Absolute Life Solutions Starts Business, Buys $10M in Policies
Posted July 27, 2010 3:55PM PST

Absolute Life Solutions, based in New York, has begun operations with the purchase of two policies with $10 million in face value, according to a filing with the Securities and Exchange Commission.

The firm said it bought the two policies Thursday for $465,976.

Absolute said in its filing that it has four employees, including two executives who are brothers. Moshe Oratz, chief executive, was previously president of Cambridge Life Settlements, an intermediary, and has been involved in the market for more than five years, the filing said. Avrohom Oratz is treasurer and principal financial officer.

Moshe Oratz will earn $250,000 a year and Avrohom Oratz will make $150,000 a year, the filing said.

In its filing, Absolute says it plans to raise up to $60 million through the sale of stock in the company and anticipates buying policies past contestability during the next year with a face value of up to $700 million.

So far, Absolute said it has raised $5 million through the sale of stock in the company and $250,000 from a loan. The company says it plans to sell up to an additional 55,000 shares of stock in a private placement resulting in $55 million in financing.

The firm previously was incorporated under the name of Shimmer Gold in Nevada.

Source: SEC Filing

Correction: A previous version of this article incorrectly identified the Absolute Life Solutions company name.


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