Pursuits
LTAP, Sexy Hair, Lehman, NYC OTB, Cynergy: Bankruptcy
This article is for subscribers only.
LTAP US LLP, a purchaser of life insurance policies in the so-called life settlement market, filed for Chapter 11 protection yesterday in Delaware to protect what it believes is the value of the portfolio above the $222.5 million owing to secured lender Wells Fargo Bank NA, as agent.
LTAP, based in Atlanta, is managed by a company wholly owned by Berlin Atlantic Holding GmbH & Co. It was formed in 2003 and since then bought 410 policies on the lives of 313 individuals. It intended to recover the investment, and earn a profit, by securitizing the portfolio.