Life Partners (LPHI) to Delay Hearing on Temp. Injunction in Texas

Life Partners Holdings, Inc. (NASDAQ: LPHI) announced that it and the Texas Attorney General had agreed to defer a state court hearing on the Attorney General’s request for a temporary injunction and appointment of receiver until September 24, 2012. The deferral permits a full-day evidentiary hearing on the Attorney General’s request and Life Partners’ contention that its life settlement transactions are not securities.

The agreement continues the previously announced temporary restraining order, which prohibits the paying of dividends before the September 24 hearing. Life Partners had previously declared a dividend of $0.10 per share to be paid on or about September 15, 2012, to shareholders of record as of September 3, 2012. The September 24 hearing will likely determine whether and when the dividend can be paid. If Life Partners is unable to pay the dividend before October 23, 2012, it must fix a new record date to pay a dividend.

The current order does not prevent Life Partners from facilitating life settlements or otherwise conducting its business in the normal course. Within the last 12 months, over $77 million in life settlements and viaticals have matured to the benefit of Life Partners’ settlement purchasers.

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