Investors: The Court held a status/motion hearing on 12/20/05.
The first matter addressed was the claims process. Approximately 2200 of you have returned the claim forms sent to you by the Receiver. For those who have not returned the forms I urge you to do so at once. Only when the forms are returned can data be compared and validated to insure your claim is part of the pool.
Out of the 2200 returned over 600 have been confirmed and the process is ongoing.
As I have earlier indicated, the Court, the Receiver and I continue to seek ways to reduce expenses while maintaining the portfolio. Obviously, premiums are the greatest expense. It is difficult to reduce that sum but the Receiver has obtained authority to negotiate the sale of several policies that have a high premium burden.
After considerable discussion it was decided that all professional bills submitted will be paid at 65% and the holdback will not be paid until certain financial conditions are met. Travel time will be billed at 50% of the approved rate.
The cases against the sales agents who brought you into LifeTime Capital are progressing as are the cases against the doctors who provided the life expectancies.
The next status conference is set for 1/19/06.
Should you have questions or concerns, please contact me.
Andrew Storar, Examiner