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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________
FORM 8-K
_____________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 14, 2016
_____________
LIFE PARTNERS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Texas | 0-7900 | 74-2962475 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
204 Woodhew Waco, Texas |
76712 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (254) 751-7797
___________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 | Regulation FD. |
On March 14, 2016, the Chapter 11 Trustee of Life Partners Holdings, Inc. (the “Company”), H. Thomas Moran II, who is also the sole director of the Company’s direct and indirect subsidiaries, Life Partners, Inc. and LPI Financial Services, Inc., released the press release set forth on Exhibit 99.1, which is incorporated by reference herein.
Limitation on Incorporation by Reference:
In accordance with general instruction B.2 of Form 8-K, the information in Item 7.01 of this report, including Exhibit 99.1, is furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
99.1 | Press Release |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LIFE PARTNERS HOLDINGS, INC. | |||
Date: March 14, 2016 | By: | /s/ Colette Pieper | |
Colette Pieper | |||
Chief Executive Officer |
INDEX TO EXHIBITS
Item |
Exhibit
|
|
99.1 | Press Release |
Exhibit 99.1
FOR IMMEDIATE RELEASE
March 14, 2016
Life Partners Trustee Continues Efforts
to Recover
Investors’ Substantial Losses
Fraud Report Filed and Additional Litigation Commenced
DALLAS, Texas (March 14, 2016) – H. Thomas Moran II (“Moran”), as chapter 11 trustee for Life Partners Holdings, Inc. (“Life Partners”), has filed the Trustee’s Report Concerning His Investigation of the Debtors’ Pre-Petition Business Conduct (“Report”). The Report details the wide-ranging scheme to defraud orchestrated by Brian Pardo, the company’s former CEO and chairman, together with a number of accomplices, that eventually forced the company into bankruptcy. The Report was filed in compliance with Moran’s duties as a chapter 11 trustee to investigate and report.
As described in the Report, “the Life Partners fraud deserves a place in Texas history as one of the largest and longest-standing fraud schemes ever perpetrated in this State. The scheme has already cost thousands of innocent Investors hundreds of millions of dollars, which in many cases represented a material portion of, or their entire, life savings.”
Based on the fraud and resulting insolvency at Life Partners described in the Report, the Trustee has commenced several more lawsuits in his ongoing efforts to recover amounts on behalf of defrauded Life Partners investors. Some of the lawsuits assert claims against individuals and entities who participated in marketing the fraudulent investments, including certain of the Life Partners “master licensees,” and seek recoveries for their role in the
fraudulent scheme.
In some cases, however, the claims the Trustee has brought assert that the defendants received amounts that, under applicable state or federal law, are recoverable as preferences or constructively fraudulent conveyances for the benefit of the Life Partners bankruptcy estate (and ultimately its defrauded investors) and further allege the amounts are recoverable without regard to whether their transfer resulted from any ‘actual intent’ to defraud on the part of the recipients.
In some cases, the defendants are charities which received payments from Life Partners. With respect to those lawsuits, Mr. Moran stated that, “while it is our legal and fiduciary duty to recover funds for distribution to defrauded investors, it is unfortunate that the philanthropic missions of some charities were drawn into Mr. Pardo’s house of cards.”
The above-mentioned Report and Complaints in the lawsuits are filed in the U.S. Bankruptcy Court for the Northern District of Texas – Fort Worth Division. For more information, including copies of the Report and the Complaints, visit http://dm.epiq11.com/LFP. The trustee is represented by David M. Bennett, Richard B. Roper, Jennifer R. Ecklund and Katharine B. Clark of Thompson & Knight LLP.
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