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Maple Bank Portfolio Auction Postponed
Posted July 28, 2010
11:00AM PST
A bank auction of 100 life settlement policies that was scheduled for today in New York has been postponed.
The portfolio totaling more than $144.5 million in face value is being sold by Maple Bank in Germany. The bank foreclosed on the portfolio after the owner, TARRYTOWNson LLC, defaulted on a loan agreement.
A decision was made late last week to postpone the auction in order to obtain updated medical records and life expectancy estimates, said Maple Bank's adviser Cliff Brown of Brookline, Mass.-based AKG Advisors.A new auction date has not been set, but Brown said he anticipates it will be sometime in the fall.
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