Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - LIFE PARTNERS HOLDINGS INC | v449101_ex99-3.htm |
| EX-99.2 - EXHIBIT 99.2 - LIFE PARTNERS HOLDINGS INC | v449101_ex99-2.htm |
| 8-K - FORM 8-K - LIFE PARTNERS HOLDINGS INC | v449101_8k.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: | August | 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 | 9/20/2016 | |
| PRINTED NAME OF RESPONSIBLE PARTY | DATE | |
| PREPARER: | ||
| /s/ Paula Toy | Vice-President/Controller | |
| ORIGINAL SIGNATURE OF PREPARER | TITLE | |
| Paula Toy | 9/20/2016 | |
| 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 | JUNE | JULY | AUGUST | |||||||||||||||||
| ASSETS | ||||||||||||||||||||
| 1. | UNRESTRICTED CASH | $ | 51,248 | $ | 20,771 | $ | 8,336 | $ | 5,649 | |||||||||||
| 2. | RESTRICTED CASH | |||||||||||||||||||
| 3. | TOTAL CASH | $ | 51,248 | $ | 20,771 | $ | 8,336 | $ | 5,649 | |||||||||||
| 4. | ACCOUNTS RECEIVABLE (NET) | |||||||||||||||||||
| 5. | INVENTORY | |||||||||||||||||||
| 6. | NOTES RECEIVABLE | |||||||||||||||||||
| 7. | PREPAID EXPENSES | $ | 183,385 | $ | 151,387 | $ | 120,770 | |||||||||||||
| 8. | OTHER (ATTACH LIST) | $ | 76,415 | $ | 84,665 | $ | 84,665 | $ | 84,665 | |||||||||||
| 9. | TOTAL CURRENT ASSETS | $ | 127,664 | $ | 288,821 | $ | 244,388 | $ | 211,084 | |||||||||||
| 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 | $ | 288,821 | $ | 244,388 | $ | 211,084 | |||||||||||
| POSTPETITION LIABILITIES | ||||||||||||||||||||
| 17. | ACCOUNTS PAYABLE | $ | 635,007 | $ | 634,684 | $ | 355,877 | 4 | ||||||||||||
| 18. | TAXES PAYABLE | $ | 10,040 | $ | 8,876 | $ | 8,145 | |||||||||||||
| 19. | NOTES PAYABLE | |||||||||||||||||||
| 20. | PROFESSIONAL FEES | $ | 2,727,215 | $ | 2,507,556 | $ | 1,646,075 | 4&5 | ||||||||||||
| 21. | SECURED DEBT | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
| 22. | OTHER (ATTACH LIST) | $ | (6,868 | ) | $ | (13,043 | ) | $ | (12,718 | ) | ||||||||||
| 23. | TOTAL POSTPETITION LIABILITIES | $ | 3,365,394 | $ | 3,138,074 | $ | 1,997,379 | |||||||||||||
| PREPETITION LIABILITIES | ||||||||||||||||||||
| 24. | SECURED DEBT | $ | 267,505 | 1 | ||||||||||||||||
| 25. | PRIORITY DEBT | $ | 3,991,351 | $ | 41,806 | $ | 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 | $ | 1,630,638 | $ | 1,630,638 | $ | 1,630,638 | |||||||||||
| 29. | TOTAL LIABILITIES | $ | 118,542,341 | $ | 4,996,032 | $ | 4,768,712 | $ | 3,628,017 | |||||||||||
| EQUITY | ||||||||||||||||||||
| 30. | PREPETITION OWNERS' EQUITY | $ | (73,722,301 | ) | $ | (73,722,301 | ) | $ | (73,722,301 | ) | ||||||||||
| 31. | POSTPETITION CUMULATIVE PROFIT OR (LOSS) | $ | (9,391,211 | ) | $ | (10,007,033 | ) | $ | (10,572,382 | ) | ||||||||||
| 32. | DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) | $ | 78,406,301 | $ | 79,205,010 | $ | 80,877,750 | 3 | ||||||||||||
| 33. | TOTAL EQUITY | $ | (4,707,211 | ) | $ | (4,524,324 | ) | $ | (3,416,933 | ) | ||||||||||
| 34. | TOTAL LIABILITIES & OWNERS' EQUITY | $ | 288,821 | $ | 244,388 | $ | 211,084 | |||||||||||||
| 1 | Property 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. |
| 2 | The Schedule Amount for Item 26. Unsecured Debt includes Intercompany Due To/From Life Partners, Inc. shown below in Item 32. |
| 3 | Intercompany Due To/From Life Partners, Inc. |
| 4 | Item 17. Accounts Payables includes $133,230.00 of invoices from bankruptcy professionals that would otherwise be included in Item 20, Professional Fees. |
| 5 | Item 20. Professional Fees accrual reflects only expenses allocated to LPHI. MOR-6 reflects all bankruptcy professional fees of Life Partners Holdings and its subsidiaries. |
| 6 | Priority 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 | JUNE | JULY | AUGUST | |||||||||||||||||
| 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 | ) | $ | (13,043 | ) | $ | (12,718 | ) | 1 | |||||||||
| 22. | ||||||||||||||||||||
| 22. | ||||||||||||||||||||
| 22. | ||||||||||||||||||||
| 22. | ||||||||||||||||||||
| 22. | ||||||||||||||||||||
| 22 | TOTAL - OTHER POSTPETITION LIABILITIES | $ | (6,868 | ) | $ | (13,043 | ) | $ | (12,718 | ) | ||||||||||
| 1 | The 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 | MAY | JUNE | JULY | AUGUST | ||||||||||||||
| 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 | $ | 36,864 | $ | 36,357 | $ | 36,262 | $ | 36,439 | |||||||||
| 12. | RENT & LEASE | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 13. | OTHER (ATTACH LIST) | $ | 0 | $ | 0 | $ | 3,858 | $ | 8,043 | |||||||||
| 14. | TOTAL OPERATING EXPENSES | $ | 36,864 | $ | 36,357 | $ | 40,120 | $ | 44,482 | |||||||||
| 15. | INCOME BEFORE NON-OPERATING INCOME & EXPENSE | $ | (36,864 | ) | $ | (36,357 | ) | $ | (40,120 | ) | $ | (44,482 | ) | |||||
| 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 | $ | 173 | $ | 87 | $ | (13 | ) | $ | 0 | ||||||||
| 19. | DEPRECIATION / DEPLETION | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 20. | AMORTIZATION | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
| 21. | OTHER (ATTACH LIST) | $ | (501 | ) | $ | (670 | ) | $ | (1,164 | ) | $ | (731 | ) | |||||
| 22. | NET OTHER INCOME & EXPENSES | $ | (328 | ) | $ | (583 | ) | $ | (1,177 | ) | $ | (731 | ) | |||||
| REORGANIZATION EXPENSES | ||||||||||||||||||
| 23. | PROFESSIONAL FEES | $ | 525,336 | $ | 689,346 | $ | 573,757 | $ | 518,903 | |||||||||
| 24. | U.S. TRUSTEE FEES | $ | 325 | $ | 0 | $ | 325 | $ | 325 | |||||||||
| 25. | OTHER (ATTACH LIST) | $ | 1,819 | $ | 5,010 | $ | 2,798 | $ | 2,371 | |||||||||
| 26. | TOTAL REORGANIZATION EXPENSES | $ | 527,480 | $ | 694,356 | $ | 576,880 | $ | 521,599 | |||||||||
| 27. | INCOME TAX | |||||||||||||||||
| 28. | NET PROFIT (LOSS) | $ | (564,016 | ) | $ | (730,130 | ) | $ | (615,822 | ) | $ | (565,349 | ) | |||||
Monthly Operating Report
SUPPLEMENT TO
ACCRUAL BASIS-2
| CASE NAME: | Life Partners Holdings, Inc. |
| CASE NUMBER: | 15-40289-rfn-11 |
| INCOME STATEMENT | MAY | JUNE | JULY | AUGUST | ||||||||||||||
| OPERATING EXPENSES | ||||||||||||||||||
| 13. | LEGAL & PROFESSIONAL FEES | $ | 0 | $ | 0 | $ | 3,858 | $ | 8,043 | 1 | ||||||||
| 13. | ||||||||||||||||||
| 13. | ||||||||||||||||||
| 13. | ||||||||||||||||||
| 13. | ||||||||||||||||||
| 13. | TOTAL OTHER OPERATING EXPENSES | $ | 0 | $ | 0 | $ | 3,858 | $ | 8,043 | |||||||||
| 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 | $ | (501 | ) | $ | (670 | ) | $ | (1,164 | ) | $ | (731 | ) | |||||
| 21. | INTEREST INCOME | |||||||||||||||||
| 21. | NET OTHER INCOME & EXPENSES | $ | (501 | ) | $ | (670 | ) | $ | (1,164 | ) | $ | (731 | ) | |||||
| REORGANIZATION EXPENSES | ||||||||||||||||||
| 25. | TRANSCRIPTION SERVICES | $ | 3,681 | $ | 1,362 | $ | 711 | |||||||||||
| 25. | RELATIVITY HOSTING | $ | 1,125 | $ | 631 | $ | 811 | $ | 856 | |||||||||
| 25. | TRUSTEE TRAVEL EXPENSES | $ | 694 | $ | 699 | $ | 625 | $ | 805 | |||||||||
| 25. | TRUSTEE BOND EXPENSE | |||||||||||||||||
| 25. | TOTAL OTHER REORGANIZATION EXPENSES | $ | 1,819 | $ | 5,010 | $ | 2,798 | $ | 2,371 | |||||||||
| 1 | Operating 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 | JULY | AUGUST | SEPTEMBER | QUARTER ENDED SEPTEMBER 30, 2016 | ||||||||||||||||
| 1. | CASH - BEGINNING OF MONTH | $ | 20,771 | $ | 8,336 | $ | 5,649 | |||||||||||||
| 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 | $ | 0 | |||||||||||||||||
| 8. | OTHER (ATTACH LIST) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| 9. | TOTAL NON-OPERATING RECEIPTS | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| 10. | TOTAL RECEIPTS | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
| 11. | TOTAL CASH AVAILABLE | $ | 20,771 | $ | 8,336 | $ | 5,649 | $ | 0 | |||||||||||
| 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 | $ | 955 | $ | 916 | $ | 1,871 | 1 | ||||||||||||
| 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) | $ | 1,930 | $ | 1,691 | $ | 0 | $ | 3,621 | |||||||||||
| 26. | TOTAL OPERATING DISBURSEMENTS | $ | 2,885 | $ | 2,607 | $ | 0 | $ | 5,492 | |||||||||||
| REORGANIZATION EXPENSES | ||||||||||||||||||||
| 27. | PROFESSIONAL FEES | $ | 0 | |||||||||||||||||
| 28. | U.S. TRUSTEE FEES | $ | 6,487 | $ | 6,487 | |||||||||||||||
| 29. | OTHER (ATTACH LIST) | $ | 3,063 | $ | 80 | $ | 0 | $ | 3,143 | |||||||||||
| 30. | TOTAL REORGANIZATION EXPENSES | $ | 9,550 | $ | 80 | $ | 0 | $ | 9,629 | |||||||||||
| 31. | TOTAL DISBURSEMENTS | $ | 12,434 | $ | 2,687 | $ | 0 | $ | 15,122 | |||||||||||
| 32. | NET CASH FLOW | $ | (12,434 | ) | $ | (2,687 | ) | $ | 0 | $ | (15,122 | ) | ||||||||
| 33. | CASH - END OF MONTH | $ | 8,336 | $ | 5,649 | $ | 5,649 | |||||||||||||
| 1 | Item 17. Insurance does not include any D&O and E&O insurance payment since these are paid thru 9/30/16. |
Monthly Operating Report
SUPPLEMENT TO
ACCRUAL BASIS-3
| CASE NAME: | Life Partners Holdings, Inc. |
| CASE NUMBER: | 15-40289-rfn-11 |
| CASH RECEIPTS AND DISBURSEMENTS | JULY | AUGUST | SEPTEMBER | QUARTER ENDED SEPTEMBER 30, 2016 | ||||||||||||||
| 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 | $ | 1,095 | $ | 1,092 | $ | 2,187 | |||||||||||
| 25 | Penalty Interest on 2014 Property Taxes | $ | - | |||||||||||||||
| 25. | Filing Fees | $ | 835 | $ | 599 | $ | 1,434 | |||||||||||
| 25. | Web Page Hosting | $ | - | |||||||||||||||
| 25. | Bank Acct Analysis Fee | $ | - | |||||||||||||||
| 25. | Total - Other Operating Disbursements | $ | 1,930 | $ | 1,691 | $ | - | $ | 3,621 | |||||||||
| OTHER REORGANIZATION EXPENSES | ||||||||||||||||||
| 29. | Transcription Services | $ | 3,063 | $ | 80 | $ | 3,143 | |||||||||||
| 29. | Trustee Bond | $ | 0 | |||||||||||||||
| 29. | Total - Other Reorganization Expenses | $ | 3,063 | $ | 80 | $ | - | $ | 3,143 | |||||||||
Monthly Operating Report
ACCRUAL BASIS-4
| CASE NAME: | Life Partners Holdings, Inc. |
| CASE NUMBER: | 15-40289-rfn-11 |
| ACCOUNTS RECEIVABLE AGING | SCHEDULE AMOUNT | JUNE | JULY | AUGUST | ||||||||||||||
| 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: | August 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) | $ | 8,145 | $ | 8,145 | 2 | ||||||||||||||||
| 5. | TOTAL TAXES PAYABLE | $ | 8,145 | $ | 0 | $ | 0 | $ | 0 | $ | 8,145 | |||||||||||
| 6. | ACCOUNTS PAYABLE | $ | 4,145 | $ | 1,543 | $ | 0 | $ | 350,189 | $ | 355,877 | |||||||||||
| STATUS OF POSTPETITION TAXES | MONTH: | August 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) | $ | 8,876 | $ | (731 | ) | $ | 8,145 | 2 | |||||||||
| 15. | TOTAL STATE & LOCAL | $ | 8,876 | $ | (731 | ) | $ | 0 | $ | 8,145 | ||||||||
| 16. | TOTAL TAXES | $ | 8,876 | $ | (731 | ) | $ | 0 | $ | 8,145 | ||||||||
| 1 | All property taxes for calendar 2014 & 2015 were paid at the closing on the sale of the buildings. |
| 2 | This 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: | August 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 | $ | 6,725 | $ | 6,725 | |||||||||||||
| 2. | ADD: TOTAL DEPOSITS NOT CREDITED | $ | 0 | |||||||||||||||
| 3. | SUBTRACT: OUTSTANDING CHECKS | $ | 1,076 | $ | 1,076 | |||||||||||||
| 4. | OTHER RECONCILING ITEMS | $ | 0 | |||||||||||||||
| 5. | MONTH END BALANCE PER BOOKS | $ | 0 | $ | 0 | $ | 5,649 | $ | 5,649 | |||||||||
| 6. | NUMBER OF LAST CHECK WRITTEN | 1013 | 1100 | |||||||||||||||
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 | $ | 5,649 |
Monthly Operating Report
ACCRUAL BASIS-6
| CASE NAME: | Life Partners Holdings, Inc. |
| CASE NUMBER: | 15-40289-rfn-11 |
| MONTH: | August 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 | |||||||||
| PROFESSIONALS | 1 | |||||||||||||||||||
| DATE OF COURT | TOTAL | |||||||||||||||||||
| ORDER AUTHORIZING | AMOUNT | AMOUNT | TOTAL PAID | INCURRED | ||||||||||||||||
| NAME | PAYMENT | APPROVED | PAID | TO DATE | & UNPAID | |||||||||||||||
| 1. | Asset Servicing Group | 08/19/16 | $ | 1,539,610 | $ | 203,896 | $ | 1,338,821 | $ | 501,565 | ||||||||||
| 2. | Bridgepoint Consulting | 08/19/16 | $ | 1,622,470 | $ | 184,163 | $ | 1,356,689 | $ | 565,050 | ||||||||||
| 3. | Epiq Bankruptcy Solutions | 05/22/15 | $ | 5,422,600 | $ | 2,385 | $ | 3,732,788 | $ | 1,714,812 | ||||||||||
| 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 | 08/19/16 | $ | 367,289 | $ | 31,523 | $ | 329,248 | $ | 101,088 | ||||||||||
| 7. | MMS Advisors | 03/25/16 | $ | 246,992 | $ | 246,992 | $ | 0 | ||||||||||||
| 8. | Munsch, Hardt, Kopf & Harr, P.C. | 08/25/16 | $ | 3,132,415 | $ | 521,265 | $ | 2,645,550 | $ | 1,212,865 | ||||||||||
| 9. | Phillips Murrah | 08/01/16 | $ | 411,695 | $ | 44,665 | $ | 302,605 | $ | 228,114 | ||||||||||
| 10. | Pronske Goolsby & Kathman, P.C. | 05/05/15 | $ | 128,618 | $ | 128,618 | $ | 0 | ||||||||||||
| 11. | Thompson & Knight, LLP | 08/19/16 | $ | 16,446,405 | $ | 3,741,108 | $ | 13,697,158 | $ | 6,907,729 | ||||||||||
| 12. | Tom Moran, US Trustee | 12/18/15 | $ | 11,850 | $ | 11,850 | $ | 1,143,915 | 2 | |||||||||||
| 13. | Smith, Jackson, Boyer & Bovard, PLLC | 08/19/16 | $ | 67,116 | $ | 8,057 | $ | 65,574 | $ | 9,832 | ||||||||||
| 14. | Predictive Resources | 08/19/16 | $ | 464,316 | $ | 16,827 | $ | 391,430 | $ | 241,649 | ||||||||||
| 15. | D3G Capital Management LLC/Lewis & Ellis Inc | 05/24/16 | $ | 214,925 | $ | 42,385 | $ | 214,925 | $ | 18,000 | ||||||||||
| 16. | Barbara Pope | 12/15/15 | $ | 42,477 | $ | 42,477 | $ | 0 | 3 | |||||||||||
| 17. | Sutherland Asbill & Brennan LLP | 08/19/16 | $ | 34,889 | $ | 4,875 | $ | 17,477 | $ | 33,434 | ||||||||||
| 18. | TOTAL PAYMENTS TO PROFESSIONALS | $ | 4,801,149 | $ | 24,816,847 | $ | 12,678,051 | |||||||||||||
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 | ||||||||
| 1 | Professional 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. |
| 2 | Total Paid To Date excludes out-of-pocket expense reimbursements on behalf of subsidiary debtors. |
| 3 | Amounts shown do not include employee/contractor payments. |
| 4 | Obligation has been paid in full. |
Monthly Operating Report
ACCRUAL BASIS-7
| CASE NAME: | Life Partners Holdings, Inc. |
| CASE NUMBER: | 15-40289-rfn-11 |
| MONTH: | August 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 and from Vida Capital, Inc. per DIP Facility Docket 2924 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
| 1 | All payments for the current policy period have been made. |