• Filing Date: 2020-07-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
Condensed and Consolidated Financial Statements for Entities in Bankruptcy (Tables)
6 Months Ended
May 31, 2020
Condensed Financial Information of Debtor-in-Possession Disclosure [Abstract]  
Schedule of Condensed and Consolidated Financial Information for Lamington Road DAC
Condensed consolidated financial information for Lamington Road DAC is set forth below, presented at historical cost basis.

Lamington Road DAC
(Debtor-in-Possession)
Condensed and Consolidated Statements
Balance Sheet

 
May 31,
2020
 
May 31,
2019
 
(Unaudited)
 
 
 
(In thousands except share data)
ASSETS
 
 
 
Assets
 
 
 
     Cash and cash equivalents
$

 
$
8,703

     Prepaid expenses and other assets

 
606

     Investment in life settlements, at estimated fair value

 
475,551

     Receivable for maturity of life settlements

 
46,190

          Total assets
$

 
$
531,050

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Liabilities
 
 
 
     Accounts payable and accrued expenses
$

 
$
8,501

     Other liabilities (subject to compromise)*

 
7,588

     Revolving Credit Facility debt, at estimated fair value

 
394,570

     Promissory notes payable (subject to compromise)*

 
146,393

          Total liabilities

 
557,052

 
 
 
 
Share Capital (1 share of $1 authorized and issued)

 

Additional paid in capital

 
60,602

     Accumulated deficit/retained earnings

 
(86,604
)
          Total stockholders' deficit/equity

 
(26,002
)
          Total liabilities and stockholders' equity
$

 
$
531,050


*Liabilities subject to compromise include pre-petition unsecured claims, which may be settled at amounts different from those recorded in the condensed consolidated balance sheet.
Lamington Road DAC
(Debtor-in-Possession)
Condensed and Consolidated Statements of Operations

 
Three Months Ended
May 31,
 
Six Months Ended May 31,
 
2020
 
2019
 
2020
 
2019
Change in fair value of life settlements (Notes 11 & 16)
$

 
$
(17,075
)
 
$

 
$
(29,825
)
Other income

 
131

 

 
365

      Total income

 
(16,944
)
 

 
(29,460
)
 
 
 
 
 
 
 
 
Interest expense

 
2,600

 

 
5,000

Change in fair value of White Eagle Revolving Credit Facility (Notes 12 & 16)

 
29,071

 

 
43,679

Reorganization cost

 
6,742

 

 
8,644

Legal fees

 
627

 

 
1,214

Professional fees

 
523

 

 
950

Administrative service fees - affiliate

 
1,338

 

 
2,765

Other general and administrative expenses

 
442

 

 
540

Total expenses

 
41,343

 

 
62,792

Income taxes

 

 

 

(Loss) income
$

 
$
(58,287
)
 
$

 
$
(92,252
)


Lamington Road DAC
(Debtor-in-Possession)
Condensed and Consolidated Statements of Cash Flows


 
Six Months Ended May 31,
 
Six Months Ended May 31,
 
2020
 
2019
 
 
 
 
Net cash used in operating activities
$

 
$
(10,632
)
Cash flows from investing activities
 
 
 
Premiums paid on life settlements

 
(50,947
)
Proceeds from maturity of life settlements

 
32,342

Net cash provided by/(used in) investing activities
$

 
$
(18,605
)
Cash flows from financing activities
 
 
 
Borrowings from White Eagle Revolving Credit Facility

 
4,221

Net cash provided by financing activities
$

 
$
4,221

Net increase (decrease) in cash and cash equivalents

 
(25,016
)
Cash and cash equivalents, at beginning of the period

 
33,719

Cash and cash equivalents, at end of the period
$

 
$
8,703

Supplemental disclosures of cash flow information:
 
 
 
Cash paid for interest during the period
$

 
$
5,000