Lenders Push Life Settlement Co. LTAP Into Ch. 11

Law360, New York (December 22, 2010, 8:19 PM EST) -- A failure to securitize life insurance policies, longer life expectancies and pressure from lenders have forced life settlement company LTAP US LLLP to file for Chapter 11 bankruptcy protection.

LTAP fell victim to insurance policies failing to mature, an inability to sell life insurance policies in its existing portfolio and a drying up of liquidity due to lenders refusing to refinance an existing loan, according to an affidavit filed Wednesday by LT Partner LLC managing partner Dietmar Hofmacher in the U.S. Bankruptcy Court for the District...
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