The U.S. Bankruptcy Court approved Transparency Alliance’s Disclosure Statement related to its Third Amended Chapter 11 Plan of Reorganization for Life Partners Holdings and scheduled an August 29, 2016 hearing to consider the Plan.
As previously reported, “Transparency believes that its Plan provides superior prospects for recovery for Holders of Claims, and thus, Transparency encourages Holders of Claims to vote to confirm the Transparency Plan and to vote against confirmation of the Trustee Plan….The Plan provides for the appointment of an Advisory Board by the Policy Recovery Trustee. The Advisory Board will be an independent, third-party advisory board consisting of three to five members with expertise in corporate special purpose vehicle or trust governance, life insurance and life settlements, and law to advise (i) the Policy Recovery Trustee on its management of the Policy Recovery Trust and the exercise of its rights and obligations under the Plan, and (ii) the Position Holder Trustee on its management of the Position Holder Trust and its rights and obligations under the Plan.”
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