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

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.