Still standing? Have you seen the black knight in Monty Pythons Holy Grail, he was standing for a while too...until he was limb less. There is no way in hell LPHI pulls out of this nose dive. I bet there are numerous agencies just jockeying for position to be the ones to charge in with evidence boxes and a chain and padlock for the front door.
There is no real revenues that can be had without stealing and foreclosing on the fractional investors so they can be resold elsewhere.
Good luck, double down and thanks for playing.
I hear you on that. But 14 extra days doesn't sound like much of an extension does it? Im sure there was a call for much more time and some sort of legal maneuvering to burn up the clock and some money with it.
Not many sure things out there these days, besides death (but not if you are an insured in the LPHI fractionals), taxes (surely the IRS are snooping now too) and the total implosion of this company and years of legal wranglings and the pursuit of disgorgement from all involved.
Im not a betting man, but Im prepared to wager that these guys are totally done, like 1000% sure. Unfortunately the bookies arent writing this one up, its too lop sided.
Not much help available trading from offshore Id say, and that's too bad. But not much remedies available in the US for stockholders either. As for "shareholder foundation", are you referring to the Pardo Family Trust which owns almost 51% of the stock? 51% of something worthless still adds up to nothing. But 51% of all dividends paid went there too and that added up to a few shekels.
It could be worse, you could have purchased 16000 shares like Tad and lost every penny as a director of the company
Are people trading on this for div? Well then, we should help them out so they can see a yield that matches how off Cassidy LEs were.
You know, the flamethrowing Santa is already set to torch some stuff and the rapper 50c will serenade Pardo with his version of "My Way" at the corp Christmas Party in Gibraltar. I prefer Sid Vicious' version with the Sex Pistols, but he's dead and can't make the gig.
There is hundreds of postings here, telling us that we had it all wrong about LPHI for a decade. Numerous IDs espousing the virtues of the "Architects of Life Settlements". We read tales of extreme returns, early maturities and just amazing feats that defied gravity, physics, actuarial science and just plain commonsense.
It was too good to be true from day one.......early maturities were promoted even when 90% of policies were exceeding the LEs by 100% or more. It's a wonder we didn't succumb to their psychosis.
Who would have thunk that a self proclaimed Vietnam War (It was really a police action)hero, would do this to veterans, retirees and other red blooded Americans?
How does this not go down as a criminal event?
Where did all of their lawyers go? No statement by Yingling.
Pledge what assets? AR will have a 99.9999% default factor on the platform billing.
No 8k in my mind reads at no bond, nothing to pledge, got caught with their pants down and are crapping themselves.
Not quite yet. They have to get slammed from various angles to get delisted. Obviously not filing required SEC forms on time helps light the fuse. Form 8ks for material events is an ignition source, but a regulator needs to kick that dog.
Not yet on the Nasdaq non-compliance list, and it takes 5 days to hit this list once notified by Nasdaq. It happened once before for LPHI, but they were able to wipe the #$%$ to provide the optics of compliance.
Lieber was spoon fed so much information over the years, wrote a few articles a out it and the LS industry but never had the gonads to be a real consumer advocate, crusader and fraud buster and pursue the fraud aspect blatantly in play. Maybe he too was scared of the Pardo mode of operandi in which he pursued and tried to sue all naysayers.
If a TRO achieved here soon, the citizens of Tx really need to consider what protection is afforded them in the "easiest state to do business". Investors out of state need to make calls too, file in their own state and or push for a forced bankruptcy in federal court. Nope I'm not a lawyer, but Ive seen this go down before.
And the verse sung by Sting.... "I just want my form 8k".
Where is that pesky 8k?
#$%$ in the wire.....ummm #$%$ are online trading for yield!
I love the smell of napalm in the morning...it smells like victory... who said that?
I wondered, where is LPHIs Form 8k? 4 business days from a material event? Are they vigorously debating the pros and cons of an 8k regarding the judgement or one more dividend?
You do realize what happens to all "junk yard dogs" don't you? Every one of them gets euthanized after they bite the wrong person. Freezers are all turned on and space made to put this carcass in deep freeze before it's sent to the fertilizer factory.
I swear I clicked through the directory and there was that 80s classic. And I thought, wow that's what it must be like at a BOD meeting for LPHI....barely conscious attendees probably drooling out an inaudible yea....
To see just how disingenuous Pardo has been, read his prepared testimony before congressional financial services subcommittee on capital markets, insurance etc... in 2009. financialservices.house.gov/media/file/hearings/111/pardo_testimony.pdf. Page 4, paragraph 2 "Life partners went public not to raise capital but to voluntarily bring itself under meaningful oversight and regulation required of public companies". Those are his words. Anyone believe any of this?
LPHI never had an end game....it was the dream to sell out to a Wall St IB, but there was never any IP of value, there was no barriers to entry, the power of the suppliers and customers to bypass the no value added middleman was so strong, they had zero staying power in the LS markets. Wall St laughed at these guys in Waco, they had no pedigree other than a few Baylor MBAs...yeah right.
When the margins continued to be too high, competitors piled in....a natural course in business, and LPHIs revs tanked. As the tide went out, we started to find out what was below the surface and the LPHI boat landed on a rock, the hull broke open and water rushed in. The rats (licensees) abandoned ship quick, one went rogue, another went silent. Yet the 3rd fell under the spell of a pizza delivery man.
LPHI puzzles because it has been gamed since day one. Form 8Ks pronouncing only the good, the bizarre and anything else remotely self serving. 10Ks were flush with rosey words, funky accounting, tier 3 assets held by a "broker" (yes LPI was a broker and quasi provider) who played in a tier 2 market, fractionals on the books valued at artificially short life expectancies, an LE provider incentivised to issue short LEs, a Life Asset trust that popped up on the screen/10k/8k and then announced it would be issued to stock holders as a special dividend, a trust company is formed with a Tx Banking charter by Pardos good friends at Dunnam and Dunnam, with an alleged break up fee if their deals fell apart...... GAMED!!!
Im not an attorney...but get one or contaft one already engaged in litigating for the fractional investors. Also
Contact your state regulators, State AG and demand action. A receivership to protect fractional investors, or demand this company forced into bankruptcy. The receivers counsel will then do the heavy lifting and pursue all parties for disgorgement. Itll be a mess without the proper industry insights and advisors to guide, audit and match up what youve been told and documented vs what really happened. Good luck.
Fiduciary is an interesting tar baby, because its not all about what you did know, but what you should have known. The universe gets pretty big and fast.
As for jamming the works a bit more, you end up with parties that knew or should ahve known giben their role in the entire process, but stood by and were compensated for their "blindness". Enablers are scienters......that doesn't work out well for them.
Ive already looked into writing an HBS case study on this company. A great case for ethics, corp governance and fiduciary duties for all parties concerned. Its a good story regarding how audits can be "managed" and financial reporting games. Always read the footnotes.
Definite candidate for American Greed....didnt they already do A&O plus Danny Pang?
I think Dr Cassidy's predecessor allegedly died after he fell down some stairs at his home, drunk. Not that that means anything, but certainly speaks to the caliber of people that Pardo chose to surround himself with.
The appeal...would only be about the total of the settlement, wouldn't it?
For chuckles, halve it.....kaput.
As Ive said before, the only way to kill a zombie is with a head shot. This one was between the eyes.