A court appointed bankruptcy trustee who is managing the funds of the now bankrupt Life Partners Holdings has filed a motion for a new payment plan. H. Thomas Moran II was appointed in March to serve as trustee after Life Partners Holdings filed for chapter 11 bankruptcy. The Waco based company had lost to the SEC and had a $46 million judgment imposed against it. Moran claims that the LPH has been ripping off investors for a long period of time. The Trustee would like to pay off defrauded investors by utilizing the cash surrender value and premium reserves that are on hand.
See David Lee, Trustee Wants To Use Assets For Victims, Courthouse News Service, May 26, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
