Investors: The Court held a hearing on Jan. 25. The subjects covered the Receiver’s motion regarding a change in the credit facility (recall until policies mature the portfolio can only be maintained with borrowed funds) and a motion to approve the employment of an attorney in Vancouver, British Columbia, Canada to pursue funds that previously belonged to LifeTime and appear to have been moved there.
I raised the question of the review of the viators’ medical situation to determine if it is cost effective to maintain the entire portfolio. By agreement between the Judge and me, the Receiver is to submit a report in about 60 days indicating the status of the viators, based upon available information.
Also, we discussed the question of costs in general and communication. The Receiver has agreed to look into the possibility of periodic live “call ins” whereby you could dial a number and get a report as to the
status of things and perhaps pose questions to the Receiver and his staff. Information on cost is as yet unknown but will be determined and evaluated. Also, the Judge is looking into videoconferencing some hearings to reduce time and travel costs.
Andrew Storar, Examiner