Message from Receiver:
The following information pertains to investors whose investment is held in a retirement account at Sterling Trust.
Historically, the Individual Retirement Accounts of LifeTime investors showed a value equal to the amount of money invested. In January 2005, the Court agreed the account values were undeterminable. As a result all accounts being held at Sterling Trust have been valued at $0. This is beneficial to the investors for two reasons, 1) for many investors, it eliminates Required Mandatory Distributions from this investment; 2) it reduces the annual fee due to Sterling Trust.
All accounts now show a current balance) of $0 (with respect to the LTC investment only); however the account does remain OPEN.
All Sterling Trust Annual fees for custodial accounts with an LTC investment have been reduced to $55.
If an investor received a statement in 2005 for more $55, they need only to send in $55. Please feel free to address the envelope to the attention of Jeff Thompson to ensure proper application of the fee.
If an investor has paid more than $55 for this year, Sterling will refund the difference (2005 ONLY).
If an investor has not paid account fees that are due, we recommend that they do so in order to preserve their options.
We encourage all investors with questions regarding their Individual Retirement Account at Sterling Trust to contact a qualified tax adviser.
H. Thomas Moran II, Receiver