ORDER GRANTING RECEIVER’S M TO APPROVE AUCTION SALES OF POLICIES
INVESTORS MUST PAY TO VSI ON TIME THEIR PREMIUM OBLIGATIONS ON THE KEEP POLICIES
As disclosed in the Notice to
Investors (which was mailed to each Investor with their Voter Preference
Form), Investors were required to pay their pro-rata share of the premium
due.
VSI’S ABILITY TO PAY PREMIUMS AS
THEY BECOME DUE ON THE KEEP POLICIES IS DEPENDENT ON THE INVESTORS PAYING
THEIR PREMIUM OBLIGATIONS TO VSI ON TIME. UNLESS ALL INVESTORS PAY THEIR
SHARE OF PREMIUMS ON TIME, POLICIES MAY LAPSE. AS SUCH, THE RECEIVER REMINDS
ALL INVESTORS WHO VOTED TO KEEP AND NOT SELL THEIR POLICIES THAT THEY MUST
PAY THEIR PREMIUM OBLIGATIONS TO VSI FULLY AND ON TIME TO AVOID THE LAPSING
OF POLICIES AND THE FORFEITURE OF THEIR INVESTMENT.
INDIVIDUAL
RETIREMENT ACCOUNTS
If the interest represented by your invoice is held through an Individual Retirement Account (IRA), VSI understands that funds paid by the MBC investor pursuant to this invoice may flow through the custodian of that IRA. It is the investor’s responsibility to determine if payments must be made through the IRA custodian in order to remain compliant with the IRS rules and regulations for retirement accounts. If VSI receives payment directly from the MBC investor, VSI may elect to accept said payment. If payment is accepted in this manner, the investor is advised that VSI will not be held responsible for any damages or liabilities that the investor may suffer related to breach of IRS rules and penalties related thereto.