL - OTHER CURRENT ASSETS | |
$ | 49,475 | | |
$ | 58,153 | | |
$ | 58,696 | | |
$ | 54,434 | | |
|
14. OTHER ASSETS - NET OF AMORTIZATION | |
| | | |
| | | |
|
14. | |
Woolly Mammoth & Other Prehistoric Artifacts | |
$ | 662,950 | | |
$ | 662,950 | | |
$ | 662,950 | | |
$ | - | | |
1 |
14. | |
| |
| | | |
| | | |
| | | |
| | | |
|
14. | |
| |
| | | |
| | | |
| | | |
| | | |
|
14. | |
| |
| | | |
| | | |
| | | |
| | | |
|
14. | |
| |
| | | |
| | | |
| | | |
| | | |
|
14. | |
TOTAL - OTHER ASSETS (Net of Amort.) | |
$ | 662,950 | | |
$ | 662,950 | | |
$ | 662,950 | | |
$ | - | | |
|
15. OTHER ASSETS | |
| | | |
| | | |
|
15. | |
TDL, LLC Misappropriation of Foreign Exchange Funds | |
$ | 257,395 | | |
| | | |
| | | |
| | | |
|
15. | |
Advance on Premiums paid by PES on behalf of investors | |
$ | 13,083,062 | | |
$ | 13,585,166 | | |
$ | 13,505,182 | | |
$ | 14,029,884 | | |
|
15. | |
Advance on Premiums paid by ATLES on behalf of investors | |
$ | 136,291 | | |
$ | 140,536 | | |
$ | 137,006 | | |
$ | 273,922 | | |
|
15. | |
Allowance for Bad Debts | |
| | | |
$ | (5,483,317 | ) | |
$ | (5,483,317 | ) | |
$ | (5,483,317 | ) | |
|
15. | |
Overpayments of Commissions Receivable | |
$ | 36,881 | | |
| | | |
| | | |
| | | |
|
15. | |
Deferred Income Tax Benefit | |
| | | |
$ | 4,632,419 | | |
$ | 4,632,419 | | |
$ | 4,632,419 | | |
|
15. | |
Policy Purchase | |
| | | |
$ | 123,591 | | |
$ | 123,591 | | |
$ | 123,591 | | |
|
15. | |
Capitalized Premiums on Policies Purchased | |
| | | |
$ | 300,793 | | |
$ | 315,754 | | |
$ | 325,436 | | |
|
15. | |
Deposits | |
| | | |
$ | 15,712 | | |
$ | 15,558 | | |
$ | 15,558 | | |
|
15. | |
TOTAL - OTHER ASSETS | |
$ | 13,513,629 | | |
$ | 13,314,901 | | |
$ | 13,246,192 | | |
$ | 13,917,492 | | |
|
| |
| |
| | | |
| | | |
| | | |
| | | |
|
POSTPETITION LIABILITIES | |
| | | |
| | | |
|
22. | |
Accrued Payroll | |
| | | |
$ | 50,305 | | |
$ | 67,803 | | |
$ | 58,048 | | |
|
22. | |
Accrued Vacation | |
| | | |
$ | 84,125 | | |
$ | 87,402 | | |
$ | 89,485 | | |
|
22. | |
Accrued 401K | |
| | | |
$ | 0 | | |
$ | 0 | | |
$ | 4,034 | | |
|
22. | |
401K Loan | |
| | | |
$ | 0 | | |
$ | 0 | | |
$ | 741 | | |
|
22. | |
Child Support & PR Garnishment | |
| | | |
$ | 0 | | |
$ | 0 | | |
$ | 152 | | |
|
22. | |
Deferred Revenue | |
| | | |
$ | 5,027,515 | | |
$ | 5,027,515 | | |
$ | 5,027,515 | | |
|
22 | |
TOTAL - OTHER POSTPETITION LIABILITIES | |
| | | |
$ | 5,161,945 | | |
$ | 5,182,720 | | |
$ | 5,179,974 | | |
|
| 1 | Sold pursuant to court order Dkt.1053 |
| 2 | These Abandonment Premiums were collected back from PES in October. |
Monthly
Operating Report
ACCRUAL BASIS-2
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
INCOME STATEMENT | |
May19-June30 | | |
JULY | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | | |
|
REVENUES | |
| | | |
| | | |
| | | |
|
1. | |
GROSS REVENUES | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
2. | |
LESS: RETURNS & DISCOUNTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
3. | |
NET REVENUE | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
COST OF GOODS SOLD | |
| | | |
| | | |
| | | |
|
4. | |
MATERIAL | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
5. | |
DIRECT LABOR | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
|
6. | |
DIRECT OVERHEAD | |
$ | 31,060 | | |
$ | 14,937 | | |
$ | 19,450 | | |
$ | 17,060 | | |
$ | 6,784 | | |
|
7. | |
TOTAL COST OF GOODS SOLD | |
$ | 31,060 | | |
$ | 14,937 | | |
$ | 19,450 | | |
$ | 17,060 | | |
$ | 6,784 | | |
|
8. | |
GROSS PROFIT | |
$ | (31,060 | ) | |
$ | (14,937 | ) | |
$ | (19,450 | ) | |
$ | (17,060 | ) | |
$ | (6,784 | ) | |
|
OPERATING EXPENSES | |
| | | |
| | | |
| | | |
|
9. | |
OFFICER / INSIDER COMPENSATION | |
$ | 43,877 | | |
$ | 34,279 | | |
$ | 28,794 | | |
$ | 30,165 | | |
$ | 30,165 | | |
|
10. | |
SELLING & MARKETING | |
| | | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | | |
|
11. | |
GENERAL & ADMINISTRATIVE | |
$ | 380,272 | | |
$ | 265,732 | | |
$ | 244,334 | | |
$ | 270,143 | | |
$ | 275,276 | | |
|
12. | |
RENT & LEASE | |
$ | 14,240 | | |
$ | 18,452 | | |
$ | 17,098 | | |
$ | 14,178 | | |
$ | 19,571 | | |
|
13. | |
OTHER (ATTACH LIST) | |
$ | 80,533 | | |
$ | 139,091 | | |
$ | 38,302 | | |
$ | 8,558 | | |
$ | 26,125 | | |
|
14. | |
TOTAL OPERATING EXPENSES | |
$ | 518,922 | | |
$ | 457,554 | | |
$ | 328,529 | | |
$ | 323,044 | | |
$ | 351,138 | | |
|
15. | |
INCOME BEFORE NON-OPERATING INCOME & EXPENSE | |
$ | (549,982 | ) | |
$ | (472,491 | ) | |
$ | (347,979 | ) | |
$ | (340,104 | ) | |
$ | (357,922 | ) | |
|
OTHER INCOME & EXPENSES | |
| | | |
| | | |
| | | |
|
16. | |
NON-OPERATING INCOME (ATTACH LIST) | |
$ | (33 | ) | |
$ | (56 | ) | |
$ | (11,490 | ) | |
$ | (8,929 | ) | |
$ | 70,816 | | |
1 |
17. | |
NON-OPERATING EXPENSE (ATTACH LIST) | |
| | | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | | |
|
18. | |
INTEREST EXPENSE | |
| | | |
| | | |
| | | |
$ | 3 | | |
$ | (3 | ) | |
|
19. | |
DEPRECIATION / DEPLETION | |
$ | 13,960 | | |
$ | 6,980 | | |
$ | 6,327 | | |
$ | 6,871 | | |
$ | 6,361 | | |
|
20. | |
AMORTIZATION | |
| | | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | | |
|
21. | |
OTHER (ATTACH LIST) | |
$ | 2,300 | | |
$ | 7,593 | | |
$ | (1,502 | ) | |
$ | 4,082 | | |
$ | (994 | ) | |
|
22. | |
NET OTHER INCOME & EXPENSES | |
$ | 16,227 | | |
$ | 14,517 | | |
$ | (6,664 | ) | |
$ | 2,027 | | |
$ | 76,180 | | |
|
REORGANIZATION EXPENSES | |
| | | |
| | | |
| | | |
|
23. | |
PROFESSIONAL FEES | |
$ | 501,083 | | |
$ | 781,528 | | |
$ | 1,575,668 | | |
$ | 1,832,459 | | |
$ | 2,559,012 | | |
|
24. | |
U.S. TRUSTEE FEES | |
$ | 4,875 | | |
$ | 4,875 | | |
| | | |
$ | 2,956 | | |
$ | 7,549 | | |
|
25. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
$ | 126 | | |
$ | 0 | | |
$ | 0 | | |
|
26. | |
TOTAL REORGANIZATION EXPENSES | |
$ | 505,958 | | |
$ | 786,403 | | |
$ | 1,575,794 | | |
$ | 1,835,415 | | |
$ | 2,566,561 | | |
|
27. | |
INCOME TAX | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
28. | |
NET PROFIT (LOSS) | |
$ | (1,072,167 | ) | |
$ | (1,273,410 | ) | |
$ | (1,917,109 | ) | |
$ | (2,177,546 | ) | |
$ | (3,000,664 | ) | |
|
| 1 | See supplement to MOR-2. |
Monthly
Operating Report
SUPPLEMENT TO
ACCRUAL BASIS-2
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
INCOME STATEMENT | |
JULY | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | | |
|
| |
| |
| | |
| | |
| | |
| | |
|
OTHER OPERATING EXPENSES | |
| | | |
| | | |
|
13. | |
Bad Debt Expense | |
$ | 120,008 | | |
| | | |
| | | |
| | | |
|
13. | |
Other Expense- Premium Expense | |
$ | 18,143 | | |
$ | 289 | | |
$ | 8,558 | | |
$ | 20,546 | | |
|
13. | |
Other Expense- BK Premiums | |
$ | 941 | | |
| | | |
| | | |
$ | 5,579 | | |
|
13. | |
Impairment Expense | |
$ | - | | |
$ | 38,013 | | |
$ | - | | |
$ | - | | |
|
13. | |
TOTAL - OTHER OPERATING EXPENSE | |
$ | 139,091 | | |
$ | 38,302 | | |
$ | 8,558 | | |
$ | 26,125 | | |
|
NON-OPERATING INCOME | |
| | | |
| | | |
|
16. | |
Interest Income | |
$ | 15 | | |
$ | 11,490 | | |
$ | 3,883 | | |
$ | 3,753 | | |
|
16. | |
Loss on sale of Ice Age Collection | |
| | | |
| | | |
| | | |
$ | (156,067 | ) | |
|
16. | |
Life Assets Trust S.A. return | |
| | | |
| | | |
| | | |
$ | 77,998 | | |
2 |
16. | |
Gain on Sale of Egyptian Replicas | |
| | | |
| | | |
| | | |
$ | 3,500 | | |
|
16. | |
Gain on Sale of Assets | |
| | | |
| | | |
$ | 5,000 | | |
| | | |
1 |
16. | |
Other Income | |
$ | 42 | | |
| | | |
$ | 46 | | |
$ | - | | |
|
16. | |
TOTAL NON-OPERATING INCOME | |
$ | 56 | | |
$ | 11,490 | | |
$ | 8,929 | | |
$ | (70,816 | ) | |
|
NON-OPERATING EXPENSE | |
| | | |
| | | |
|
17. | |
| |
| | | |
| | | |
| | | |
$ | - | | |
|
17. | |
| |
| | | |
| | | |
| | | |
| | | |
|
17. | |
| |
| | | |
| | | |
| | | |
| | | |
|
17. | |
| |
| | | |
| | | |
| | | |
| | | |
|
17. | |
| |
| | | |
| | | |
| | | |
| | | |
|
17. | |
TOTAL NON-OPERATING EXPENSE | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
|
OTHER EXPENSE | |
| | | |
| | | |
|
21. | |
Franchise Tax | |
$ | 7,593 | | |
$ | (1,502 | ) | |
$ | 4,082 | | |
$ | (994 | ) | |
|
21. | |
State Income Tax-Other | |
| | | |
$ | - | | |
$ | - | | |
$ | - | | |
|
21. | |
| |
| | | |
| | | |
| | | |
| | | |
|
21. | |
| |
| | | |
| | | |
| | | |
| | | |
|
21. | |
| |
| | | |
| | | |
| | | |
| | | |
|
21. | |
TOTAL OTHER EXPENSE | |
$ | 7,593 | | |
$ | (1,502 | ) | |
$ | 4,082 | | |
$ | (994 | ) | |
|
OTHER REORGANIZATION EXPENSES | |
| | | |
| | | |
|
25. | |
Transcription Services | |
| | | |
$ | 126 | | |
| | | |
| | | |
|
25. | |
| |
| | | |
| | | |
| | | |
| | | |
|
25. | |
| |
| | | |
| | | |
| | | |
| | | |
|
25. | |
| |
| | | |
| | | |
| | | |
| | | |
|
25. | |
| |
| | | |
| | | |
| | | |
| | | |
|
25. | |
TOTAL OTHER REORGANIZATION EXP | |
$ | - | | |
$ | 126 | | |
$ | - | | |
$ | - | | |
|
| 1 | Gain on sale of foxcart equipment sold along with the airport hangar pursuant to court order. |
| 2 | This is Life Partners' portion of the settlement reached between Life Assets Trust S.A.and Portigon
Ag, New York Branch, due to the bank foreclosing on the assets of Life Assets Trust SA. Life Partners owned approximately 19.91%
of Life Assets Trust S.A. Compartment A. |
Monthly
Operating Report
ACCRUAL BASIS-3
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
CASH RECEIPTS AND DISBURSEMENTS | |
AUGUST | | |
SEPTEMBER | | |
QUARTER | | |
OCTOBER | | |
|
1. | |
CASH - BEGINNING OF MONTH | |
$ | 151,618 | | |
$ | 224,080 | | |
| | | |
$ | 343,712 | | |
|
RECEIPTS FROM OPERATIONS | |
| | | |
| | | |
|
2. | |
CASH SALES | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
COLLECTION OF ACCOUNTS RECEIVABLE | |
| | | |
| | | |
|
3. | |
PREPETITION | |
$ | 124 | | |
| | | |
$ | 161 | | |
| | | |
|
4. | |
POSTPETITION | |
| | | |
$ | 267,147 | | |
$ | 267,147 | | |
$ | 32,926 | | |
|
5. | |
TOTAL OPERATING RECEIPTS | |
$ | 124 | | |
$ | 267,147 | | |
$ | 267,308 | | |
$ | 32,926 | | |
|
NON-OPERATING RECEIPTS | |
| | | |
| | | |
|
6. | |
LOANS & ADVANCES (ATTACH LIST) | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
7. | |
SALE OF ASSETS | |
| | | |
$ | 5,000 | | |
$ | 5,000 | | |
$ | 510,383 | | |
1 |
8. | |
OTHER (ATTACH LIST) | |
$ | 713,551 | | |
$ | 370,531 | | |
$ | 1,899,950 | | |
$ | 344,381 | | |
|
9. | |
TOTAL NON-OPERATING RECEIPTS | |
$ | 713,551 | | |
$ | 375,531 | | |
$ | 1,904,950 | | |
$ | 854,764 | | |
|
10. | |
TOTAL RECEIPTS | |
$ | 713,675 | | |
$ | 642,678 | | |
$ | 2,172,258 | | |
$ | 887,691 | | |
|
11. | |
TOTAL CASH AVAILABLE | |
$ | 865,293 | | |
$ | 866,758 | | |
| | | |
$ | 1,231,403 | | |
|
OPERATING DISBURSEMENTS | |
| | | |
| | | |
|
12. | |
NET PAYROLL | |
$ | 112,468 | | |
$ | 114,878 | | |
$ | 398,029 | | |
$ | 116,986 | | |
|
13. | |
PAYROLL TAXES PAID | |
$ | 39,049 | | |
$ | 36,818 | | |
$ | 135,772 | | |
$ | 38,231 | | |
|
14. | |
SALES, USE & OTHER TAXES PAID | |
| | | |
$ | 191 | | |
$ | 191 | | |
| | | |
|
15. | |
SECURED / RENTAL / LEASES | |
$ | 7,137 | | |
$ | 24,583 | | |
$ | 50,082 | | |
$ | 19,756 | | |
|
16. | |
UTILITIES | |
$ | 10,024 | | |
$ | 10,339 | | |
$ | 46,426 | | |
$ | 11,250 | | |
|
17. | |
INSURANCE | |
$ | 62,429 | | |
$ | 27,738 | | |
$ | 157,585 | | |
$ | 2,596 | | |
|
18. | |
INVENTORY PURCHASES | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
19. | |
VEHICLE EXPENSES | |
| | | |
$ | 125 | | |
$ | 125 | | |
$ | 128 | | |
|
20. | |
TRAVEL | |
$ | 1,188 | | |
$ | 2,137 | | |
$ | 4,983 | | |
$ | 3,471 | | |
|
21. | |
ENTERTAINMENT | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
22. | |
REPAIRS & MAINTENANCE | |
$ | 4,487 | | |
$ | 4,312 | | |
$ | 11,699 | | |
$ | 2,666 | | |
|
23. | |
SUPPLIES | |
$ | 195 | | |
$ | 2,131 | | |
$ | 3,891 | | |
$ | 5,099 | | |
|
24. | |
ADVERTISING | |
| | | |
| | | |
$ | 0 | | |
| | | |
|
25. | |
OTHER (ATTACH LIST) | |
$ | 129,111 | | |
$ | 291,516 | | |
$ | 902,274 | | |
$ | 779,600 | | |
|
26. | |
TOTAL OPERATING DISBURSEMENTS | |
$ | 366,087 | | |
$ | 514,768 | | |
$ | 1,711,056 | | |
$ | 979,785 | | |
|
REORGANIZATION EXPENSES | |
| | | |
| | | |
|
27. | |
PROFESSIONAL FEES | |
$ | 275,000 | | |
$ | 6,000 | | |
$ | 379,992 | | |
$ | 13,040 | | |
|
28. | |
U.S. TRUSTEE FEES | |
| | | |
$ | 2,278 | | |
$ | 2,603 | | |
$ | 9,747 | | |
|
29. | |
OTHER (ATTACH LIST) | |
$ | 126 | | |
$ | 0 | | |
$ | 126 | | |
| | | |
2 |
30. | |
TOTAL REORGANIZATION EXPENSES | |
$ | 275,126 | | |
$ | 8,278 | | |
$ | 382,722 | | |
$ | 22,787 | | |
|
31. | |
TOTAL DISBURSEMENTS | |
$ | 641,213 | | |
$ | 523,046 | | |
$ | 2,093,778 | | |
$ | 1,002,572 | | |
|
32. | |
NET CASH FLOW | |
$ | 72,462 | | |
$ | 119,632 | | |
$ | 78,480 | | |
$ | (114,881 | ) | |
|
33. | |
CASH - END OF MONTH | |
$ | 224,080 | | |
$ | 343,712 | | |
| | | |
$ | 228,831 | | |
|
| 1 | Proceeds from sale of Ice
Age Collection and replicas of Egyptian Artifacts pursuant to court order. |
| 2 | Other Item 29. is transcription
services. |
Monthly
Operating Report
SUPPLEMENT TO
ACCRUAL BASIS-3
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
CASH RECEIPTS AND DISBURSEMENTS | |
AUGUST | | |
SEPTEMBER | | |
QUARTER | | |
OCTOBER | |
| |
| |
| | |
| | |
| | |
| |
OTHER NON-OPERATING RECEIPTS | |
| | | |
| | |
8. | |
A/R Collections-Abandonment Refunds | |
| | | |
| | | |
$ | - | | |
$ | 6,198 | |
8. | |
Flow Thru Premiums | |
$ | - | | |
$ | 14,627 | | |
$ | 14,627 | | |
$ | 5,372 | |
8. | |
Transfer From LPIFS Checking Acct# 4069 | |
$ | 700,000 | | |
$ | 350,000 | | |
$ | 1,850,000 | | |
$ | 250,000 | |
8. | |
Interest Income | |
$ | 11,485 | | |
$ | 3,879 | | |
$ | 15,378 | | |
$ | 3,747 | |
8. | |
Other Inc-dividends on pd out policies | |
$ | - | | |
$ | 46 | | |
$ | 87 | | |
| | |
8. | |
Other Income-Life Assets Trust S.A. Settlement | |
$ | - | | |
| | | |
$ | - | | |
$ | 77,998 | |
8. | |
Return of retainer | |
$ | - | | |
| | | |
$ | 15,000 | | |
| | |
8. | |
Reimbursements & Refunds-COBRA insurance | |
$ | 2,029 | | |
$ | 1,944 | | |
$ | 4,386 | | |
$ | 977 | |
8. | |
Reimbursements & Refunds-Employee Advance | |
$ | - | | |
| | | |
$ | 20 | | |
$ | 25 | |
8. | |
Reimbursements & Refunds-License & Fees | |
$ | - | | |
| | | |
$ | 9 | | |
| | |
8. | |
Reimbursements & Refunds-Travel | |
$ | - | | |
$ | 36 | | |
$ | 406 | | |
| | |
8. | |
Reimbursements & Refunds-Utilities | |
| | | |
| | | |
| | | |
$ | 30 | |
8. | |
Reimbursements & Refunds-Other | |
$ | 37 | | |
| | | |
$ | 37 | | |
$ | 35 | |
8. | |
Total - Non-Operating Receipts | |
$ | 713,551 | | |
$ | 370,531 | | |
$ | 1,899,950 | | |
$ | 344,381 | |
| |
| |
| | | |
| | | |
| | | |
| | |
OTHER OPERATING DISBURSEMENTS | |
| | | |
| | |
25. | |
Premiums Advanced | |
$ | 43,935 | | |
$ | 192,190 | | |
$ | 586,629 | | |
$ | 715,090 | |
25. | |
Premiums-LPI Owned positions | |
$ | 4,803 | | |
| | | |
$ | 25,703 | | |
| | |
25. | |
Bank Fees (Charged & Reversed) | |
$ | 670 | | |
$ | 340 | | |
$ | 1,565 | | |
$ | 590 | |
25. | |
BK Premiums | |
$ | - | | |
| | | |
$ | 941 | | |
$ | 5,579 | |
25. | |
Courier Services | |
$ | - | | |
$ | 1,011 | | |
$ | 6,497 | | |
$ | 3,171 | |
25. | |
Employee Relations | |
| | | |
| | | |
| | | |
$ | 200 | |
25. | |
Flow Thru Premiums | |
$ | - | | |
$ | 10,711 | | |
$ | 28,729 | | |
$ | 9,287 | |
25. | |
Licenses & Fees | |
$ | 500 | | |
$ | 503 | | |
$ | 1,034 | | |
$ | 1,894 | |
25. | |
Medical Records | |
$ | - | | |
$ | 337 | | |
$ | 337 | | |
| | |
25. | |
Medical Review Life Expectancy | |
$ | - | | |
| | | |
$ | 700 | | |
| | |
25. | |
Outside Services | |
$ | 1,783 | | |
$ | 1,982 | | |
$ | 6,373 | | |
$ | 1,669 | |
25. | |
Payroll Garnishment | |
$ | 304 | | |
$ | 304 | | |
$ | 1,063 | | |
$ | 304 | |
25. | |
Payroll-401K deductions | |
$ | 9,290 | | |
$ | 9,412 | | |
$ | 32,498 | | |
$ | 9,464 | |
25. | |
PES Operating Exp | |
$ | 29,471 | | |
$ | 35,556 | | |
$ | 99,261 | | |
| | |
25. | |
Software Licenses & Support | |
$ | 5,152 | | |
$ | 4,497 | | |
$ | 9,649 | | |
$ | 4,080 | |
25. | |
Policy Administration Expense | |
$ | 11,465 | | |
$ | 17,618 | | |
$ | 29,083 | | |
$ | 20,135 | |
25. | |
Refund Duplicate Payments | |
| | | |
| | | |
| | | |
$ | 845 | |
25. | |
Subscriptions | |
$ | 951 | | |
$ | 213 | | |
$ | 6,274 | | |
$ | 507 | |
25. | |
Trust Fees/Cost Reimbursement | |
$ | 19,487 | | |
$ | 16,824 | | |
$ | 64,618 | | |
$ | 6,784 | |
25. | |
Employee Loan & Advances | |
$ | 1,300 | | |
$ | 20 | | |
$ | 1,320 | | |
| | |
25. | |
Total - Other Operating Disbursements | |
$ | 129,111 | | |
$ | 291,516 | | |
$ | 902,274 | | |
$ | 779,600 | |
| |
| |
| | | |
| | | |
| | | |
| | |
OTHER REORGANIZATION EXPENSES | |
| | | |
| | |
29. | |
Transcription Services | |
$ | 126 | | |
| | | |
$ | 126 | | |
| | |
29. | |
| |
| | | |
| | | |
$ | - | | |
| | |
29. | |
| |
| | | |
| | | |
$ | - | | |
| | |
29. | |
Total - Other Reorganization Expenses | |
$ | 126 | | |
$ | - | | |
$ | 126 | | |
$ | - | |
Monthly
Operating Report
ACCRUAL BASIS-4
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
| |
| |
SCHEDULE | | |
| | |
| | |
| | |
|
ACCOUNTS RECEIVABLE AGING | |
AMOUNT | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | | |
|
1. | |
0-30 | |
$ | 139,890 | | |
$ | 43,274 | | |
$ | 32,834 | | |
$ | 669,205 | | |
|
2. | |
31-60 | |
$ | 279,914 | | |
$ | 280,577 | | |
$ | 11,534 | | |
$ | 37,952 | | |
|
3. | |
61-90 | |
$ | 77,762 | | |
$ | 212,053 | | |
$ | 195,541 | | |
$ | 6,472 | | |
|
4. | |
91+ | |
$ | 12,721,787 | | |
$ | 13,189,797 | | |
$ | 13,402,278 | | |
$ | 13,590,176 | | |
|
5. | |
TOTAL ACCOUNTS RECEIVABLE | |
$ | 13,219,353 | | |
$ | 13,725,702 | | |
$ | 13,642,187 | | |
$ | 14,303,805 | | |
1 |
6. | |
AMOUNT CONSIDERED UNCOLLECTIBLE | |
$ | 5,163,790 | | |
$ | 5,483,317 | | |
$ | 5,483,317 | | |
$ | 5,483,317 | | |
1 |
7. | |
ACCOUNTS RECEIVABLE (NET) | |
$ | 8,055,563 | | |
$ | 8,242,385 | | |
$ | 8,158,870 | | |
$ | 8,820,488 | | |
1 |
AGING OF POSTPETITION TAXES AND PAYABLES | |
MONTH: | | |
October 2015 | |
| |
| | |
| |
| |
| |
0-30 | | |
31-60 | | |
61-90 | | |
91+ | | |
| |
TAXES PAYABLE | |
DAYS | | |
DAYS | | |
DAYS | | |
DAYS | | |
TOTAL | |
1. | |
FEDERAL | |
$ | 18,857 | | |
| | | |
| | | |
| | | |
$ | 18,857 | |
2. | |
STATE | |
$ | 9,329 | | |
| | | |
| | | |
| | | |
$ | 9,329 | |
3. | |
LOCAL | |
$ | 62,268 | | |
| | | |
| | | |
| | | |
$ | 62,268 | |
4. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | | |
$ | 0 | |
5. | |
TOTAL TAXES PAYABLE | |
$ | 90,454 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 90,454 | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
6. | |
ACCOUNTS PAYABLE | |
$ | 713,815 | | |
$ | 7,825 | | |
$ | 355,021 | | |
$ | 789,894 | | |
$ | 1,866,555 | |
STATUS OF POSTPETITION TAXES | |
| | |
MONTH: | | |
October 2015 | | |
|
| |
| |
BEGINNING | | |
AMOUNT | | |
| | |
ENDING | | |
|
| |
| |
TAX | | |
WITHHELD AND/ | | |
AMOUNT | | |
TAX | | |
|
FEDERAL | |
LIABILITY | | |
0R ACCRUED | | |
PAID | | |
LIABILITY | | |
|
1. | |
WITHHOLDING | |
| | | |
$ | 27,091 | | |
$ | 18,067 | | |
$ | 9,024 | | |
|
2. | |
FICA-EMPLOYEE | |
| | | |
$ | 14,876 | | |
$ | 9,959 | | |
$ | 4,916 | | |
|
3. | |
FICA-EMPLOYER | |
| | | |
$ | 14,876 | | |
$ | 9,959 | | |
$ | 4,916 | | |
|
4. | |
UNEMPLOYMENT | |
| | | |
$ | 20 | | |
$ | 20 | | |
$ | 0 | | |
|
5. | |
INCOME | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
6. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
7. | |
TOTAL FEDERAL TAXES | |
$ | 0 | | |
$ | 56,861 | | |
$ | 38,005 | | |
$ | 18,857 | | |
|
STATE AND LOCAL | |
| | | |
| | | |
|
8. | |
WITHHOLDING | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
9. | |
SALES | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
10. | |
EXCISE | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
11. | |
UNEMPLOYMENT | |
| | | |
$ | 376 | | |
$ | 226 | | |
$ | 150 | | |
|
12. | |
REAL PROPERTY | |
$ | 0 | | |
| | | |
| | | |
$ | 0 | | |
|
13. | |
PERSONAL PROPERTY | |
$ | 3,377 | | |
$ | 58,890 | | |
| | | |
$ | 62,268 | | |
2 |
14. | |
OTHER (ATTACH LIST) | |
$ | 10,173 | | |
$ | (994 | ) | |
| | | |
$ | 9,179 | | |
3 |
15. | |
TOTAL STATE & LOCAL | |
$ | 13,551 | | |
$ | 58,273 | | |
$ | 226 | | |
$ | 71,597 | | |
|
16. | |
TOTAL TAXES | |
$ | 13,551 | | |
$ | 115,134 | | |
$ | 38,231 | | |
$ | 90,454 | | |
|
| 1 | These amounts are reported in detail on SUPPLEMENT TO MOR-1
under Item 15. Other Assets. |
| 2 | The figures shown here do not include $5975.51 accrued
for the prepetition period of Jan. 1, 2015 thru May 19, 2015 and include an adjustment to the calendar year 2015 tax accrual resulting
from the taxing authority changing the valuation of the aircraft held on 1/1/15. |
| 3 | Item 14. Other is accrual of Texas Franchise Tax. |
Monthly
Operating Report
ACCRUAL BASIS-5
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
| |
| |
| | |
MONTH: | | |
October
2015 | | |
|
BANK RECONCILIATIONS | |
| | |
| | |
| | |
| | |
|
| |
| |
Account #1 | | |
Account #2 | | |
Account
#3 | | |
| | |
|
A. BANK: | |
Bank of Texas | | |
Bank of Texas | | |
| | |
| | |
|
B. ACCOUNT NUMBER: | |
4080 | | |
4091 | | |
| | |
| | |
|
C.
PURPOSE (TYPE): | |
Checking | | |
Checking | | |
| | |
TOTAL | | |
|
1. | |
BALANCE PER BANK STATEMENT | |
$ | 229,386 | | |
$ | 3,571 | | |
| | | |
$ | 232,957 | | |
|
2. | |
ADD: TOTAL DEPOSITS NOT CREDITED | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
3. | |
SUBTRACT: OUTSTANDING CHECKS | |
$ | 6,098 | | |
| | | |
| | | |
$ | 6,098 | | |
|
4. | |
OTHER RECONCILING ITEMS | |
| | | |
| | | |
| | | |
$ | 0 | | |
|
5. | |
MONTH END BALANCE PER BOOKS | |
$ | 223,288 | | |
$ | 3,571 | | |
$ | 0 | | |
$ | 226,859 | | |
|
6. | |
NUMBER OF LAST CHECK WRITTEN | |
| 1360 | | |
| 1015 | | |
| | | |
| | | |
|
| |
| |
| | | |
| | | |
| | | |
| | | |
|
INVESTMENT ACCOUNTS | |
| | | |
| | | |
|
| |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
| DATE
OF | | |
| TYPE
OF | | |
| PURCHASE | | |
| CURRENT | | |
|
BANK, ACCOUNT NAME & NUMBER | |
| PURCHASE | | |
| INSTRUMENT | | |
| PRICE | | |
| VALUE | | |
|
7. | |
TD Bank, Life Partners, Inc. Acct 70-T202-01-2 | |
| unknown | | |
| MoneyMarket | | |
| | | |
$ | 7 | | |
|
8. | |
| |
| | | |
| | | |
| | | |
| | | |
|
9. | |
| |
| | | |
| | | |
| | | |
| | | |
|
10. | |
| |
| | | |
| | | |
| | | |
| | | |
|
11. | |
TOTAL INVESTMENTS | |
| | | |
| | | |
$ | 0 | | |
$ | 7 | | |
|
| |
| |
| | | |
| | | |
| | | |
| | | |
|
CASH | |
| |
| | | |
| | | |
| | | |
| | | |
|
| |
| |
| | | |
| | | |
| | | |
| | | |
|
12. | |
CURRENCY ON HAND | |
| | | |
| | | |
| | | |
$ | 1,965 | | |
1 |
| |
| |
| | | |
| | | |
| | | |
| | | |
|
13. | |
TOTAL CASH - END OF MONTH | |
| | | |
| | | |
| | | |
$ | 228,831 | | |
|
| 1 | Item 12. Currency On Hand includes: |
Petty Cash | |
$ | 1,000.00 | |
PayPal | |
$ | 964.67 | |
Monthly
Operating Report
ACCRUAL BASIS-6
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
PAYMENTS TO INSIDERS AND PROFESSIONALS
INSIDERS |
| |
| |
TYPE OF | |
AMOUNT | | |
TOTAL PAID | |
NAME | |
PAYMENT | |
PAID | | |
TO DATE | |
1. | |
Mark Embry | |
Salaries/Expense Reimbursement | |
$ | 13,741 | | |
$ | 61,456 | |
2. | |
Advance Trust & Life Es | |
Premium Remittance/Cost Reimb | |
$ | 152,988 | | |
$ | 269,961 | |
3. | |
Life Partners Holdings, Inc. | |
Rent & Return deposit in error | |
$ | 10,000 | | |
$ | 111,898 | |
4. | |
LPI Financial Services, Inc. | |
Forward Platform Fees | |
$ | 0 | | |
$ | 1,938 | |
5. | |
Purchase Escrow Services, LLC | |
Premium Remittance/Cost Reimb | |
$ | 579,019 | | |
$ | 1,778,381 | |
6. | |
Colette Pieper | |
Salaries/Expense Reimbursement | |
$ | 16,887 | | |
$ | 65,983 | |
7. | |
Debora J. Carr | |
Salaries/Expense Reimbursement | |
$ | 3,750 | | |
$ | 16,875 | |
8. | |
TOTAL PAYMENTS TO INSIDERS | |
| |
$ | 776,384 | | |
$ | 2,306,492 | |
| |
| |
DATE OF COURT | |
| | | |
| | | |
| | | |
| TOTAL | | |
|
| |
| |
ORDER AUTHORIZING | |
| AMOUNT | | |
| AMOUNT | | |
| TOTAL PAID | | |
| INCURRED | | |
|
NAME | |
PAYMENT | |
| APPROVED | | |
| PAID | | |
| TO DATE | | |
| &UNPAID | | |
|
1. | |
Asset Servicing Group | |
| |
| | | |
| | | |
| | | |
$ | 505,818 | | |
|
2. | |
Bridgepoint Consulting | |
10/29/15 | |
$ | 70,372 | | |
| | | |
| | | |
$ | 606,217 | | |
|
3. | |
Epiq Bankruptcy Solutions | |
05/22/15 | |
$ | 2,126,230 | | |
| | | |
$ | 533,773 | | |
$ | 1,592,457 | | |
|
4. | |
Kim Hinkle, Attorney at Law | |
| |
| | | |
| | | |
| | | |
$ | 125,526 | | |
|
5. | |
MMS Advisors | |
| |
| | | |
| | | |
| | | |
$ | 217,600 | | |
3 |
6. | |
Munsch, Hardt, Kopf & Harr,P.C. | |
| |
| | | |
| | | |
| | | |
$ | 987,380 | | |
|
7. | |
Thompson & Knight LLP | |
| |
| | | |
| | | |
$ | 3,434 | | |
$ | 6,216,571 | | |
|
8. | |
Tom Moran, US Trustee | |
| |
| | | |
$ | 9,632 | | |
$ | 9,632 | | |
$ | 329,338 | | |
|
9. | |
Phillips Murrah | |
| |
| | | |
| | | |
| | | |
$ | 59,316 | | |
|
10. | |
Smith, Jackson, Boyer & Brovard, PLLC | |
| |
| | | |
| | | |
| | | |
$ | 45,603 | | |
|
11. | |
Inventus, LLC | |
| |
| | | |
| | | |
$ | 25,000 | | |
$ | 1,405 | | |
|
12. | |
First Advantage Litigation | |
| |
| | | |
| | | |
$ | 6,000 | | |
$ | 6,000 | | |
|
13. | |
Predictive Resources | |
| |
| | | |
| | | |
| | | |
$ | 72,500 | | |
|
13. | |
Barbara Pope | |
| |
| | | |
| | | |
| | | |
$ | 45,651 | | |
|
14. | |
TOTAL PAYMENTS TO PROFESSIONALS | |
| |
| | | |
$ | 9,632 | | |
$ | 577,839 | | |
$ | 10,765,732 | | |
|
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND
ADEQUATE
PROTECTION PAYMENTS
| |
| SCHEDULED | | |
| AMOUNTS | | |
| | | |
|
| |
| MONTHLY | | |
| PAID | | |
| TOTAL | | |
|
| |
| PAYMENTS | | |
| DURING | | |
| UNPAID | | |
|
NAME OF CREDITOR | |
| DUE | | |
| MONTH | | |
| POSTPETITION | | |
|
1. Pitney Bowes Global Financial Services, LLC | |
$ | 5,423 | | |
$ | 5,423 | | |
$ | 0 | | |
1 |
2. Pitney Bowes Global Financial Services, LLC | |
$ | 906 | | |
$ | 0 | | |
$ | 0 | | |
1 |
3. Johnnies Office Systems, Inc. | |
$ | 1,055 | | |
$ | 1,055 | | |
$ | 0 | | |
|
4. Great America Financial Services | |
$ | 2,939 | | |
$ | 2,939 | | |
$ | 0 | | |
|
5. Life Partners Holdings, Inc. | |
$ | 10,000 | | |
$ | 10,000 | | |
$ | 0 | | |
|
6. TOTAL | |
$ | 20,323 | | |
$ | 19,416 | | |
$ | 0 | | |
|
| 1 | These lease payments are quarterly, not monthly. |
| 2 | Professional fees and expenses estimated and accrued prior to May 19th are reflected only on the books of Life Partners
Holdings, Inc. Thereafter, professional fees and expenses reflect the estimated aggregate, unallocated fees and expenses
for all of the Debtors, and are noted on each of the Debtors MORs. |
| 3 | MMS Advisors incurred fees and expenses March 13th - May 18th in the estimated amount of $230,000.00 that are not included
here since their retention has not been approved for this period of time. |
Monthly
Operating Report
ACCRUAL BASIS-7
CASE NAME: |
Life Partners, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
QUESTIONNAIRE
| |
| |
YES | |
NO |
1. | |
HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? | |
X | |
|
2. | |
HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? | |
| |
X |
3. | |
ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? | |
| |
X |
4. | |
HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? | |
| |
X |
5. | |
HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? | |
| |
X |
6. | |
ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? | |
| |
X |
7. | |
ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? | |
| |
X |
8. | |
ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? | |
| |
X |
9. | |
ARE ANY OTHER POSTPETITION TAXES PAST DUE? | |
| |
X |
10. | |
ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? | |
X | |
|
11. | |
HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? | |
| |
X |
12. | |
ARE ANY WAGE PAYMENTS PAST DUE? | |
| |
X |
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES,"
PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
Item 1. The Ice Age Collection and Egyption Replicas were sold
pursuant to court order (Docket 1053).
Questionnaire Item 10. Past due amounts are mainly professional fees incurred after the filing date. |
INSURANCE | |
| |
|
| |
| |
|
| |
| |
YES | |
NO |
1. | |
ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? | |
X | |
|
2. | |
ARE ALL PREMIUM PAYMENTS PAID CURRENT? | |
X | |
|
3. | |
PLEASE ITEMIZE POLICIES BELOW. | |
| |
|
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO,"
OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL
SHEETS IF NECESSARY.
INSTALLMENT PAYMENTS
TYPE OF | |
| |
| |
PAYMENT AMOUNT | |
POLICY | |
CARRIER | |
PERIOD COVERED | |
& FREQUENCY | |
Workers Compensation | |
Service Lloyds Ins. Co. | |
06/14/2015- 06/14/2016 | |
$ | 316.00 /month | |
Exhibit 99.3
|
Monthly Operating Report |
|
ACCRUAL BASIS |
CASE NAME: |
LPI Financial Services, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
|
|
JUDGE: |
Russell Nelms |
UNITED
STATES BANKRUPTCY COURT
NORTHERN
& EASTERN DISTRICTS OF TEXAS
REGION
6
MONTHLY
OPERATING REPORT
MONTH ENDING: |
October |
|
2015 |
|
MONTH |
|
YEAR |
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED
STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH
ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS 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: |
|
|
|
|
|
/s/ H. Thomas Moran II |
|
Trustee |
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY |
|
TITLE |
|
|
|
H. Thomas Moran II |
|
11/20/2015 |
PRINTED NAME OF RESPONSIBLE PARTY |
|
DATE |
|
|
|
PREPARER: |
|
|
|
|
|
/s/ Colette Pieper |
|
CEO |
ORIGINAL SIGNATURE OF PREPARER |
|
TITLE |
|
|
|
Colette Pieper |
|
11/20/2015 |
PRINTED NAME OF PREPARER |
|
DATE |
Monthly
Operating Report |
ACCRUAL BASIS-1 |
CASE NAME: |
LPI Financial Services, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
COMPARATIVE BALANCE SHEET
|
|
SCHEDULE
AMOUNT |
|
|
MONTH
August 31, 2015 |
|
|
MONTH
September 30, 2015 |
|
|
MONTH
October 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. |
|
UNRESTRICTED CASH |
|
$ |
1,744,873 |
|
|
$ |
694,146 |
|
|
$ |
1,090,944 |
|
|
$ |
1,028,203 |
|
|
2. |
|
RESTRICTED CASH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. |
|
TOTAL CASH |
|
$ |
1,744,873 |
|
|
$ |
694,146 |
|
|
$ |
1,090,944 |
|
|
$ |
1,028,203 |
|
|
4. |
|
ACCOUNTS RECEIVABLE (NET) |
|
$ |
2,741,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
5. |
|
INVENTORY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. |
|
NOTES RECEIVABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. |
|
PREPAID EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. |
|
OTHER (ATTACH LIST) |
|
|
|
|
|
|
|
|
|
$ |
1,906 |
|
|
$ |
44 |
|
|
9. |
|
TOTAL CURRENT ASSETS |
|
$ |
4,485,981 |
|
|
$ |
694,146 |
|
|
$ |
1,092,849 |
|
|
$ |
1,028,247 |
|
|
10. |
|
PROPERTY, PLANT & EQUIPMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11. |
|
LESS: ACCUMULATED DEPRECIATION/DEPLETION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12. |
|
NET PROPERTY, PLANT & EQUIPMENT |
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
$ |
0 |
|
|
13. |
|
DUE FROM INSIDERS |
|
$ |
4,157,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
14. |
|
OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15. |
|
OTHER (ATTACH LIST) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16. |
|
TOTAL ASSETS |
|
$ |
8,643,892 |
|
|
$ |
694,146 |
|
|
$ |
1,092,849 |
|
|
$ |
1,028,247 |
|
|
POSTPETITION LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17. |
|
ACCOUNTS PAYABLE |
|
|
|
|
|
$ |
4,840 |
|
|
$ |
1,906 |
|
|
$ |
0 |
|
|
18. |
|
TAXES PAYABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19. |
|
NOTES PAYABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20. |
|
PROFESSIONAL FEES |
|
|
|
|
|
$ |
194,009 |
|
|
$ |
227,757 |
|
|
$ |
298,041 |
|
|
21. |
|
SECURED DEBT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22. |
|
OTHER (ATTACH LIST) |
|
|
|
|
|
$ |
650 |
|
|
$ |
650 |
|
|
$ |
325 |
|
|
23. |
|
TOTAL POSTPETITION LIABILITIES |
|
|
|
|
|
$ |
199,499 |
|
|
$ |
230,313 |
|
|
$ |
298,366 |
|
|
PREPETITION LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24. |
|
SECURED DEBT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25. |
|
PRIORITY DEBT |
|
unknown |
|
|
|
|
|
|
|
|
|
|
|
|
|
26. |
|
UNSECURED DEBT |
|
$ |
9,001 |
|
|
$ |
1,062 |
|
|
$ |
1,062 |
|
|
$ |
1,062 |
|
|
27. |
|
OTHER (ATTACH LIST) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28. |
|
TOTAL PREPETITION LIABILITIES |
|
$ |
9,001 |
|
|
$ |
1,062 |
|
|
$ |
1,062 |
|
|
$ |
1,062 |
|
|
29. |
|
TOTAL LIABILITIES |
|
$ |
9,001 |
|
|
$ |
200,560 |
|
|
$ |
231,375 |
|
|
$ |
299,428 |
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30. |
|
PREPETITION OWNERS' EQUITY |
|
|
|
|
|
$ |
5,901,723 |
|
|
$ |
5,901,723 |
|
|
$ |
5,901,723 |
|
|
31. |
|
POSTPETITION CUMULATIVE PROFIT OR (LOSS) |
|
|
|
|
|
$ |
503,215 |
|
|
$ |
1,436,474 |
|
|
$ |
1,553,373 |
|
|
32. |
|
DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) |
|
|
|
|
|
$ |
(5,911,353 |
) |
|
$ |
(6,476,722 |
) |
|
$ |
(6,726,278 |
) |
1 |
33. |
|
TOTAL EQUITY |
|
|
|
|
|
$ |
493,586 |
|
|
$ |
861,475 |
|
|
$ |
728,819 |
|
|
34. |
|
TOTAL LIABILITIES & OWNERS' EQUITY |
|
|
|
|
|
$ |
694,146 |
|
|
$ |
1,092,849 |
|
|
$ |
1,028,247 |
|
|
| 1 | This is Intercompany Due From Life Partners, Inc. reported on Schedule B Item 16 and shown above under Item 13. Due From Insiders. |
| 2 | The Debtor LPIFS records receipts on a cash basis and accordingly, does not carry receivable balances. The Schedules note a
receivable balance as if receipts were recorded on an accrual basis as of the petition date. |
Monthly Operating
Report
SUPPLEMENT TO
ACCRUAL BASIS-1
CASE NAME: |
LPI Financial Services, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
COMPARATIVE BALANCE SHEET
| |
| |
SCHEDULE AMOUNT | | |
MONTH
August 31, 2015 | | |
MONTH
September 30, 2015 | | |
MONTH
October 31, 2015 | |
CURRENT ASSETS | |
| | | |
| | |
8. | |
PREMIUMS BEING FORWARDED | |
| | | |
$ | 0 | | |
$ | 1,906 | | |
$ | 44 | |
8 | |
TOTAL OTHER CURRENT ASSETS | |
| | | |
$ | 0 | | |
$ | 1,906 | | |
$ | 44 | |
| |
| |
| | | |
| | | |
| | | |
| | |
POSTPETITION LIABILITIES | |
| | | |
| | |
22. | |
US TRUSTEE FEES | |
| | | |
$ | 650 | | |
$ | 650 | | |
$ | 325 | |
22 | |
TOTAL OTHER POSTPETITION LIABILITIES | |
| | | |
$ | 650 | | |
$ | 650 | | |
$ | 325 | |
Monthly Operating
Report
ACCRUAL BASIS-2
CASE NAME: |
LPI Financial Services, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
INCOME STATEMENT | |
JULY | | |
AUGUST | | |
SEPTEMBER | | |
OCTOBER | |
REVENUES | |
| |
| | | |
| | | |
| | | |
| | |
1. | |
GROSS REVENUES | |
$ | 43,875 | | |
$ | 52,937 | | |
$ | 1,032,009 | | |
$ | 214,446 | |
2. | |
LESS: RETURNS & DISCOUNTS | |
| | | |
| | | |
| | | |
| | |
3. | |
NET REVENUE | |
$ | 43,875 | | |
$ | 52,937 | | |
$ | 1,032,009 | | |
$ | 214,446 | |
COST OF GOODS SOLD | |
| | | |
| | |
4. | |
MATERIAL | |
| | | |
| | | |
| | | |
| | |
5. | |
DIRECT LABOR | |
| | | |
| | | |
| | | |
| | |
6. | |
DIRECT OVERHEAD | |
| | | |
| | | |
| | | |
| | |
7. | |
TOTAL COST OF GOODS SOLD | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
8. | |
GROSS PROFIT | |
$ | 43,875 | | |
$ | 52,937 | | |
$ | 1,032,009 | | |
$ | 214,446 | |
OPERATING EXPENSES | |
| | | |
| | |
9. | |
OFFICER / INSIDER COMPENSATION | |
| | | |
| | | |
| | | |
| | |
10. | |
SELLING & MARKETING | |
| | | |
| | | |
| | | |
| | |
11. | |
GENERAL & ADMINISTRATIVE | |
$ | 3,322 | | |
$ | 24,543 | | |
$ | 375 | | |
$ | 26,817 | |
12. | |
RENT & LEASE | |
| | | |
| | | |
| | | |
| | |
13. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | |
14. | |
TOTAL OPERATING EXPENSES | |
$ | 3,322 | | |
$ | 24,543 | | |
$ | 375 | | |
$ | 26,817 | |
15. | |
INCOME BEFORE NON-OPERATING INCOME & EXPENSE | |
$ | 40,553 | | |
$ | 28,393 | | |
$ | 1,031,634 | | |
$ | 187,628 | |
OTHER INCOME & EXPENSES | |
| | | |
| | |
16. | |
NON-OPERATING INCOME (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | |
17. | |
NON-OPERATING EXPENSE (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | |
18. | |
INTEREST EXPENSE | |
| | | |
| | | |
| | | |
| | |
19. | |
DEPRECIATION / DEPLETION | |
| | | |
| | | |
| | | |
| | |
20. | |
AMORTIZATION | |
| | | |
| | | |
| | | |
| | |
21. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | |
22. | |
NET OTHER INCOME & EXPENSES | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
REORGANIZATION EXPENSES | |
| | | |
| | |
23. | |
PROFESSIONAL FEES | |
| | | |
$ | 194,009 | | |
$ | 98,376 | | |
$ | 65,916 | |
24. | |
U.S. TRUSTEE FEES | |
$ | (3,900 | ) | |
| | | |
$ | 0 | | |
$ | 4,813 | |
25. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | |
26. | |
TOTAL REORGANIZATION EXPENSES | |
$ | (3,900 | ) | |
$ | 194,009 | | |
$ | 98,376 | | |
$ | 70,729 | |
27. | |
INCOME TAX | |
| | | |
| | | |
| | | |
| | |
28. | |
NET PROFIT (LOSS) | |
$ | 44,453 | | |
$ | (165,616 | ) | |
$ | 933,258 | | |
$ | 116,900 | |
Monthly
Operating Report
ACCRUAL BASIS-3
CASE NAME: |
LPI Financial Services, Inc. |
|
|
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
|
| |
MONTH | | |
MONTH | | |
QUARTER | | |
MONTH | |
|
CASH RECEIPTS AND DISBURSEMENTS | |
August 31, 2015 | | |
September 30, 2015 | | |
| | |
October 31, 2015 | |
|
1. | |
CASH - BEGINNING OF MONTH | |
$ | 1,363,573 | | |
$ | 694,146 | | |
| | | |
$ | 1,090,944 | |
|
RECEIPTS FROM OPERATIONS | |
| | | |
| | | |
| | | |
| | |
|
2. | |
CASH SALES | |
$ | 52,937 | | |
$ | 1,032,009 | | |
$ | 1,128,821 | | |
$ | 216,308 | |
|
COLLECTION OF ACCOUNTS RECEIVABLE | |
| | | |
| | | |
| | | |
| | |
|
3. | |
PREPETITION | |
| | | |
| | | |
$ | 0 | | |
| | |
|
4. | |
POSTPETITION | |
| | | |
| | | |
$ | 0 | | |
| | |
|
5. | |
TOTAL OPERATING RECEIPTS | |
$ | 52,937 | | |
$ | 1,032,009 | | |
$ | 1,128,821 | | |
$ | 216,308 | |
|
NON-OPERATING RECEIPTS | |
| | | |
| | | |
| | | |
| | |
|
6. | |
LOANS & ADVANCES (ATTACH LIST) | |
| | | |
| | | |
$ | 0 | | |
| | |
|
7. | |
SALE OF ASSETS | |
| | | |
| | | |
$ | 0 | | |
| | |
|
8. | |
OTHER (ATTACH LIST) | |
| | | |
$ | 55,451 | | |
$ | 55,451 | | |
$ | 8,632 | |
|
9. | |
TOTAL NON-OPERATING RECEIPTS | |
$ | 0 | | |
$ | 55,451 | | |
$ | 55,451 | | |
$ | 8,632 | |
|
10. | |
TOTAL RECEIPTS | |
$ | 52,937 | | |
$ | 1,087,460 | | |
$ | 1,184,272 | | |
$ | 224,939 | |
|
11. | |
TOTAL CASH AVAILABLE | |
$ | 1,416,510 | | |
$ | 1,781,605 | | |
| | | |
$ | 1,315,883 | |
|
OPERATING DISBURSEMENTS | |
| | | |
| | | |
| | | |
| | |
|
12. | |
NET PAYROLL | |
| | | |
| | | |
$ | 0 | | |
| | |
|
13. | |
PAYROLL TAXES PAID | |
| | | |
| | | |
$ | 0 | | |
| | |
|
14. | |
SALES, USE & OTHER TAXES PAID | |
| | | |
| | | |
$ | 0 | | |
| | |
|
15. | |
SECURED / RENTAL / LEASES | |
| | | |
| | | |
$ | 0 | | |
| | |
|
16. | |
UTILITIES | |
| | | |
| | | |
$ | 0 | | |
| | |
|
17. | |
INSURANCE | |
| | | |
$ | 95,216 | | |
$ | 95,216 | | |
| | |
|
18. | |
INVENTORY PURCHASES | |
| | | |
| | | |
$ | 0 | | |
| | |
|
19. | |
VEHICLE EXPENSES | |
| | | |
| | | |
$ | 0 | | |
| | |
|
20. | |
TRAVEL | |
| | | |
| | | |
$ | 0 | | |
| | |
|
21. | |
ENTERTAINMENT | |
| | | |
| | | |
$ | 0 | | |
| | |
|
22. | |
REPAIRS & MAINTENANCE | |
| | | |
| | | |
$ | 0 | | |
| | |
|
23. | |
SUPPLIES | |
$ | 22,186 | | |
$ | 4,786 | | |
$ | 26,972 | | |
$ | 25,513 | |
1 |
24. | |
ADVERTISING | |
| | | |
| | | |
$ | 0 | | |
| | |
|
25. | |
OTHER (ATTACH LIST) | |
$ | 700,178 | | |
$ | 405,879 | | |
$ | 1,908,159 | | |
$ | 261,842 | |
|
26. | |
TOTAL OPERATING DISBURSEMENTS | |
$ | 722,364 | | |
$ | 505,881 | | |
$ | 2,030,347 | | |
$ | 287,355 | |
|
REORGANIZATION EXPENSES | |
| | | |
| | | |
| | | |
| | |
|
27. | |
PROFESSIONAL FEES | |
| | | |
$ | 184,781 | | |
$ | 184,781 | | |
| | |
|
28. | |
U.S. TRUSTEE FEES | |
| | | |
| | | |
$ | 325 | | |
$ | 325 | |
|
29. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
$ | 0 | | |
| | |
|
30. | |
TOTAL REORGANIZATION EXPENSES | |
$ | 0 | | |
$ | 184,781 | | |
$ | 185,106 | | |
$ | 325 | |
|
31. | |
TOTAL DISBURSEMENTS | |
$ | 722,364 | | |
$ | 690,662 | | |
$ | 2,215,452 | | |
$ | 287,680 | |
2 |
32. | |
NET CASH FLOW | |
$ | (669,428 | ) | |
$ | 396,798 | | |
$ | (1,031,181 | ) | |
$ | (62,741 | ) |
|
33. | |
CASH - END OF MONTH | |
$ | 694,146 | | |
$ | 1,090,944 | | |
| | | |
$ | 1,028,203 | |
|
1 Item 23. Supplies includes $25,000
of postage.
2 Total Disbursements
includes the following amounts that are NOT disbursements, but are transfers of funds between bank
accounts (from LPI Financial Services account to Life
Partners, Inc. account) for the periods shown below.
August 31, 2015 | |
$ | 700,000.00 | |
September 30, 2015 | |
$ | 350,000.00 | |
October 31, 2015 | |
$ | 254,686.04 | |
Monthly
Operating Report
SUPPLEMENT TO
ACCRUAL BASIS-3
CASE NAME: |
LPI Financial Services, Inc. |
|
|
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
|
| |
MONTH | | |
MONTH | | |
QUARTER | | |
MONTH | |
CASH RECEIPTS AND DISBURSEMENTS | |
August 31, 2015 | | |
September 30, 2015 | | |
| | |
October 31, 2015 | |
NON-OPERATING RECEIPTS (OTHER) | |
| | | |
| | | |
| | | |
| | |
8. | |
DIVIDENDS FORWARD TO LPI | |
| | | |
| | | |
$ | 0 | | |
| | |
8. | |
FLOW THRU PREMIUMS | |
| | | |
$ | 55,451 | | |
$ | 55,451 | | |
$ | 3,946 | |
8. | |
PREMIUMS RETURNED | |
| | | |
| | | |
$ | 0 | | |
| | |
8. | |
SPOILED POSTAGE REFUND | |
| | | |
| | | |
$ | 0 | | |
| | |
8. | |
RECEIPTS TO BE FORWARDED TO LPI | |
| | | |
| | | |
$ | 0 | | |
$ | 4,686 | |
9. | |
TOTAL NON-OPERATING RECEIPTS | |
$ | 0 | | |
$ | 55,451 | | |
$ | 55,451 | | |
$ | 8,632 | |
OPERATING DISBURSEMENTS | |
| | | |
| | | |
| | | |
| | |
25. | |
BANK FEES | |
$ | 114 | | |
$ | 365 | | |
$ | 1,131 | | |
$ | 1,294 | |
25. | |
CREDIT CARD PROCESSING FEES | |
$ | 10 | | |
$ | 10 | | |
$ | 30 | | |
$ | 10 | |
25. | |
DIVIDENDS FORWARD TO LPI | |
| | | |
| | | |
$ | 0 | | |
| | |
25. | |
FLOW THRU PREMIUMS | |
| | | |
$ | 55,451 | | |
$ | 56,890 | | |
$ | 5,852 | |
25. | |
PREMIUMS RETURNED | |
| | | |
| | | |
$ | 0 | | |
| | |
25. | |
TRANSFER TO LPI | |
$ | 700,000 | | |
$ | 350,000 | | |
$ | 1,850,000 | | |
$ | 254,686 | |
25. | |
TRANSFER TO LPI BANK ACCOUNT | |
| | | |
| | | |
$ | 0 | | |
| | |
25. | |
LICENSES & FEES | |
$ | 54 | | |
$ | 54 | | |
$ | 108 | | |
| | |
26. | |
TOTAL OPERATING DISBURSEMENTS (OTHER) | |
$ | 700,178 | | |
$ | 405,879 | | |
$ | 1,908,159 | | |
$ | 261,842 | |
Monthly Operating
Report
ACCRUAL BASIS-4
CASE NAME: |
LPI Financial Services, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
ACCOUNTS RECEIVABLE AGING | |
SCHEDULE AMOUNT | | |
MONTH
August 31, 2015 | | |
MONTH
September 30, 2015 | | |
MONTH
October 31, 2015 | |
| |
| |
| | | |
| | | |
| | | |
| | |
1. | |
0-30 | |
| | | |
| | | |
| | | |
| | |
2. | |
31-60 | |
$ | 803,662 | | |
| | | |
| | | |
| | |
3. | |
61-90 | |
| | | |
| | | |
| | | |
| | |
4. | |
91+ | |
$ | 1,937,445 | | |
| | | |
| | | |
| | |
5. | |
TOTAL ACCOUNTS RECEIVABLE | |
$ | 2,741,107 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
6. | |
AMOUNT CONSIDERED UNCOLLECTIBLE | |
| | | |
| | | |
| | | |
| | |
7. | |
ACCOUNTS RECEIVABLE (NET) | |
$ | 2,741,107 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
AGING OF POSTPETITION TAXES
AND PAYABLES |
MONTH: |
October 2015 |
| |
| |
0-30 | | |
31-60 | | |
61-90 | | |
91+ | | |
| |
TAXES PAYABLE | |
DAYS | | |
DAYS | | |
DAYS | | |
DAYS | | |
TOTAL | |
1. | |
FEDERAL | |
| | | |
| | | |
| | | |
| | | |
$ | 0 | |
2. | |
STATE | |
| | | |
| | | |
| | | |
| | | |
$ | 0 | |
3. | |
LOCAL | |
| | | |
| | | |
| | | |
| | | |
$ | 0 | |
4. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
| | | |
$ | 0 | |
5. | |
TOTAL TAXES PAYABLE | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
6. | |
ACCOUNTS PAYABLE | |
$ | 0 | | |
| | | |
| | | |
| | | |
$ | 0 | |
STATUS OF POSTPETITION TAXES |
MONTH: |
October 2015 |
| |
| |
BEGINNING | | |
AMOUNT | | |
| | |
ENDING | |
| |
| |
TAX | | |
WITHHELD AND/ | | |
AMOUNT | | |
TAX | |
FEDERAL | |
LIABILITY | | |
0R ACCRUED | | |
PAID | | |
LIABILITY | |
1. | |
WITHHOLDING | |
| | | |
| | | |
| | | |
$ | 0 | |
2. | |
FICA-EMPLOYEE | |
| | | |
| | | |
| | | |
$ | 0 | |
3. | |
FICA-EMPLOYER | |
| | | |
| | | |
| | | |
$ | 0 | |
4. | |
UNEMPLOYMENT | |
| | | |
| | | |
| | | |
$ | 0 | |
5. | |
INCOME | |
| | | |
| | | |
| | | |
$ | 0 | |
6. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
$ | 0 | |
7. | |
TOTAL FEDERAL TAXES | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
STATE AND LOCAL | |
| | | |
| | | |
| | | |
| | |
8. | |
WITHHOLDING | |
| | | |
| | | |
| | | |
$ | 0 | |
9. | |
SALES | |
| | | |
| | | |
| | | |
$ | 0 | |
10. | |
EXCISE | |
| | | |
| | | |
| | | |
$ | 0 | |
11. | |
UNEMPLOYMENT | |
| | | |
| | | |
| | | |
$ | 0 | |
12. | |
REAL PROPERTY | |
| | | |
| | | |
| | | |
$ | 0 | |
13. | |
PERSONAL PROPERTY | |
| | | |
| | | |
| | | |
$ | 0 | |
14. | |
OTHER (ATTACH LIST) | |
| | | |
| | | |
| | | |
$ | 0 | |
15. | |
TOTAL STATE & LOCAL | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
16. | |
TOTAL TAXES | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
Monthly Operating
Report
ACCRUAL BASIS-5
CASE NAME: |
LPI Financial Services, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
BANK RECONCILIATIONS
| |
| |
Account #1 | | |
Account #2 | | |
Account #3 | | |
| |
A. | |
BANK: | |
| | | |
| | | |
| | | |
| | |
B. | |
ACCOUNT NUMBER: | |
| 4069 | | |
| | | |
| | | |
TOTAL | |
C. | |
PURPOSE (TYPE): | |
| | | |
| | | |
| | | |
| | |
1. | |
BALANCE PER BANK STATEMENT | |
$ | 1,028,232 | | |
| | | |
| | | |
$ | 1,028,232 | |
2. | |
ADD: TOTAL DEPOSITS NOT CREDITED | |
| | | |
| | | |
| | | |
$ | 0 | |
3. | |
SUBTRACT: OUTSTANDING CHECKS | |
$ | 152 | | |
| | | |
| | | |
$ | 152 | |
4. | |
OTHER RECONCILING ITEMS | |
$ | 123 | | |
| | | |
| | | |
$ | 123 | |
5. | |
MONTH END BALANCE PER BOOKS | |
$ | 1,028,203 | | |
$ | 0 | | |
$ | 0 | | |
$ | 1,028,203 | |
6. | |
NUMBER OF LAST CHECK WRITTEN | |
| 1020 | | |
| | | |
| | | |
| | |
INVESTMENT ACCOUNTS
| |
| |
| DATE OF | | |
TYPE OF | | |
PURCHASE | | |
CURRENT | |
BANK, ACCOUNT NAME & NUMBER |
| PURCHASE | | |
INSTRUMENT | | |
PRICE | | |
VALUE | |
7. | |
| |
| | | |
| | | |
| | | |
| | |
8. | |
| |
| | | |
| | | |
| | | |
| | |
9. | |
| |
| | | |
| | | |
| | | |
| | |
10. | |
| |
| | | |
| | | |
| | | |
| | |
11. | |
TOTAL INVESTMENTS | |
| | | |
| | | |
$ | 0 | | |
$ | 0 | |
| |
| |
| | | |
| | | |
| | | |
| | |
CASH | | | |
| | | |
| | | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | |
12. | |
CURRENCY ON HAND | |
| | | |
| | | |
| | | |
$ | 0 | |
| |
| |
| | | |
| | | |
| | | |
| | |
13. | |
TOTAL CASH - END OF MONTH | | |
| | | |
| | | |
$ | 1,028,203 | |
Monthly
Operating Report
ACCRUAL
BASIS-6
CASE NAME: |
LPI Financial Services, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
PAYMENTS TO INSIDERS AND PROFESSIONALS
INSIDERS |
| |
| |
TYPE OF | |
AMOUNT | | |
TOTAL PAID | |
| |
NAME | |
PAYMENT | |
| PAID | | |
| TO DATE | |
1. | |
Advance Trust & Life Escrow Services | |
Premium Remittance | |
$ | 5,808 | | |
$ | 88,850 | |
2. | |
Purchase Escrow Services, LLC | |
Premium Remittance | |
$ | 44 | | |
$ | 3,461 | |
3. | |
| |
| |
| | | |
| | |
4. | |
| |
| |
| | | |
| | |
5. | |
| |
| |
| | | |
| | |
6. | |
TOTAL PAYMENTS TO INSIDERS | |
| |
$ | 5,852 | | |
$ | 92,311 | |
PROFESSIONALS |
|
|
|
| |
| |
DATE OF COURT
ORDER AUTHORIZING | |
AMOUNT | | |
AMOUNT | | |
TOTAL PAID | | |
TOTAL
INCURRED |
|
|
|
| |
NAME | |
PAYMENT | |
| APPROVED | | |
| PAID | | |
| TO DATE | | |
& UNPAID |
|
|
|
1. | |
Asset Servicing Group | |
| |
| | | |
| | | |
| | | |
$505,818 |
|
|
|
2. | |
Bridgepoint Consulting | |
10/29/15 | |
$ | 70,372 | | |
| | | |
| | | |
$606,217 |
|
|
|
3. | |
Epiq Bankruptcy Solutions | |
05/22/15 | |
$ | 2,126,230 | | |
| | | |
$ | 533,773 | | |
$1,592,457 |
|
|
|
4. | |
Kim Hinkle, Attorney at Law | |
| |
| | | |
| | | |
| | | |
$125,526 |
|
|
|
5. | |
MMS Advisors | |
| |
| | | |
| | | |
| | | |
$217,600 |
|
|
5 |
6. | |
Munsch, Hardt, Kopf & Harr,P.C. | |
| |
| | | |
| | | |
| | | |
$987,380 |
|
|
|
7. | |
Thompson & Knight LLP | |
| |
| | | |
| | | |
$ | 3,434 | | |
$6,216,571 |
|
|
|
8. | |
Tom Moran, US Trustee | |
| |
| | | |
$ | 9,632 | | |
$ | 9,632 | | |
$329,338 |
|
|
|
9. | |
Phillips Murrah | |
| |
| | | |
| | | |
| | | |
$59,316 |
|
|
|
10. | |
Smith, Jackson, Boyer, & Bobard, PLLC | |
| |
| | | |
| | | |
| | | |
$45,603 |
|
|
|
11. | |
Inventus | |
| |
| | | |
| | | |
$ | 25,000 | | |
$1,405 |
|
|
|
12. | |
First Advantage Litigation | |
| |
| | | |
| | | |
$ | 6,000 | | |
$6,000 |
|
|
|
13. | |
Predictive Resources | |
| |
| | | |
| | | |
| | | |
$72,500 |
|
|
|
14. | |
Barbara Pope | |
| |
| | | |
| | | |
$ | 4,355 | | |
$41,297 |
|
|
|
15. | |
TOTAL PAYMENTS TO PROFESSIONALS | |
| |
| | | |
$ | 9,632 | | |
$ | 577,839 | | |
$10,765,732 |
|
|
3 |
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND
ADEQUATE PROTECTION PAYMENTS
| |
| |
SCHEDULED | | |
AMOUNTS | | |
| |
| |
| |
MONTHLY | | |
PAID | | |
TOTAL | |
| |
| |
PAYMENTS | | |
DURING | | |
UNPAID | |
|
|
NAME OF CREDITOR | |
DUE | | |
MONTH | | |
POSTPETITION | |
1. | |
| |
| | | |
| | | |
| | |
2. | |
| |
| | | |
| | | |
| | |
3. | |
| |
| | | |
| | | |
| | |
4. | |
| |
| | | |
| | | |
| | |
5. | |
| |
| | | |
| | | |
| | |
6. | |
TOTAL | |
$ | 0 | | |
$ | 0 | | |
$ | 0 | |
| 3 | Professional fees and expenses estimated and accrued prior
to May 19th are reflected only on the books of Life Partners Holdings, Inc. Thereafter, professional fees and
expenses reflect the estimated aggregate, unallocated fees and expenses for all of the Debtors, and are noted on each of the Debtors
MORs. |
| 5 | MMS Advisors incurred fees and expenses March 13th - May
18th in the estimated amount of $230,000.00 that are not included here since their retention has not been approved for this period
of time. |
Monthly
Operating Report
ACCRUAL
BASIS-7
CASE NAME: |
LPI Financial Services, Inc. |
|
|
CASE NUMBER: |
15-40289 (Jointly Administered) |
QUESTIONNAIRE
|
|
|
|
YES |
|
NO |
1. |
|
HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? |
|
|
|
X |
2. |
|
HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? |
|
|
|
X |
3. |
|
ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? |
|
|
|
X |
4. |
|
HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? |
|
|
|
X |
5. |
|
HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? |
|
|
|
X |
6. |
|
ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? |
|
|
|
X |
7. |
|
ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? |
|
|
|
X |
8. |
|
ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? |
|
|
|
X |
9. |
|
ARE ANY OTHER POSTPETITION TAXES PAST DUE? |
|
|
|
X |
10. |
|
ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? |
|
|
|
X |
11. |
|
HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? |
|
|
|
X |
12. |
|
ARE ANY WAGE PAYMENTS PAST DUE? |
|
|
|
X |
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES,"
PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSURANCE
|
|
|
|
YES |
|
NO |
|
|
|
|
|
|
|
1. |
|
ARE WORKER'S
COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? |
|
X |
|
|
2. |
|
ARE ALL PREMIUM PAYMENTS PAID CURRENT? |
|
X |
|
|
3. |
|
PLEASE ITEMIZE POLICIES BELOW. |
|
|
|
|
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS
"NO," OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION
BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSTALLMENT PAYMENTS
TYPE OF |
|
|
|
|
|
PAYMENT AMOUNT |
|
POLICY |
|
CARRIER |
|
PERIOD COVERED |
|
& FREQUENCY |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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