“Judge confirms Life Partners’ plan, Vida waives early-termination fee”
The Life Partners Holdings Inc. bankruptcy plan was verbally confirmed Friday, Oct. 14, after Vida Capital Inc. acquiesced the day before to giving up an early-termination fee that was the major sticking point hanging over the case.
Judge Russell Nelms of U.S. Bankruptcy Court in Fort Worth, Texas, endorsed the trustee’s reorganization plan with Vida providing the financing and servicing at an Oct. 7 hearing, but he rejected the fee.
“This is a complete victory for the trustee and the committee. Complete,” David Bennett, an attorney with the Thompson & Knight LLP law firm in Dallas, representing Moran, said in an e-mail following the Oct. 7 decision.