Life Settlement Insights LLC, a life settlement brokerage, announced plans for a second auction sale to sell off assets of a bankrupt Miami viatical settlement firm and its subsidiaries.
LSI, Cleveland, is running the auction on behalf of the court-appointed receiver for Mutual Benefits Corporation, Viatical Services Inc. and Viatical Benefactors LLC, which a federal court placed in receivership in 2004 following fraud investigations by the Securities and Exchange Commission and Florida’s Office of Insurance Regulation.
The first auction, held in July, consisted of 195 policies in two portfolios as well as fractional interests in 178 other policies. It netted just under $6 million, LSI says.
Jim Cavoli, chief executive officer of LSI, says the auctions have had strong interest from several foreign investors as well as large institutional investors in the United States.