Life Partners Hits Ch. 11, Looks To Skirt $47M Judgment
By Stewart Bishop (January 20, 2015, 6:14 PM EST) -- Life Partners Holdings Inc. filed for Chapter 11 bankruptcy protection on Tuesday in a bid to buy time while it appeals a $47 million judgment the U.S. Securities and Exchange Commission secured against the life settlement provider.
Waco, Texas-based Life Partners Holdings said it chose to enter bankruptcy after the SEC asked the federal judge overseeing the underlying case to appoint a receiver over the company, which it claims could have resulted in its liquidation and prevented an effective appeal.
Life Partners CEO Brian Pardo called the bankruptcy filing "a strategic move" designed to protect company and shareholder value from harmful...
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