OKLAHOMA CITY, Oct. 03, 2017 (GLOBE NEWSWIRE) -- The successful reorganization of Life Partners Holdings Inc. (LPHI), which preserved the Life Partners $2.4 billion portfolio of life insurance policies, will be honored as the “Turnaround of the Year” involving large companies at the prestigious 2017 Turnaround and Transaction of the Year Awards.
“I am deeply humbled and gratified by this recognition of the work we did to turn around the Life Partners enterprise and protect Life Partners investors, but it was only possible due to the extraordinary work of every single member of our team,” said H. Thomas Moran, II, the Chapter 11 Trustee for LPHI. Moran is the president and CEO of Asset Servicing Group, LLC, an Oklahoma City-based firm that manages life insurance portfolios.
The awards, which are determined by the Turnaround Management Association (TMA), will be handed out during a special awards celebration at The 2017 TMA Annual, taking place October 23-25 at the Omni Fort Worth Hotel in Fort Worth, Texas.
In addition to Moran, the TMA will recognize the following professionals involved in the LPHI turnaround:
Katharine Battaia Clark, Thompson & Knight LLP
David M. Bennett, Thompson & Knight LLP
Jason S. Brookner, Gray Reed & McGraw LLP
Jay H. Ong, Munsch Hardt
Dawn Ragan, Bridgepoint Consulting LLC
Joseph Wielebinski, Munsch Hardt
Dan Young, Vida Capital
“Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions,” according to the official TMA press release that announced the honorees in 11 categories. “This year’s winners saved countless jobs and made a significant economic impact, both locally and globally.”
The Life Partners turnaround had its roots in December 2014, when the U.S. Securities and Exchange Commission (SEC) secured judgments against Life Partners and its senior executives totaling more than $46.8 million for engaging in “serious violations” of securities laws. That judgment prompted the company’s former management team to put the company in bankruptcy in the Northern District of Texas (Fort Worth Division, Case No. 15-40289-RFN-11).
The U.S. Bankruptcy Court for the Northern District of Texas appointed Moran, a highly regarded expert in the life insurance industry, as Trustee in March 2015. Moran was a pioneer in life settlement portfolio management and his firm was the first independent third-party servicer of life insurance policies purchased on the secondary market. The Court-approved LPHI reorganization plan preserved the Life Partners $2.4 billion portfolio of life insurance policies, which includes approximately $1.4 billion of investor capital still at risk. The plan allowed investors to select among various options for the recovery of their capital, including options that enable them to avoid exposure to any future financial commitments or to tie their future returns to individual policies still active in the company portfolio.
Founded in 2002, Asset Servicing Group, LLC (ASG) was the first third-party servicer in the life settlement industry. ASG’s experienced team provides turnkey life insurance policy servicing from beginning to end, including policy acquisition services, policy verification services and due diligence, premium administration, premium optimization, mortality tracking, death claims administration and custodial services. Managing over 6,000 policies with a total face value of more than $4 billion, ASG is one of the largest servicing firms in its class. For more information, please go to www.asgllc.us.
Media Contact: Daryn Teague 805.358.3058 firstname.lastname@example.org
Source:Asset Servicing Group, LLC