Initial auction attracts international bidders, nets MBC Receivership nearly $6 million CLEVELAND, Aug. 27
CLEVELAND, Aug. 27 /PRNewswire/ -- Life Settlement Insights LLC (LSI), a
national life settlement brokerage firm, announced today that the firm plans a
second auction sale on behalf of the Court-appointed receiver for the
Miami-based Mutual Benefits Corporation, Viatical Services, Inc., and Viatical
Benefactors LLC.
The second auction, scheduled for September 25th, will include five
individual policies with aggregate face value of approximately $14.5 million,
and an additional $52 million in fractional units spread across 470 policies.
Additional information is available at www.mbcportfolio.com
The initial auction, consisting of 195 policies in two portfolios, as well
as fractional interests in 178 other policies netted the MBC Receivership just
under $6 million. "We are very pleased with how well the first auction ran,"
said Jim Cavoli, chief executive officer at Life Settlement Insights. "We had
considerable interest and bidding from several foreign investors, along with
many high profile institutional buyers here in United States. We expect
similar or even greater interest in the September auction."
Under the terms of the agreement with the MBC Receiver, LSI is assembling
groups of qualified buyers, organizing and conducting auctions, and providing
transaction summaries for each sale. Parties interested in the second auction
must submit appropriate paperwork to establish qualified bidder status.
Contact the MBC Auction Team at (877) 574-4321, or download at
www.mbcportfolio.com . Qualified buyers will receive detailed portfolio
information.
About the MBC Receiver
The U.S. Securities and Exchange Commission filed formal complaints
against Mutual Benefits Corporation (MBC), in May, 2004. The complaints
resulted in receivership orders against MBC by The United States District
Court, Southern District of Florida. In subsequent orders, the court-appointed
Receiver addressed the need for an orderly, efficient policy disposition
process that would best serve the interests of MBC's investors.
About Life Settlement Insights
Founded in February, 2004, Life Settlement Insights is a leader in the
secondary market for life insurance policies. The firm has brokered nearly $2
billion in policy face value.
For Auction Information Contact: For Media Inquiries Contact:
MBC Auction Team, Life Settlement Insights David Dalton
(877) 574-4321 (440) 519-1450
Email: MBC@LSInsights.com / David.Dalton@LSInsights.com
www.mbcportfolio.com
SOURCE Life Settlement Insights
