Tuesday, April 17, 2007

What is the Receiver Saying - Should I Stay in or Give up

The receiver’s 20th report that can be viewed from their website: www.mbcreceiver.com

They state that: (copied from the report)
If you retain your interest in the Policy, subject to the risks outlined below, you will receive your pro rata share of the death benefits when the Policy matures. The risks of investment have not changed since the time of your initial investment, and in fact, in certain instances are increased, primarily because you will share the obligation to maintain the Policy with many other investors. These risks include, but are not limited to, (emphasis added) the following:
(a) If at any time until the Policy matures, you, or any other investor retaining his interest in the Policy, fails to timely pay any premiums due, and the other investors don’t assume the obligation to pay the non-paying investor’s premium obligation pro rata, the Policy may be sold, and if it cannot be sold, it could be surrendered, and you could lose your entire investment.
(b) Your obligation to pay the premiums and the cost of administering the Policy will continue until the Policy matures, and the Policy may not mature for many years.
(c) Unless your Policy is a whole-life policy, the annual premium costs could increase each year significantly until the Policy matures and there is no way to calculate how much those premiums could increase until the Policy matures. There is no guarantee how long a Delayed Premium Obligation will pay, or reduce the cost of, premium payments.
(d) In certain instances the face amount of the Policy may actually decrease or the Policy value could be lost completely so that you may lose all or part of your investment.
(e) In certain instances a viator cannot be located and the Policy could mature without anyone’s knowledge.
(f) If the insurance company refuses to pay death benefits upon maturity you may lose all or part of your investment.
I assume that the receiver “risks” listed above are placed in the order of risk – meaning that the investor’s biggest risk is that he is in a partnership with many other investors that he does not know. If that is the case, why doesn’t the receiver reduce this risk for each policy by allowing investors who want to go forward the ability to contact other investors owning the same policy. It also disturbs me that the admin fees and administration costs are being paid to an entity that is a defendant in the government’s suit and was an integral part of Mutual Benefits Corporation from the beginning and continues to be difficult to contact and does not provide adequate explanation to the information it does provide. I can understand the risks described in (a) and (b). I don’t understand why the future annual premiums can’t be estimated as described in (c). I have called Insurance Companies myself on my parents’ policies and received information that the policy was enforce and estimated future premium payments. I don’t know how the circumstance described in (d) can occur if the premiums are being paid, please explain. I don’t understand what the certain instance could be described in (e), shouldn’t future contact with the insured be a part of the original agreement when the policy was purchased? As to (f), if all of the premiums have been paid, and the insurance company refuses to pay the death benefit, shouldn’t VSI take whatever steps necessary to collect. Aren’t we being required to pay them to represent us? Listing this possibility as a risk that only the investor has to carry certainly isn’t right- but is it legal? I can’t decide what the receiver is suggesting for me to do. CAN SOMEONE HELP ME?

8 comments:

True 165 said...

Anyone who lost their ability to collect on the loss for not keeping up with the insurance premiums should contact me immediately about how this loss can now directly affect your 2007 tax return.

I also sent a letter to the receiver to see if he'd share this information with others.

I don't have the names of the investors and no way to distribute this information, maybe this blog can help.

Steve Mead
Senior Consultant
JK Harris 165 Services
1-800-830-7617 (Ext. 229)
smead@165services.com
www.165services.com

NO OBLIGATION FOR THE CALL

Frequently, the tax benefit we specialize in creates more recovery through tax refunds over any efforts by a receiver.

Curtis Miner, Esq.
Colson Hicks Eidson
255 Aragon Avenue 2nd Floor
Coral Gables, FL 33134

October 10, 2007

Dear Mr. Miner,

Excerpted from your website:

Q. My investment is stuck in the Receivership. May I take a tax write-off for the investment as a loss?
A. The Receiver is not able to provide investors tax advice.

Is it possible the receivership could lead the investors to advice about their income tax options? Here is an example of a Receiver's efforts in an unrelated case; tailored as an example for the Mutual Benefits, et al. injured taxpayers.

Dear Investors,

Many of you have requested information concerning the tax ramifications of your investment into Mutual Benefits. Certain Investors may qualify for an accelerated deduction treatment under the Internal Revenue Code § 165, which allows fraud victims to lower their tax bills by claiming theft losses. If you qualify, you can potentially write off the Mutual Benefits losses and recapture taxes from previous years.

We are providing investors with a link to JK Harris 165 Services website. JK Harris 165 Services, as well as any other qualified tax professional, may be able to assist you in filing for this special tax treatment.

Please note, the Receiver and his staff are not affiliated with JK Harris 165 Services and do not derive any benefit for their services rendered in any capacity whatsoever. The information being provided herein is solely for the purpose of informing investors of this possible tax advantage.

Please remember that the Receiver and his staff are not qualified to answer your tax questions and request that you not contact our office for tax advice. You are strongly urged to seek the advice from your own tax advisor concerning this matter.

To read more information about IRC § 165 from JK Harris 165 Services website, please click the following link:
www.165services.com.

Anonymous said...

Everyone who has an investment in Mutual Benefits should hire a lawyer. The money that your wasting on paying premiums is not going to guarantee a good outcome. Just ask Mr. Scartz. One of his policies matured over a year ago and he is yet to receive payment on the policy. Life inside Mutual Benefits.

Anonymous said...

You could not be mistaken?

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