one of the problems is that in its structured settlement division, imperial seems to have been buying life contingent payments on customers structured settlements to very old ages (e.g. 90). the industry usually doesn't go above 65 - 70 years of age. how do you think imperial was valuing this on its books. i think this is what is causing the problems with valuing the annuities on its books.
i'd like to be a fly on the wall when the new directors look at the shena@#$%ns that were going on at imperial.
all the time, the investment bankers looked the other way. fbr got away with murder! i hope the early on investors ran away.
While I know nothing about the structtured settlement receivables, I d know about their life loans from their premium finance debacle. They are desperate as ever arrier is going to challenge them die to non disclosure issues at issue, IMHO! They lost all of their top management. Mitchell was the ladt to go. Legal fees are still through the roof. They can't alue the life assets they won. Even when approached by a viable buyer, whom are few and far between, they can't even get tht done. Plus how are they accounting for the Lexington repayment of all PF loans pre 2010. This is going to be so intersting, IMHO! Can you say major fraud! Ask anyone who read their omnibus agreement and now knows what their trying to do! Fraud! Son, IMHO!