LIFE PARTNERS HOLDINGS INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - August 19, 2016

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8-K - FORM 8-K - LIFE PARTNERS HOLDINGS INCv447413_8-k.htm

 

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: July   2016
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   8/19/2016
PRINTED NAME OF RESPONSIBLE PARTY   DATE
     
PREPARER:    
     
/s/ Paula Toy   Vice-President/Controller
ORIGINAL SIGNATURE OF PREPARER   TITLE
     
Paula Toy   8/19/2016
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		   MAY   JUNE   JULY    
ASSETS                       
1.  UNRESTRICTED CASH  $51,248   $77,771   $20,771   $8,336    
2.  RESTRICTED CASH                       
3.  TOTAL CASH  $51,248   $77,771   $20,771   $8,336    
4.  ACCOUNTS RECEIVABLE (NET)                       
5.  INVENTORY                       
6.  NOTES RECEIVABLE                       
7.  PREPAID EXPENSES       $213,377   $183,385   $151,387    
8.  OTHER (ATTACH LIST)  $76,415   $84,665   $84,665   $84,665    
9.  TOTAL CURRENT ASSETS  $127,664   $375,813   $288,821   $244,388    
10.  PROPERTY, PLANT & EQUIPMENT  $2,188,639   $0   $0   $0   1
11.  LESS: ACCUMULATED DEPRECIATION/DEPLETION       $0   $0   $0   1
12.  NET PROPERTY, PLANT & EQUIPMENT  $2,188,639   $0   $0   $0    
13.  DUE FROM INSIDERS                       
14.  OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST)  $166,250   $0   $0   $0    
15.  OTHER (ATTACH LIST)                       
16.  TOTAL ASSETS  $2,482,552   $375,813   $288,821   $244,388    
POSTPETITION LIABILITIES                       
17.  ACCOUNTS PAYABLE       $633,462   $635,007   $634,684   4
18.  TAXES PAYABLE       $10,710   $10,040   $8,876    
19.  NOTES PAYABLE                       
20.  PROFESSIONAL FEES       $2,075,173   $2,727,215   $2,507,556   4&5
21.  SECURED DEBT       $32,029   $0   $0    
22.  OTHER (ATTACH LIST)       $(6,868)  $(6,868)  $(13,043)   
23.  TOTAL POSTPETITION LIABILITIES       $2,744,506   $3,365,394   $3,138,074    
PREPETITION LIABILITIES                       
24.  SECURED DEBT  $267,505                  1
25.  PRIORITY DEBT  $3,991,351   $90,306   $41,806   $41,806   6
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   $1,679,138   $1,630,638   $1,630,638    
29.  TOTAL LIABILITIES  $118,542,341   $4,423,643   $4,996,032   $4,768,712    
EQUITY                       
30.  PREPETITION OWNERS' EQUITY       $(73,722,301)  $(73,722,301)  $(73,722,301)   
31.  POSTPETITION CUMULATIVE
PROFIT OR (LOSS)		       $(8,661,081)  $(9,391,211)  $(10,007,033)   
32.  DIRECT CHARGES TO EQUITY
(ATTACH EXPLANATION)		       $78,335,551   $78,406,301   $79,205,010   3
33.  TOTAL EQUITY       $(4,047,830)  $(4,707,211)  $(4,524,324)   
34.  TOTAL LIABILITIES & OWNERS' EQUITY       $375,813   $288,821   $244,388    

 

1Property Plant & Equipment included the buildings that were sold per Dkt. 1089. Secured Debt and Taxes Payable included property taxes owed on the buildings that were collected at closing.
2The Schedule Amount for Item 26. Unsecured Debt includes Intercompany Due To/From Life Partners, Inc. shown below in Item 32.
3Intercompany Due To/From Life Partners, Inc.
4Item 17. Accounts Payables includes $415,251.40 of invoices from bankruptcy professionals that would otherwise be included in Item 20, Professional Fees.
5Item 20. Professional Fees accrual reflects only expenses allocated to LPHI. MOR-6 reflects all bankruptcy professional fees of Life Partners Holdings and its subsidiaries.
6Priority debt was reduced in June by an estimated tax extension payment of $48,500 for the 2016 Texas Franchise Tax. This tax is on the fiscal year ended 2/28/2015. As LPHI filed for bankruptcy on 1/20/2015, the vast majority of this tax debt was accrued pre-petition.

 

 

 

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		   MAY   JUNE   JULY    
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.                       
8.                          
8.                          
8.                          
8.                          
8                          
8.  TOTAL - OTHER CURRENT ASSETS  $76,415   $84,665   $84,665   $84,665    
14. OTHER ASSETS - NET OF AMORTIZATION                       
14.  Woolly Mammoth & Other Prehistoric Artifacts  $166,250                   
14.                          
14.                          
14.                          
14.                          
14.  TOTAL - OTHER ASSETS (Net of Amort.)  $166,250   $-   $-   $-    
15. OTHER ASSETS                       
15.                          
15.                          
15.                          
15.                          
15.                          
15.                          
15.                          
15.                          
15.                          
15.  TOTAL - OTHER ASSETS  $-   $-   $-   $-    
                           
POSTPETITION LIABILITIES                       
22.  US Trustee Fees       $(6,868)  $(6,868)  $(13,043)1  
22.                          
22.                          
22.                          
22.                          
22.                          
22  TOTAL - OTHER POSTPETITION LIABILITIES       $(6,868)  $(6,868)  $(13,043)   

 

1The balance shown for US Trustee fees is negative because LPHI was overbilled for the 1st & 2nd quarter 2016 trustee fee. These bills were estimated to be the same as the previous quarter, but is less when calculated based on disbursements.

 

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-2

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

INCOME STATEMENT  APRIL   MAY   JUNE   JULY 
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  $37,197   $36,864   $36,357   $36,262 
12.  RENT & LEASE  $0   $0   $0   $0 
13.  OTHER (ATTACH LIST)  $264   $0   $0   $3,858 
14.  TOTAL OPERATING EXPENSES  $37,461   $36,864   $36,357   $40,120 
15.  INCOME BEFORE NON-OPERATING INCOME & EXPENSE  $(37,461)  $(36,864)  $(36,357)  $(40,120)
OTHER INCOME & EXPENSES                    
16.  NON-OPERATING INCOME (ATTACH LIST)  $0   $0   $0   $0 
17.  NON-OPERATING EXPENSE (ATTACH LIST)  $0   $0   $0   $0 
18.  INTEREST EXPENSE  $273   $173   $87   $(13)
19.  DEPRECIATION / DEPLETION  $0   $0   $0   $0 
20.  AMORTIZATION  $0   $0   $0   $0 
21.  OTHER (ATTACH LIST)  $3,336   $(501)  $(670)  $(1,164)
22.  NET OTHER INCOME & EXPENSES  $3,609   $(328)  $(583)  $(1,177)
REORGANIZATION EXPENSES                    
23.  PROFESSIONAL FEES  $215,238   $525,336   $689,346   $573,757 
24.  U.S. TRUSTEE FEES  $650   $325   $0   $325 
25.  OTHER (ATTACH LIST)  $3,558   $1,819   $5,010   $2,798 
26.  TOTAL REORGANIZATION EXPENSES  $219,446   $527,480   $694,356   $576,880 
27.  INCOME TAX                    
28.  NET PROFIT (LOSS)  $(260,515)  $(564,016)  $(730,130)  $(615,822)

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-2

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

INCOME STATEMENT  APRIL   MAY   JUNE   JULY 
OPERATING EXPENSES                    
13.  LEGAL & PROFESSIONAL FEES  $264   $0   $0   $3,8581
13.                       
13.                       
13.                       
13.                       
13.  TOTAL OTHER OPERATING EXPENSES  $264   $0   $0   $3,858 
NON-OPERATING INCOME                    
16.  RENTAL INCOME                    
16.                       
16.                       
16.                       
16.  TOTAL NON-OPERATING INCOME  $0   $0   $0   $0 
OTHER INCOME & EXPENSES                    
21.  LOSS ON SALE OF ICE AGE COLLECTION                    
21.  GAIN ON SALE OF BUILDINGS                    
21.  FRANCHISE TAX EXPENSE  $3,336   ($501)  ($670)  ($1,164)
21.  INTEREST INCOME                    
21.  NET OTHER INCOME & EXPENSES  $3,336   ($501)  ($670)  ($1,164)
REORGANIZATION EXPENSES                    
25.  TRANSCRIPTION SERVICES  $1,022        $3,681   $1,362 
25.  RELATIVITY HOSTING  $1,114   $1,125   $631   $811 
25.  TRUSTEE TRAVEL EXPENSES  $1,422   $694   $699   $625 
25.  TRUSTEE BOND EXPENSE                    
25.  TOTAL OTHER REORGANIZATION EXPENSES  $3,558   $1,819   $5,010   $2,798 

 

1Operating Expenses include professional fees related to the preparation of tax returns.

 

 

 

Monthly Operating Report

ACCRUAL BASIS-3

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

CASH RECEIPTS AND DISBURSEMENTS  APRIL   MAY   JUNE   QUARTER
ENDED JUNE 30,
2016		   JULY    
1.  CASH - BEGINNING OF MONTH  $164,660   $117,716   $77,771        $20,771    
RECEIPTS FROM OPERATIONS                            
2.  CASH SALES                 $0         
COLLECTION OF ACCOUNTS RECEIVABLE                            
3.  PREPETITION       $145        $145        1
4.  POSTPETITION                 $0         
5.  TOTAL OPERATING RECEIPTS  $0   $145   $0   $145   $0    
NON-OPERATING RECEIPTS                            
6.  LOANS & ADVANCES (ATTACH LIST)                 $0         
7.  SALE OF ASSETS                 $0         
8.  OTHER (ATTACH LIST)  $0   $0   $0   $0   $0    
9.  TOTAL NON-OPERATING RECEIPTS  $0   $0   $0   $0   $0    
10.  TOTAL RECEIPTS  $0   $145   $0   $145   $0    
11.  TOTAL CASH AVAILABLE  $164,660   $117,862   $77,771   $145   $20,771    
OPERATING DISBURSEMENTS                            
12.  NET PAYROLL                 $0         
13.  PAYROLL TAXES PAID                 $0         
14.  SALES, USE & OTHER TAXES PAID            $48,500   $48,500        2
15.  SECURED / RENTAL / LEASES                 $0         
16.  UTILITIES                 $0         
17.  INSURANCE  $33,094   $33,094   $4,674   $70,862   $955   3
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)  $2,438   $6,323   $1,847   $10,608   $1,930    
26.  TOTAL OPERATING DISBURSEMENTS  $35,532   $39,417   $55,021   $129,970   $2,885    
REORGANIZATION EXPENSES                            
27.  PROFESSIONAL FEES                 $0         
28.  U.S. TRUSTEE FEES  $11,063             $11,063   $6,487    
29.  OTHER (ATTACH LIST)  $348   $674   $1,980   $3,002   $3,063    
30.  TOTAL REORGANIZATION EXPENSES  $11,411   $674   $1,980   $14,065   $9,550    
31.  TOTAL DISBURSEMENTS  $46,944   $40,091   $57,000   $144,035   $12,434    
32.  NET CASH FLOW  $(46,944)  $(39,945)  $(57,000)  $(143,889)  $(12,434)   
33.  CASH - END OF MONTH  $117,716   $77,771   $20,771        $8,336    

 

1Refund of expense paid prepetition related to annual reporting mailouts.
2Item 14. Sales, Use and Other Taxes paid includes the payment of 2016 Franchise Taxes.
3Item 17. Insurance does not include the June 2016 D&O and E&O insurance payment which was paid by Life Partners, Inc. and was the last payment for the current policy period.

 

 

 

Monthly Operating Report

SUPPLEMENT TO

ACCRUAL BASIS-3

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

CASH RECEIPTS AND DISBURSEMENTS  APRIL   MAY   JUNE   QUARTER
ENDED JUNE 30,
2016		   JULY 
                     
OTHER NON-OPERATING RECEIPTS                         
8.  Sale of Airport Hangar                 $-      
8.  Lease & Rental Income                 $-      
8.  Return of Retainer                 $-      
8.  Worker's Compensation Dividend                 $-      
8.  Total - Non-Operating Receipts  $-   $-   $-   $0   $- 
                             
OTHER OPERATING DISBURSEMENTS                         
25.  Transfer to LPI bank account                 $-      
25.  Registrar & Transfer Fees  $1,800   $1,053   $1,051   $3,904   $1,095 
25  Penalty Interest on 2014 Property Taxes                 $-      
25.  Filing Fees  $638   $1,125   $796   $2,559   $835 
25.  Web Page Hosting       $4,145        $4,145      
25.  Bank Acct Analysis Fee                 $-      
25.  Total - Other Operating Disbursements  $2,438   $6,323   $1,847   $10,608   $1,930 
                             
OTHER REORGANIZATION EXPENSES                         
29.  Transcription Services  $348   $674   $1,980   $3,002   $3,063 
29.  Trustee Bond                 $0      
29.  Total - Other Reorganization Expenses  $348   $674   $1,980   $3,002   $3,063 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-4

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

ACCOUNTS RECEIVABLE AGING  SCHEDULE
AMOUNT		   MAY   JUNE   JULY 
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: July 2016

 

      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)  $8,876                  $8,876  2
5.  TOTAL TAXES PAYABLE  $8,876   $0   $0   $0   $8,876 
                             
6.  ACCOUNTS PAYABLE  $1,382   $1,092   $0   $632,211   $634,684 

 

STATUS OF POSTPETITION TAXES MONTH: July 2016

 

      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             $0 1
13.  PERSONAL PROPERTY                 $0 
14.  OTHER (ATTACH LIST)  $10,040   $(1,164)       $8,876 2
15.  TOTAL STATE & LOCAL  $10,040   $(1,164)  $0   $8,876 
16.  TOTAL TAXES  $10,040   $(1,164)  $0   $8,876 

 

1All property taxes for calendar 2014 & 2015 were paid at the closing on the sale of the buildings.
2This is Texas Franchise Tax previously shown on LPI books. This does not include the balance of $41,805.59 considered prepetition.

 

 

 

Monthly Operating Report

ACCRUAL BASIS-5

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

  MONTH: July 2016

 

BANK RECONCILIATIONS

 

      Account #1   Account #2   Account #3     
A.  BANK:  Bank of America   Alliance Bank   Bank of Texas     
B.  ACCOUNT NUMBER:  3363   613   3772   TOTAL 
C.  PURPOSE (TYPE):  DIP Account   MoneyMarket   Checking     
1.  BALANCE PER BANK STATEMENT            $15,817   $15,817 
2.  ADD: TOTAL DEPOSITS NOT CREDITED                 $0 
3.  SUBTRACT: OUTSTANDING CHECKS            $7,480   $7,480 
4.  OTHER RECONCILING ITEMS                 $0 
5.  MONTH END BALANCE PER BOOKS  $0   $0   $8,336   $8,336 
6.  NUMBER OF LAST CHECK WRITTEN   1013         1096      

 

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  $8,336 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-6

 

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

  MONTH: July 2016

 

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 

 

 
   PROFESSIONALS1
      DATE OF COURT              TOTAL 
      ORDER AUTHORIZING  AMOUNT   AMOUNT   TOTAL PAID   INCURRED 
   NAME  PAYMENT  APPROVED   PAID   TO DATE   & UNPAID 
1.  Asset Servicing Group  04/22/16  $1,134,925        $1,134,925   $565,927 
2.  Bridgepoint Consulting  04/15/16  $1,172,526   $46,840   $1,172,526   $652,595 
3.  Epiq Bankruptcy Solutions  05/22/15  $4,470,169   $230,132   $3,730,404   $764,765 
4.  Forshey & Prostok, LLP  04/28/15  $154,409        $154,409   $0 
5.  Kevin Buchanan & Associates  07/01/15  $140,235        $140,235   $0 
6.  Kim Hinkle, Attorney at Law  04/22/16  $297,725   $11,426   $297,725   $105,087 
7.  MMS Advisors  03/25/16  $246,992        $246,992   $0 
8.  Munsch, Hardt, Kopf & Harr, P.C.  05/24/16  $2,124,285   $135,069   $2,124,285   $1,482,630 
9.  Phillips Murrah  04/22/16  $257,940        $257,940   $250,817 
10.  Pronske Goolsby & Kathman, P.C.  05/05/15  $128,618        $128,618   $0 
11.  Thompson & Knight, LLP  06/03/16  $9,956,051   $388,889   $9,956,051   $9,510,355 
12.  Tom Moran, US Trustee  12/18/15  $11,850        $11,850   $1,074,282  2
13.  Smith, Jackson, Boyer & Bovard, PLLC  04/15/16  $57,516   $211   $57,516   $9,846 
14.  Predictive Resources  04/22/16  $374,603   $13,398   $374,603   $151,540 
15.  D3G Capital Management LLC/Lewis & Ellis Inc  05/24/16  $172,540   $3,000   $172,540   $55,385 
16.  Barbara Pope  12/15/15  $42,477        $42,477   $0  3 
17.  Sutherland Asbill & Brennan LLP  03/25/16  $0   $12,602   $12,602   $36,515 
18.  TOTAL PAYMENTS TO PROFESSIONALS          $841,566   $20,015,698   $14,659,744 

 

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   $0   $0  4
2.  First Insurance Funding Corp.  $32,116   $0   $0  4
3.                    
4.                    
5.                    
6.  TOTAL  $33,221   $0   $0   

 

1Professional fee and expense allocations are estimated by each firm across the 3 debtors, and are booked accordingly in the books and records. Payments are made based on cash availability and intercompany accounting. The total of all aggregate unallocated fees and expenses for the 3 debtors are reflected in the schedule above.
2Total Paid To Date excludes out-of-pocket expense reimbursements on behalf of subsidiary debtors.
3Amounts shown do not include employee/contractor payments.
4Obligation has been paid in full.

 

 

 

Monthly Operating Report

ACCRUAL BASIS-7

CASE NAME: Life Partners Holdings, Inc.
   
CASE NUMBER: 15-40289-rfn-11

 

  MONTH: July 2016

 

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 5. A postpetition loan was received from First Insurance Funding Corp. to finance D&O and E&O insurance premiums. Loans were received from maturities of Life Settlements per Docket 1127 related to financing.
Questionnaire Item 10. Past due amounts are mainly fees from non-bankruptcy professionals 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  
Directors & Officers   Illinois National   09/30/15- 09/30/16      
Errors & Omissions   Indian Harbor   09/30/15- 09/30/16      
Total D&O and E&O Financed thru   First Insurance Funding Corp   09/30/15- 09/30/16   $ 32,116.09 /month 1
Commercial Package*   Allied Insurance   06/14/16 - 06/14/17   $ 954.83 /month  
Cyber Liability   Beazley Insurance   06/14/16 - 06/14/17   $ 3,597.00 /annual  

 

* includes auto, building, edp, excess liability

 

1All payments for the current policy period have been made.

 

 

LIFE PARTNERS HOLDINGS INC Reports