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

25Apr/06Off

Investors: As many of you are aware, the Court issued its order last Friday finding that the highest and best bid was that of Silverpoint Capital. This is a "cash only" bid in that the Receivership will receive a one time payment of $19,500,000.00 plus an amount equal to the premium payments for March and April. The result is approximately $20,000,000.00.

There are certain deductions that will be made which include the Jordan settlement, paying off lenders, fees and costs. Additional sums will be set aside to pursue the bank and broker litigation as well as other collection efforts like the frozen Canadian funds. It is hoped that this satellite litigation will result in additional distributions to you.

A fairness hearing has been set for May 9, 2006. Please contact me with questions or concerns.

Andrew Storar, Examiner

21Apr/06Off

The judge has determined that the highest and best bid was that of Silverpoint Capital. It is an all cash bid of $19,375,000. (order)

Please continue to check this website for updates. Updates will be posted as information becomes available.

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14Apr/06Off

Investors: The Court held two hearings on Thursday, April 13.

The first hearing was a fairness hearing regarding the proposed settlement of the Jordan issue. This involves the two matured Prudential policies. As a result of mediation it was proposed that the Receiver would pay the Jordan investors an amount equal to 62.5% of their investment related to the Jordan policies. In return, the Jordan investors would give a full and final release to the Receiver as concerns any claims related to their investment. The release does not cover your claims unrelated to Jordan nor does it include claims relative to payment of premiums.

The Court found the proposal fair and equitable. It was approved.
Distribution should begin within sixty days after funding of the sale of the balance of the portfolio provided claim forms have been submitted and approved. Unsubmitted claims will not hold up distribution to those that have completed the process.

The second hearing was a consideration of the highest and best bid for the balance of the portfolio.
At the hearing two bidders were present. SPCG (Silverpoint) has submitted a bid of $19,375,000.00 for the policies. This is a one time payment.

The Lorenzo Tonti fund submitted a phased bid. It consists of $12,000,000.00 upfront, 100% of all net cash flow exceeding $2,000,000.00 generated by maturities for the next seven years and a payment of $6,500,000.00 at the end of seven years.

Both bids are attractive. One is certain and give finality. The other is certain for $18,500,000.00 and provides an opportunity to share in maturities. The downside is that it lasts for seven years.

There was much evidence taken and the Court will probably decide next week. A fairness hearing on that decision is set for May 9 at 9:30 a.m.

If you have questions or thoughts let me know.

Andrew Storar, Examiner

11Apr/06Off

The following is the memo from the receiver regarding bids on the LTC Portfolio. Included in this memo is a summary of the bids.

Receiver's Memo Regarding Bids on LTC Portfolio

ORDER Amending previous order [409] order of the court declining to accpet any bids presented and reopening bidding under certain procedures.

Schedule of Portfolio Sale

Doc 430

April 13:

Jordan settlement hearing at 9:30

Highest bid approval hearing immediately following Jordan hearing

May 9th:

The fairness hearing is continued and will occur on May 9th, 2006 at 9:30am in Courtroom #5, United States Federal Building, 200 West Second Street, Dayton, Ohio 45402.

Please be sure to check this site daily for the latest updates.

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1Apr/06Off

Premiums for April 2006

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