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Last $0.22 USD
Change Today +0.01 / 4.76%
Volume 56.8K
As of 8:10 PM 03/6/15 All times are local (Market data is delayed by at least 15 minutes).

life partners holdings inc (LPHI) Snapshot

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52 Week High
03/13/14 - $3.30
52 Week Low
01/20/15 - $0.12
Market Cap
Average Volume 10 Days
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life partners holdings inc (LPHI) Details

Life Partners Holdings, Inc., through its subsidiary, Life Partners, Inc., operates in the secondary market for life insurance worldwide. It facilitates the sale of life settlements between sellers and purchasers, but does not take possession or control of the policies. The company provides insurance policies to the purchasers at a discount to their face value for investment purposes; and purchasing services for life settlements. It primarily serves institutional purchasers, such as investment funds; and retail purchasers, including high net worth individuals. Life Partners Holdings, Inc. was founded in 1971 and is based in Waco, Texas. On January 20, 2015, Life Partners Holdings, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Northern District of Texas.

54 Employees
Last Reported Date: 05/28/14
Founded in 1971

life partners holdings inc (LPHI) Top Compensated Officers

Chief Executive Officer, Acting President, Tr...
Total Annual Compensation: $296.5K
Acting President of Life Partners, Inc., Acti...
Total Annual Compensation: $218.5K
Vice President of Policy Administration - Lif...
Total Annual Compensation: $199.2K
Vice President of Administration - Life Partn...
Total Annual Compensation: $159.8K
Compensation as of Fiscal Year 2014.

life partners holdings inc (LPHI) Key Developments

Life Partners Holdings, Inc. Receives Nasdaq Letter Relating To Additional Staff Determination Of Non-Compliance With Listing Rules

Life Partners Holdings, Inc. announced that on February 23, 2015, the Company received a letter from the Nasdaq Listing Qualifications staff notifying it of an Additional Staff Determination relating to the delisting proceedings previously disclosed in a Form 8-K filed with the Securities and Exchange Commission on January 26, 2015. After reviewing the Company’s public filings and such other information as is publicly available, in accordance with Listing Rules 5101 and IM-5101-1, Nasdaq determined that the following public interest concerns constitute an additional basis to delist the Company’s securities from The Nasdaq Stock Market. These concerns are based on the following factors relating to the district court order in the action styled Securities and Exchange Commission v. Life Partners Holdings, Inc., Brian Pardo and R. Scott Peden: The jury findings that the Company’s executive officers participated in filing false and misleading financial statement with the SEC; and The history of egregious misconduct by the Company's executive officers. Nasdaq also stated that the Company failed to make prompt disclosure of material information as required by Listing Rule 5250(b) (1), particularly the approximately $46 million in sanctions imposed on the Company and certain of its executive officers by the court order, until it filed its Quarterly Report on Form 10-Q for the period ended November 30, 2014, which constitutes a separate and additional basis for delisting. The Company has submitted a hearing request relating to the delisting proceedings, which is scheduled for March 19, 2015. The Company currently plans to appeal Nasdaq’s determination; however, there can be no assurance that the Company will be successful in its appeal or will be able to regain compliance with applicable Nasdaq Listing Rules.

Life Partners Holdings, Inc. Announces Management Changes

On February 18, 2015, Brian D. Pardo resigned as President, Chief Executive Officer and Chairman of the Board of Life Partners Holdings, Inc. and as an officer of all subsidiaries of the company, and R. Scott Peden resigned as Secretary of the company and as an officer of all subsidiaries of the company. Mr. Peden will continue to serve as General Counsel of the company’s Life Partners, Inc. (LPI) subsidiary. The company intends to engage Mr. Pardo as an independent consultant for marketing and strategic direction, and the terms of such engagement have not yet been determined. The company’s Board of Directors appointed Colette Pieper as Acting President, Chief Executive Officer, Treasurer and Secretary of the company, and she will also serve as Acting Chief Executive Officer of all subsidiaries of the company in addition to her continuing role as Chief Financial Officer of the company. Ms. Pieper, age 60, has served as the company’s Chief Financial Officer since 2012.

Life Partners Holdings Announces Receipt Of Nasdaq Notice Of Deficiency

Life Partners Holdings Inc. announced that on February 2, 2015, the company received a letter from the Nasdaq Listing Qualifications department notifying the company that the minimum bid price per share for its common stock was below $1.00 for a period of 30 consecutive business days and that the company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1). The company has a compliance period of 180 calendar days, or until August 3, 2015, to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the 180-day compliance period, the closing bid price per share of the company's common stock is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the company a written confirmation of compliance and the matter will be closed. In the event the company does not regain compliance with Rule 5450(a)(1) within this compliance period, it may be eligible for additional time. To qualify, the company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Nasdaq staff concludes that the company will not be able to cure the deficiency, or if the company determines not to submit the required materials or make the required representations, the company's common stock will be subject to delisting by Nasdaq.


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