LPHI keeps stating in the 10-Qs that they examined the trust and have found no reason to impair it. If that is the case, IR should be able speak in detail about the trust. Let's find out if that former shipping clerk and/or the new CFO will do so.
This is important since the Pasadena Pumper contends the trust will bail out LPHI. I am beginning to think the trust is just another losing asset that will cause LPI and the other investors an eventual loss.
David Martin once confirmed through IR that an unusual line item was indeed for a line of credit for the trust. Assuming a 1% cost the trust was leveraged to the tune of (roughly) $100 million, a significant amount.
The trust is pre-2008 VBT and that fact alone warrants a write-down. But seriously, there are way too many policies left in the trust for it to be performing anything close to the original expectations. if fact, the trust may be a cash drain by now. Why a cash drain? Because of the bogus way LPHI accounts for it, adding expenditures to the balance sheet asset without first impairing the asset.
Several years ago there was a special dividend representing a distribution from that trust. Now everything is hidden...and things are hidden for a reason.
The new CFO has to account for this properly because her name is on each filing. I hope she knows what she is doing, because getting stuff like this wrong could end a career.