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Welcome to
the Retirement Value LLC, Receivership website. This website
was established to facilitate the dissemination of information
regarding the status of the case as well as our efforts
to recover assets for the investors’ benefit.
Status
of the Proposed Plan of Distribution
On April 9,
2012, the Court held a hearing to consider recommendations
for a Plan of Distribution.
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The
Receiver, joined by counsel for The State of Texas
and counsel for the Hill Country Funding Receiver,
repeated his recommendation of the Vida Plan; |
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Michael
Beste, through his counsel, endorsed the Clearview
Plan; and |
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Certain
interveners expressed a preference towards the wait-and-see
or "hold" strategy (akin to the original
plan recommended by the Receiver in April 2011). |
Steve Nasser’s
testimony, supporting the Clearview Plan, will be submitted
by deposition, which is scheduled for 4/20/12. The Court
is not expected to rule on a plan until after the submission
of Mr. Nasser’s testimony.
New
Proposed Plan of Distribution
The Receiver has filed a new plan of distribution that
calls for the estate to make a $20 million investment
in the Vida Life Fund, LP. Under the proposed Plan, the
Receiver will be able to make a distribution of approximately
$14 million. He projects that the investment in the Fund
will pay between $65.5 million and $72.5 million if held
for ten years and between $76.7 million and $85.8 million
if held for twenty years. The Plan reduces the time necessary
to refund the investors money by approximately ten years
against holding the portfolio to maturity. Not only is
the investment in the Fund likely to result in quicker
payment but it is also less risky than holding the policies.
The Plan is discussed in the Receiver's December 31, 2011
Report.
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4/09/2012 |
The
Court heard recommendations for a plan of distribution,
including (i) the Receiver’s, Hill Country Funding
receiver’s and the State of Texas’ recommendation
of the Vida Plan; (ii) Mr. Beste’s recommendation
of the Clearview Plan; and (iii) certain Interveners preference
of the hold strategy; |
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3/28/2012 |
The
Court denied certain Third Party Defendants Emergency Motion
to Stay, certain Third Party Defendants Motion for Continuance,
the Receiver’s Motion For Partial Summary Judgment
Against Certain Licensee Defendants. |
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2/14/2012
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The
Court denied the States and Receiver’s Motions for
Partial Summary Judgment. |
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2/01/2012 |
The
Court denied certain Defendants Motions to Compel Arbitrations.
The Court also entered an Order adopting the Agreed Discovery
Plan. The Agreed Discovery Plan reflects certain deadlines
associated with the case’s progression. |
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1/17/2012
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The
Court approved settlements between the Receiver and 20 licensees,
representing over $200,000 in recoveries for the estate. |
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1/07/2012
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The
Court Ordered certain hearings set for: January 17, 2012;
February 1, 2012; February 14, 2012; March 28, 2012; and
April 9, |
| 12/07/2011 |
The
Court granted the motions for summary judgment filed by
the State and the Receiver against Wendy Rogers. In so doing,
Judge Triana held that the RSLIP investment product issued
by Retirement Value is a security for purposes of the Texas
Securities Act. |
| 11/22/2011 |
The
Court approved the settlement between the Receiver and Dick
Gray. Pursuant to court order, the proceeds of the settlement
will be shared with the HCF Receiver – the Receiver
will receive real property worth approximately $600,000
and the HCF Receiver will receive a certificate of deposit
worth approximately $50,000.
The
Receiver and the HCF Receiver have agreed to work together
to pursue claims against persons who may be liable to both
estates and to share any recoveries 90% to the Receiver
and 10% to the HCF Receiver. |
| 11/03/2011 |
The
Court set a hearing and deadlines for the consideration
of a plan of distribution. The schedule is set out at the
top of this page. |
| 9/27/2011 |
The
Bankruptcy Court suspended the involuntary bankruptcy, which
means that the receivership will continue in the State Court
before Judge Triana. |
| 8/12/2011 |
A
group of Retirement Value investors filed an involuntary
bankruptcy of Retirement Value, in the Federal Bankruptcy
Court for the Northern District of Texas. |
On
the Case Information page you can find copies of selected
court documents from the State’s case against Retirement
Value and its principals as well as the various suits brought
by the Receiver against parties accused of wrongdoing against
Retirement Value or its estate. The website also contains
information regarding the Receiver, communications with
investors, Frequently Asked Questions, and other helpful
information |
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