Lifetime Receiver H. Thomas Moran II, Receiver of LifeTime Capital, Inc.

1Mar/12Off

Receiver’s Update

Investors,

Recently, the Court  issued an Order approving the mechanism for resolving possible claims of certain investors who have not executed the necessary claim documents.  A copy of the Court Order can be found under the Court Orders and Filings tab on this website. Essentially, subject to one final notice to the effected investors, the Court has disallowed or will disallow the unresolved claims and the funds that have been previously escrowed and allocated for payment of these claims will be returned to the general treasury of LifeTime Capital .

The Court has also recently entered a ruling denying the right of Natlis Capital, LLC to intervene in the receivership proceeding. A copy of this Order is also available through the Court Orders and Filings tab.

More recently, the Receiver has filed a Motion for Summary Judgment in the case of Moran v. Svete, Case No. 3:05-CV-0072,  in the U.S. District Court for the Southern District of Ohio. The purpose of this action is to obtain a civil judgment against David Svete individually on behalf of LifeTime Capital for the benefit of the investors. The Court has directed that the Receiver file a final report by the end of January. The Receiver and his counsel will be working diligently to meet the timeframe directed by the Court. We will continue to update you as further developments warrant.

Andrew Storar

Receiver

20Jun/11Off

Receiver Update

website update-lifetime 062111

22Dec/10Off

Receiver Update

WEB POSTING

INVESTOR UPDATE

In recent weeks there have been several developments of note. These include the Court having granted the Receiver's request for permission to depose David Svete. Mr. Svete's deposition is needed in connection with the Receiver's efforts to conclude some pending litigation, which was remanded to the trial court by the Sixth Circuit Court of Appeals earlier this year. The Receiver continues to work towards a complete administration of all claims. There are however, a handful of claims that are as-yet unresolved. In addition, there are some requests for relief urged by the Receiver that are pending before the Court. Rulings are needed from the Court before the claims process can be completed.

Meanwhile, Mr. Svete has continued his attempts to challenge his conviction, which has already been upheld by the 11th Circuit Court of Appeals, and the United States Supreme Court denied acceptance of Mr. Svete's appeal for review. Mr. Svete recently filed a post-conviction appeal with the Northern District of Florida, and the Court has already denied his application. He is now free to challenge the conviction yet again before the 11th Circuit. However, the likelihood of his obtaining any relief through the post-conviction process is nominal at best.

The Receiver will continue to keep you apprised of further material developments as circumstances warrant.

11Oct/10Off

Receivership Update

Investors:

A number of you have called asking why there have been no updates in a long time. This is because very little is going on.The Receiver has been finalizing claims and recently there was a hearing regarding treatment of certain Jordan policy investors who refused to provide a release in exchange for settlement funds. There has been no decision on that issue. The Receiver did obtain a significant sum that had been transferred to Canada and is continuing efforts to locate additional secreted funds.

Andy Storar
Examiner

19Jul/06Off

Investors: The Court held a status hearing on Wednesday July 19.
Discussions concerned the timing of distributions.

It is probable that payments representing premium rebates will be made within the next 14 days.

Jordan claims that have been resolved should be paid within 45 days. I believe approximately 75% of the Jordan claims are included.

It is expected the balance of the claims approved will be distributed at least in part by the end of the year.

An additional hearing is set for Friday August 11 at 9:30 a.m.

If you have questions please contact me.

Andrew Storar, Examiner

20Jun/06Off

Investors: The sale of the portfolio has essentially closed. The purchase documents have been signed by the Receiver and Silverpoint and the money was wired to the Receiver's account on Monday 6/19.

I don't know at this time what this will do to the Tonti appeal. I suspect it is moot but I'll update you as I have further information.

Andrew Storar, Examiner

2Jun/06Off

The Court has ordered that the Receiver sell the portfolio to Silverpoint pursuant to it's last bid. More details will follow soon.
Andrew Storar, Examiner

23May/06Off

Investors: You have probably received the latest from Ernest Bustos again asking for money for his IP fund. He suggests that you investors can avoid the proposed sale of the portfolio by simply taking it over.
He fails to recognize that this is precisely what the receiver attempted to do when he sought investor participation in premium payments.
Unfortunately, most of you either could not or would not make those payments. As a result, the receiver does not have the four million dollars it takes to pay premiums for one year and sale is the only option. Before you consider sending Bustos money I suggest you demand to see the books of the IP fund to determine what he has done with the funds some have already sent and see if the fund has the capital necessary to make the premium payments.

Andrew Storar, Examiner

9May/06Off

Investors: The Court held a hearing regarding several matters on 5/9.

As you know from previous postings, the Tonti Group has filed a motion to restructure their bid. This is in essence an increase in the bid and offers guaranteed sums as well as a cash alternative. Tonti's attorney spoke in favor of the motion and Silverpoint opposed it.

As an alternative, Tonti suggested the Court withhold ruling on the Fairness issue for at least 72 hours during which Tonti will attempt to negotiate a resolution with Silverpoint. The Judge indicated she would do this. I have no idea whether Silverpoint will negotiate, but the time is available.

Next was the fairness hearing. The Receiver described his familiarity with other portfolio sales and opined that the Silverpoint bid is fair and reasonable. The sale price approaches about 21% of investment dollars. After repayment of loans and other items the net to you should be in the 12%-13% range from the sale only. It is probable that other amounts from satellite litigation and other collection efforts will generate additional distributions in the future. It can't be said how much or when.

When the rulings come out, I'll post something here.

Contact me with questions or concerns.

Andrew Storar, Examiner

2May/06Off

Investors: By way of supplement and correction of recent messages, be advised that the Silverpoint bid was $19,375,000.00 cash not $19,500,000.00. Also the recent motion by Tonti included the guaranteed payment over seven years, or in the alternative a cash payment of $19,500,000.00.
Both Silverpoint and Tonti agreed to pay March and April premiums as well.

Andrew Storar, Examiner