FAQs
- What is the status of the companies?
- Who is the Chapter 11 Trustee?
- What is the Trustee's role?
- Do I need to file a proof of claim now?
- What is the status of the life insurance policies that the debtors invested in?
- When will I know the status of my investment or any claims?
- If I have information that I think would be valuable to the Trustee, whom should I contact?
- If I was an investor in a fund involved in these bankruptcy proceedings, do I need an attorney?
What is the status of the companies?
On September 2, 2009, in federal bankruptcy court in Chicago, Illinois, Life Fund 5.1, LLC, Life Fund 5.2, LLC, A&O Life Fund, LLC, Houston Tanglewood Partners, LLC, A&O Resource Management, Ltd., A&O Bonded Life Assets, LLC and A&O Bonded Life Settlement, LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. On September 21, 2009, at the request of the Office of the United States Trustee, the Bankruptcy Judge in Chicago ordered the appointment of a Chapter 11 Trustee.
Who is the Chapter 11 Trustee?
The Chapter 11 Trustee is Jeff Marwil, a partner in the law office of Proskauer Rose.
Under the Bankruptcy Code, a Chapter 11 Trustee is empowered to investigate the acts, conduct, assets, liabilities and financial condition of the debtors, the operation of the debtors' businesses and any other matters relevant to the cases. The Trustee, who is independent with no ties to the debtors, is authorized to take actions to preserve the assets of the estate and, among other things, file lawsuits to recover assets of the companies' estates.
Do I need to file a proof of claim now?
On June 30, 2010 the Bankruptcy Court entered this order establishing August 31, 2010 as the last day to file proofs of claim in these bankruptcy cases. The order specifies that individuals who have already filed a proof of claim do not need to file another proof of claim. Individuals who have not yet filed a proof of claim but wish to do so may use this court-approved proof of claim form.
What is the status of the life insurance policies that the debtors
invested in?
The Trustee is continuing to evaluate all policies in an attempt to preserve the value of the policies, if possible. For the current status of the insurance policies the debtors invested in, please refer to the attached 4th Status Report and the policy and PCI bond charts contained therein.
When will I know the status of my investment or any claims?
The Trustee will provide appropriate information as his investigation progresses. The Trustee hopes to share information about the status of his investigation and attempts to preserve and obtain assets for the benefit of all the Debtors' creditors. Unfortunately, it is not possible to predict how long the process will ultimately take.
If I have information that I think would be valuable to the Trustee, whom should I contact?
The Trustee has established a hot-line at 1-800-826-6412. You can also send an
e-mail here.
If I was an investor in a fund involved in these bankruptcy proceedings, do I need an attorney?
The Trustee cannot provide legal advice or referrals to creditors and investors.