Life Partners Creditors Deride CEO's Call To Pull Trustee

Law360, New York (July 30, 2015, 9:27 PM EDT) -- The unsecured creditors of life insurance purchaser Life Partners Holdings Inc. told a Texas bankruptcy court on Thursday that its CEO, Brian Pardo, shouldn't be allowed to force out the Chapter 11 trustee working on the case.

Pardo lodged an amended bid in mid-July to remove both Chapter 11 trustee H. Thomas Moran II and his Thompson & Knight LLP counsel, saying they're too close to the U.S. Securities and Exchange Commission, which is going after the company for fraud. He says Moran held a secret meeting with the SEC on Jan. 5 in Waco.

The committee says that the motion, even if granted, would...

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