General Information and Documents for ABC Viaticals, Inc.

中文 - Chinese

July 18, 2007

On July 12, 2007, the Receiver reached a comprehensive settlement with the LaMonda family members, including Keith and Jesse LaMonda. It was approved by the Court on July 16, 2007. Click here to see a copy of the Settlement Agreement.

The settlement agreement was entered into in order to resolve disputes between the Receiver and members of the LaMonda family. The LaMondas contended that assets in the name of Structured Life Settlements and other entities being held by the Receiver were not properly part of the receivership estate and that those assets should be surrendered to them. The Receiver contended that the assets were traceable to investor funds and should be considered receivership assets.

There are a number of important points to the settlement and you are urged to read it in its entirety. The most important points, however, are that (1) the receivership estate will be given a lien in the amount of $1,425,000 against Keith LaMonda's house located in Kissimmee (Orlando), Florida; (2) the Receiver will be allowed to take possession of and sell a condominium in Ft. Lauderdale, Florida, which was purchased for $1,050,000; (3) the Receiver will be given possession of and allowed to sell a house located in Moberly, Missouri, which was purchased for $128,000; (4) the Receiver will be given possession of and allowed to sell a house located in Gainesville, Georgia, which was purchased for $150,000; (5) the Receiver will be given possession of and allowed to sell eight vehicles, a boat and two trailers; (6) three insurance policies in the name of Structured Life Settlements having an aggregate death benefit of $3,574,747 will be deemed to constitute receivership estate assets to be disposed of by the Receiver in the manner he manner he deems best; (7) an insurance policy in the name of Blue Water Trust having a death benefit of $100,000 will be deemed to constitute a receivership estate asset to be disposed of by the Receiver in the manner he manner he deems best; (8) an insurance policy in the name of Destiny Trust having a death benefit of $500,000 will be deemed to constitute a receivership estate asset to be disposed of by the Receiver in the manner he manner he deems best; (9) the Receiver will pay legal fees of Keith LaMonda in the aggregate amount of $250,000, which relate to his criminal trial; (10) Keith LaMonda's wife will be paid $250,000; and (11) the LaMonda family will assist the Receiver in his efforts to recover assets from various third parties.

Although it is difficult at this time to quantify the monetary value of the settlement to the receivership estate, based upon the Receiver's best estimate, the receivership estate will receive approximately $7.0 million in value as a result of the settlement. As assets are liquidated, those funds will be available to continue paying premiums on the insurance policies that are already part of the receivership estate. Once possession of the assets have been given to the Receiver, he will begin immediate efforts to liquidate the assets to cash for the benefit of the receivership estate.