Regarding the January 24, 2005 Hearing:
The Court held a hearing on Jan. 24 regarding the receiver’s motion to clarify the status of the two policies that matured in the weeks before his appointment. Many investors appeared and those who wished to speak were heard.
At the conclusion, each side was given two weeks to file any post hearing memoranda that they wish. Thereafter the Court will decide the matter. When that occurs I will post a notice on this website. I’ll also send a letter to those who were matched to those policies.
Regarding Sterling Trust:
We have had meetings with Sterling, done research and presented the issue to the Court. As a result, the Court has found that the value of the IRA’s is presently undeterminable as opposed to the full value stated by LifeTime in December ‘03.
This should result in a substantial reduction in your annual fees and may eliminate the required minimum distributions in the coming year. As always, consult a tax professional before taking any action.
Andrew Storar, Examiner