Click Here to see a more detailed Bulletin on Who We Are, and What We’re Trying to Achieve
We were formed in October 2013 as a small Group of investors and Financial Advisers who believed that the established Directors of the Guernsey based EEA Life Settlements Fund PCC were not acting in the best interests of the shareholders and other investors.
We regularly exchange information among our members and make submissions to the Company, the Guernsey and UK Regulators and the Company’s Auditors about our concerns. These included the issues surrounding the suspension of the Fund in November 2011, the subsequent restructuring proposals throughout 2012 and 2013 and numerous specialist matters as we moved into 2014 and the restructuring was completed. During 2014 we were instrumental in blocking a flawed proposal to arrange for the buying of Run-off shares from investors under a “distressed sale” scenario.
In 2015 we continued our focus on getting better and faster returns for all investors, a fully independent and non-conflicted Board, followed by the elimination of valuation based fees and charges, better options for Continuing shareholders and a more profitable management of the remaining portfolio. We have also studied options for reclaiming some of the $150m or more of overpaid past fees, charges and redemptions, for the benefit of all remaining investors. Very recently we have objected to the sale of half the policies in the portfolio to an unnamed buyer which, although it created a welcome “windfall” of $130m of cash for redemption payments around December 2015 it has crystallised a $186m future cash loss for 84% of the shares.
More recently, we discovered a “secret” attempt to sell off the remaining polices to Coventry Capital US LLC, a USA based life settlements provider and insurance specialist. The sale has stalled and Coventry have filed a Complaint against EEA in the New York Federal Courts. If the sale had completed as envisaged then investors would have incurred a further loss of more than $100m, and more than $80m of cash in the Continuing Cells could have been “reinvested” by EEA, and effectively put beyond the reach of the remaining investors.
We now have over 500 members representing more than 1500 shareholdings in a dozen countries Worldwide, and need to grow even further and faster if we are to successfully exert more influence over the Company’s decision making processes during the prolonged run-off period.