Colorado Bankers (CB Life)...

[scagnt83]

If I recall, that 1 potential buyer was proposed by Lindberg himself. If I recall, it was Universal holdings & may have been connected to him. Guessing that has a lot to do with why the offer or proposal was rejected

Yep. He had ties to the company who gave the proposal. Basically using his stolen money to buy back his shell company.

NCDOI really is completely incompetent. Sure they denied it. But the time spent on all this, the delays, even the time they took to consider the proposal and everything. Last I heard there is around $1 for every $8 in guarantees made. There is virtually zero capitalization like a normal insurer would have in this situation. Why are they dragging it out so long??

 

[rats0001]

NCDOI doesn't care about the policyholders. I don't think the financials are that bad. The last report showed around 2 billion of assets and 900 million of loans to lindberg affiliated entities, which should be valued at 0. If the other assets are money good, then 55% of assets are good. You can't run any financial company with 45% bad paper. It was obvious to me from the first financial statements that this was a liquidation, why it took 3 years for NCDOI to get it is beyond me.

 

[Stephen Round]

Received the ultimate kick in the teeth from Citizens Bank of Rhode Island this morning... The bank is offering us a 2.99% APR HARDSHIP LOAN to help make ends meet while the 100k we invested with THEM (+ $17,000.00 interest) is tied up indefinitely.

We would have to submit an APPLICATION for the 2.99% loan showing all of our retirement income and expenses. The loan would be LIMITED to the amount needed to cover our MONTHLY EXPENSES in excess of our monthly income. And the full amount comes due on the day we get our money from CBL!!!
Win, win for the bank. They made money on the original transaction and they'll make money on the HARDSHIP LOANS to their customers who invested money with them.

 

[scagnt83]

Received the ultimate kick in the teeth from Citizens Bank of Rhode Island this morning... The bank is offering us a 2.99% APR HARDSHIP LOAN to help make ends meet while the 100k we invested with THEM (+ $17,000.00 interest) is tied up indefinitely.

We would have to submit an APPLICATION for the 2.99% loan showing all of our retirement income and expenses. The loan would be LIMITED to the amount needed to cover our MONTHLY EXPENSES in excess of our monthly income. And the full amount comes due on the day we get our money from CBL!!!
Win, win for the bank. They made money on the original transaction and they'll make money on the HARDSHIP LOANS to their customers who invested money with them.

You cant make that sh*t up.

It should be a 0% loan.

 

[DHK]

That's because you cannot pledge an IRA as collateral for a loan or it becomes fully taxable in that year. You might be able to with a non-qualified annuity? I can't recall that.

So this is an unsecured loan on their end.

And as long as they didn't have foreknowledge of what was happening, it's not their fault.

Yes, it sucks, but at least they're trying something.

And don't tell me they're "making money" at 2.99% in this interest rate environment.

 

[Dan T]

DHK is there a fund available to roll these interests payments into so its not taxed at this time?

 

[DHK]

DHK is there a fund available to roll these interests payments into so its not taxed at this time?

I have no idea what you're asking.

 

[Dan T]

The rehabilitator for Colorado bankers life is allowing withdrawal of accumulated interest on annuities on a monthly basis…starting November 1 2022 … they have partnered with Kroll restructuring administration

 

[Dan T]

 

[DHK]

DHK is there a fund available to roll these interests payments into so its not taxed at this time?

You cannot have received the interest in your name.

There is only one way in the tax code: 1035 exchange.

Doesn't look like it's an available option for this situation.