As I mentioned in my last email, the effective date of the Plan of Reorganization was December 9, 2016, and under the Plan I was given an additional 135 days following that to assist with the transition. As such, the transition of responsibilities from myself to the Trustee of the new Position Holder Trust, Mr. Eddy Espinosa, is nearly complete and my role is extremely limited at this time.
Mr. Espinosa is dedicated to protecting your interests. The Plan that he was tasked with implementing and managing is extremely complicated. While data for elections is still being received and compiled and new systems being built to manage investor accounts going forward, he has much to accomplish and many deadlines to meet, and has been working diligently to do so in a cost-effective and efficient manner.
I know Mr. Espinosa would like to speak with each of you individually, but with 22,000 investors that is simply not possible if we want him to have adequate time to manage critical issues related to starting the Position Holder Trust off with a solid foundation. Therefore, he has asked that all investor communications be sent through the customer service department at Magna. He has also put up a website, which will be a good source of information and updates going forward. I urge you to check it out and save the address (www.lpi-pht.com).
The day-to-day operations of managing and servicing the policies and the individual investment accounts is the responsibility of the new servicer, Magna Servicing. Magna hired most of the LPI staff so that should help ease the transition. Their contact information follows:
Via Email: email@example.com
By telephone: 800-368-5569
I know this has been a very stressful two years for us all and I want to thank you all for your patience and understanding during this long, arduous bankruptcy.
God bless you all,