Did IFT get paid $10 million on the unexpected policyholder death by accident?
Back in late 2011 I noticed an unusual item in the 10-Q report for IFT. Apparently the insured on one of its owned policies died suddenly of an accident. IFT said at that time that they awaited payment of the $10 million face value. Intersesting thing is that the recently-filed 10-K for 2011, covering the period up to Dec. 31, 2011, again mentioned this one death and the impending $10 million payout (page 58). it's now October 2012 and I wonder if IFT has yet received the $10 million payout on this one policy. Seems like that cash could come in handy about now.
I sure hope the new chairman is successful in negotiating down or making the class action suits go away. I personally think they represent a larger threat to the company than any other single factor at this time. If the company gets blown apart by lawyers now, its $935.5 million of life insurance policies owned will get split apart, forever lost to the shareholders.