Tuesday, February 9, 2010

PAY DAY AT LAST

Finally, the checks have been mailed. After more than five and one half years, MBC Investors are receiving their share of the recovered assets. Distribution of this money had been promised for months, but was apparently held up until a settlement of legal fees was reached. I have no problem with THESE receivership fees. I am quite satisfied that the receivership recovered over $117 million dollars and the fees to do so were less than 10 percent. Another very good thing about this distribution is its timing and the fact that it will not be reported to the IRS. I’m not a tax professional, but if you have not filed for a tax loss and have a right to claim one. You may want to consider filing for the loss in the 2009 tax year under Section 165 of the tax code. If you are not familiar with this section, check the IRS web site or call one of the 165 tax services that have responded to my blog at http://scartz.blogspot.com.

61 comments:

Anonymous said...

Larry, I am just reading your blog, and am so thankful for the wealth of information from many investors. I have been frustrated with the lack of information that I have been provided. I have 3 days (must mail by Feb 12) my premium or I will lose my investment. Can you please let me know what your final thought was on if paying the premiums was a good idea, or if it is time to walk away. All of my policies matured by 2003, and I have received nothing. I have already lost one policy b/c I could not pay the premium, and now I am having to decide whether or not to hold on to this last one. I have tried to get information with no success. Please advise!!! V. Lewis 318-264-1494

Anonymous said...

I tend to agree with Lewis. What and where is the MBC office? I have been trying to contact it for the last three weeks. "Leave a message and we will return your call in the order it was received," just doesn't cut it anymore. Is this just throwing good money after bad?

Anonymous said...

I am a Latin American investor and I have not paid that MBC RECEIVED posted on its web site on 15 January 2010.

Anonymous said...

Has anyone really received a check yet? I live in Southeast Idaho. Has anyone in SE Idaho received a check? I just got another bill for a premium due by next week. Should I pay it or not? Is it worth trying to hang on?

rickie said...

To Larry and others- I am a semi retired insurance salesman writing books on the lack of controls on the life business- Scams etc If I can help with things like analyzing illustrations to see if they make sense etc ((If you can get illustrations from carriers ) i can give an opinion..
I read the mut benefit contract it seems to say those who keep paying will share the proceeds with those who don't--- those who paid can get them to kick in missed premiums from the proceeds Erikbabg@gmail.com

Anonymous said...

I did recievd somme checks, (about 10% for what I paid ) in a few weeks ago. Do anyone know what will be next? If this all I will get, how can I calim this loss in tax return?

Anonymous said...

(April 10 2010)
I am Latin American investor, receiving very scarce information from the Receiver. And after paying the additional premiums for three years I decided not do ot anymore.... Oh surprise: the day after the due date I received a call asking me if I had paid; ]I said no and try to let them know the reasons; yet, they told me that´s all they want to know for now.
This far I have no received any check for anything.

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Anonymous said...

I had an investment in this also and received the payment last year.
How have people been handling this on their taxes? Was this considered a ponzi scheme?
I was very disapointed with the lack of information provided by the receivership. It did not allow for an informed decision on whether to keep or sell.

Unknown said...

Hello I am also looking out for my father's policies as far as I know they have not matured. I have called and all they tell me is that they can not give me a time frame of when polices will mature. I hope that your parents' are going well and for all the people that have pending policies I hope to god that things work out for the best.

Unknown said...

Hello I am also looking out for my father's policies as far as I know they have not matured. I have called and all they tell me is that they can not give me a time frame of when polices will mature. I hope that your parents' are going well and for all the people that have pending policies I hope to god that things work out for the best.

Craig AZ said...

I have received mixed nixed results & even traveled to FL to meet with Litai for 90 minutes. I want to avoid further premium expense. One way would be to convert 1 Investor Whole Life policies to paid up term or reduced face value. I need others to join my efforts with the Judge, Trustee & Attorney at Litai.
Please contact me:
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Craig AZ said...

I have received mixed nixed results & even traveled to FL to meet with Litai for 90 minutes. I want to avoid further premium expense. One way would be to convert 1 Investor Whole Life policies to paid up term or reduced face value. I need others to join my efforts with the Judge, Trustee & Attorney at Litai.
Please contact me:
Craig Feltheim, craigf50@Gmail.com or cell 520-903-4949

Anonymous said...

I'm from Austria. The whole story is a disaster.

In 2003 I bought 3 policys. I've lost about 30000 US-Dollar. I will never ever invest any money in the USA. It's such a meanness. But how could I've thought that a country that treats its native people in such a bad way over the centuries would respect the money of "little" investoers. I've worked years for that money. The receiver got rich with it.

I never got any medical attest, if the people were still alive ...

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Anonymous said...

Larry,
I have recently become my parents' POA. They invested in this particular viatical fiasco and they have no idea what is going on with it. They say they invested $100,000.00 initially several years ago and for the last 2-3 years have paid $2,000.00 per year to stay involved (the premium, I suppose?)This whole subject is new to me. Can you possibly give me a condensed version of what I'm dealing with here? Is it correct that this company was involved in a ponzi scheme and likely that their initial investment is gone or is it possible they'll see a return some day? Thanks for any info. you can provide! Tiffany (family4d1@sbcglobal.net)

Anonymous said...

larry, you have a idea what is happen if i can´t pay my premium?
thanx

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Evelyn Law said...

The person that said he would never invest in US again ,is a little mixed up it's not only the US that this viatical scandal was done it was a few guys (failed to call them gentlemen for they are CROOKS (one ran to Europe I understand one from the US and a few more from Mexico ,decided to take peoples money and run,I gave over one hundred dollars to one of those crooks called
Leslie Stipek he his wife and son all crooks he has made my life miserable since 1998 I have only received $15,000 4 years ago haven't seen another penny yet
I have a payment to make to keep it going but there is still 4 people on that policy so I don't know if I should just let it go I'm 75 and of course only on SS it is very hard ,any feedback would be highly appreciated :thanks

Anonymous said...

I haven't looked at all the messages but the ones I did see look old,as we haven't been with Mutual Benefits for quite some time maybe I've overlooked something however just in case here's some information
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phone # is 954-582-0220

Anonymous said...

I left a message but need to make correction!~ it's suppose to read
one hundred THOUSAND "sorry" lol I wish it was only one hundred haha
evely

Richard J Koloda said...

well --I see no comments for quite awhile --I just mailed in my check yesterday --I blame my financial mis-advisor --he did not even have the guts to tell me that Mutual Benefits was a fraud. It took a letter from the court --he never told me that he lost his securities license --I got the data from someone at work --all he ever said was he hoped the insured would die soon (instead of I'm sorry that I sold you a fraud). It was supposed to be a sure payout in 6 months --that was 20 years ago. I will believe in investing again, when they allow capital punishment for the perpetrators of the frauds.

Anonymous said...

Does anyone have information on policy 99-0007596? There are only 32 investors left? trying to decide what to do….it's getting very expensive!

BA said...

Hello Anonymous,
We have 2 out of 4 of these left. Just received our bill for one for $3,952.
The other one will come in January for about $6,000. Merry Christmas and Happy New Year.
The current one only has 19 investors left. Guess we'll hang in there as both are in
their middle 90's. No idea on 7596 - why are you asking about this policy?

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