Multiple parties — including Black Diamond LifePlan Fund, Evergreen III LifePlan Fund, Pillar 5 Life Settlement Fund, Advanced Life Settlement Portfolio 2011-1 and Transparency Alliance — filed separate objections in bankruptcy court to Life Partners Holdings' disclosure statement, BankruptcyData.com reported today. "It fails to set forth even the most basic information (such as the estimated recovery for current position holders) about the proposed disposition of approximately $2.4 billion in highly-complex assets, and the fate of approximately 20,000 current position holders — parties who were initially victimized by an elaborate pre-petition fraud perpetrated by the debtors' former principals,” according to the Transparency Alliance. The alliance also filed a separate objection to the joint motion of Life Partners Holdings, its chapter 11 trustee and the unsecured creditors’ committee for entry of order approving the plan support agreement.
