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Life Partners Holdings Bankruptcy Plan Summarized

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BankruptcyData’s detailed analysis and summary of Life Partners Holdings’ Third Amended Joint Plan of Reorganization, dated October 27, 2016, is now available. The U.S. Bankruptcy Court confirmed the Plan on November 1, 2016; however, an effective date has not yet been issued.

BankruptcyData’s notes, “The Plan will be implemented in collaboration with the official creditors’ committee and Vida Capital, which has agreed to act as the policy servicer and investor account administrator. Vida Capital has also agreed to provide exit financing so that the Position Holder Trust can emerge from Chapter 11 protection and maturity funds can be distributed to fractional holders as soon as possible. The Position Holder Trust will oversee the liquidation of the policy portfolio and distribution of the net proceeds to investors.”

In addition, “The Creditors’ Trust will pursue litigation, including claims previously brought against insiders at Life Partners, certain individuals and entities who received monies from the fraudulent enterprise and others against whom the investors or the company may have a right to recover. The Plan provides recoveries from such litigation will be distributed to investors and other creditors….The Liquidation Analysis for Reorganized Life Partners Holdings estimates the Total Funds Available to be between $287.8 million and $291.5 million.”

BankruptcyData subscribers receive access to the full nine-page summary, which provides further details on corporate background, events leading to LifePartners Holdings’ January 20, 2015 Chapter 11 filing, recovery specifications and a comprehensive break-down of all 17 claimant classes.

Read more bankruptcy news.

The post Life Partners Holdings Bankruptcy Plan Summarized appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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