Imperial Holdings (NYSE: IFT) has announced it cannot file its annual report on time because it was unable value its assets, according to South Florida Business Journal. The Boca Raton based company has been under investigation by the FBI, who raided their offices in September. This investigation is hindering their ability to establish a fair value for the insurance premium loans.
Also the SEC is investigating Imperial for possible securities fraud violations for their alleged misrepresentation to life insurance carriers. Until the company is able to resolve their legal issues and determine a value of their assets, they stated that they will not be able to file its annual report.
Imperial has cancelled its annual shareholder meeting and has not scheduled a new date because of the annual report filing delay. As a result Opportunity Partners has filed a lawsuit against them demanding that they hold the meeting. Recently, NY based Bulldog Investors sent a letter demanding the resignation of two members from Imperial’s board. If the shareholder meeting happens, a vote on the appointment of new directors could take place.
Imperial denies the allegations and the structured settlement business is not under investigation.
In addition to the FBI and SEC investigations, Imperial is facing numerous shareholder class action suits and has seen two major investors bail on them.
CFO and Chief Credit Officer Richard O’Connell Jr. signed a severance agreement with the company on February 15, 2012. President and COO, Jonathan Neuman, a target of the FBI investigation, took a leave of absence from the company back in January.
During my usual morning commute, I looked up and saw a billboard about values. I wondered what were these billboards asking people to pass on values and whose values should we pass along. Then I started to think about our customers. Do they see our services as something of value? Are our articles, blog posts and other materials useful to them? Do they feel that we value them as a customer and give them a fair value for their future annuity payments?
Value is considered to be worth in usefulness or importance to the possessor. It can be a principle, standard or quality considered worthwhile or desirable. It can also pertain to goods, services or money.
Rescue Capital’s philosophy from day one is caring. We care about the well-being of our team and our customers. Our core values were created to put into action this philosophy and include:
- Treating everyone honestly, fairly, and respectful
- Providing superior customer service
- Providing solutions for our customers that promote their best interest
- Helping others whenever there is an opportunity to do so
- Doing the right thing each and every day
In an ideal world, everyone would strive to live by our values but I am sure this is not the case. Otherwise there would be no need for the Better Business Bureau or other consumer advocacy agencies. Some individuals value money and have no interest in helping others. By thinking differently and following our core values we make a difference in the lives our customers. Real people just like you that may be struggling financially and need to get the most money they can from their future payments.
No one wants to be taken advantage of during their time of need. That’s why Rescue Capital strives to provide solutions that promote our customers’ best interest and a fair value for their future periodic payments. To determine the value of your future payments from your annuity, call Rescue Capital at 866.688.3532.
Dear Rescue Capital,
I have a life insurance policy that I no longer need. I am looking to cash out and use the money to fund my retirement. What are my options?
Annalisa in Chicago
Since you are looking to obtain funds, you have two options. One is to surrender the policy for the cash value to the life insurance company. The second is to sell your policy on the secondary market. This type of transaction is called a life settlement and typically yields significantly more than the surrender value. If you are interested in discussing your options, please call us at 866.688.3532.