Another big loss w/ revenues per settlement down 60%
How can revenues per settlement be down 60%? Easy: "The decrease in average revenue per settlement during the quarter may have been due in part to a larger number of smaller faced policies transacted during this period as well as higher brokerage and referral fees due to a policy resale accommodation to institutional clients."
Resale accomodation to institutional clients? Some people would call this related party transactions necessary to keep the scheme going!
The Trust investment is still not impaired. I hope the new CFO knows what she is doing.
How pathetic this poster, antislapp, has become? Hey, idiot/loser, you got stinking eggs smashed all over your face. What a shameless liar!
Note that ever since started posting on this board, the stock has gained from $2.10 to $3.20. That's about 50% gain, steadily. In this market, it's rather difficult to grab a 50% gain in such a short time.
It's just to show you what a bunch of liar/losers are residing on this board - they have mission, out of their miseries due to huge losses over the years. And they want to see the company fail.
Hugh Grant, you sold all of it a bit ago. Who's the fool?
This stock has popped due to some lame technical analysis, which is devoid of the underpinnings that prop this POS up. I told you we were pumping it up for you.
In the past 9 months:
Premium advances approximately doubled. This could be the beginning of a trend.
Total assets dropped by over $6.4 million.
Revenues dropped by 50%.
Total current assets are down $2 million.
Accounts payable curiously increased by $1.4 million.
Total assets dropped by a whopping 16%.
Cash Flows from Investing shows the Investment in the Life Settlement Trust as (458,377), yet every time the cash flow drops the value of the Trust increases on the balance sheet. Can anyone explain this to me? If the trust investment requires money to keep it going, shouldn’t it be impaired? It was never impaired even though it is a pre-2008 VBT portfolio.
88 of the 121 Investment in Policies are in the “Thereafter” category, longer than the “4-5 Years” category. Since these settlements were sold with 4-5 years Les, something is very wrong with them (they aren’t maturing).
Average revenue per settlement for the last three months is down 60%! Can you say, resales?
Working Capital decreased $5.3 million, and yet the company paid out more in dividends! Are they stripping out cash before things implode?
There is absolutely no hope on the horizon:
“Despite the progress we have made in our efforts to rebuild confidence in our company, the large drops in revenues, the significant legal and professional fees, and operating losses we have experienced over the First Nine Months of this year have eroded the strength of our financial condition. The SEC suit and other litigation have been highly damaging to our business, and we do not anticipate a substantial recovery in our revenues and net income while the SEC suit and the other private litigation continues. To mitigate these developments, we continue to invest significantly in programs to develop and strengthen our relationships with new and inactive licensees. We are conserving our cash in anticipation that the suit will not be quickly resolved. We have decreased our cash dividends and may make further cuts and could eliminate the dividends. We have sold the majority of our portfolio of investments in policies and are reducing our investments, including investments in policies.”
Nothing new here. It looks like they just dust off the prior filings and adjust the numbers. The explanantions speak to one thing, DOOM!
Now if we could get Ms Jackson at the Tx AG to bandage up her knees and then open the book on Deceptive Trade Practices....
Is the dividend dead? Do the related 3rd party transactions get exposed? Will the auditor last another year? CFO make it through Spring?
Hey, we were all correct. Whenever a pumper appears it is just before bad news hits. That guy will come around every quarter since we now know there is no chance of a SEC settlement per the management's comments in the 10-Q. The company is now bleeding to death.