Greg Lindberg Proposes To Establish A $40 Million Fund To Purchase Annuities At Par from Colorado Bankers Life and Bankers Life Insurance Company Policyholders
May 24, 2023 by Greg Lindberg
ORLANDO, FL, May 18, 2023 /24-7PressRelease/ — A spokesperson for entrepreneur, philanthropist and author Greg Lindberg says that he has asked a Wake County, NC court to allow $40 million that is to be used to satisfy Mr. Lindberg’s personal tax liabilities instead to be used to purchase annuities from those Colorado Bankers Life Insurance Company (CBL) and Bankers Life Insurance Company (BLIC) policyholders who face hardship.
Under the Wake County court’s March 3rd order, $40 million from the sale of one of Mr. Lindberg’s companies shall be held in escrow until the Court determines what amounts may be released to satisfy Mr. Lindberg’s income tax obligations incurred by the sale.
In the filing Mr. Lindberg says he is willing to use this $40 million instead to purchase annuities from CBL and BLIC policyholders who face hardship.
“With this request Mr. Lindberg is in essence asking the court to allow the use of his own personal funds to purchase annuities from those Colorado Bankers Life Insurance Company (CBL) and Bankers Life Insurance Company (BLIC) policyholders who face hardship,” a spokesperson says.
If Mr. Lindberg’s proposal is accepted, a third-party administrator shall be retained to purchase on Mr. Lindberg’s behalf annuities at par value from the most in need CBL and BLIC policyholders.
Mr. Lindberg has agreed to own and retain these annuities until both CBL and BLIC exit rehabilitation and are sold. After CBL and BLIC exit rehabilitation and are sold, Mr. Lindberg may redeem the annuities and use the funds for the required tax liabilities.
A sale transaction is currently pending for all three of Mr. Lindberg’s NC insurance companies. Upon closing of this sale, policyholders will be able to access their full policy benefits, a spokesperson for Mr. Lindberg says.
“It’s high time that Mike Causey stop playing politics and approve of the sale of these companies so that all policyholders can access all of their policy benefits,” says Lindberg. “The buyer has filed the necessary documents for approval of the transaction with the NCDOI and it’s now time for Mike Causey to act,” Lindberg says.
About Greg Lindberg. Greg Lindberg is a successful entrepreneur, philanthropist and author. To learn more visit https://www.greglindberg.com Over the course of his career, he has acquired and transformed more than 100 companies that were either failing or underperforming, each time finding and empowering great talent—people with the same commitment to hard work, learning, entrepreneurship, and a roll-up-your-sleeves attitude. Today, these companies are worth billions of dollars and employ 7,000 people. His experiences as a leader and related challenges have inspired him to empower people to achieve optimal success through wellness, longevity and leadership. Lindberg also has authored two books: Failing Early & Failing Often: How to Turn Your Adversity into Advantage and 633 Days Inside: Lessons on Life and Leadership, both of which are available on Amazon. In 2020, he founded Interrogating Justice, a non-profit organization whose mission is to bring awareness and help advance solutions that hold corrupt government actors accountable, ensure fairness in sentencing, support reentry, and provide access to justice for all. To learn more visit: https://interrogatingjustice.org/
Wink’s Moore on the Market: This press release made me smirk a little.
I mean, look at the glowing remarks in the “About Greg Lindberg” portion of the release. Rich guys that are accused of screwing annuity purchasers never looked so good!
If I were a betting woman, I’d put my money on the fact that this press release was put forth by Lindberg’s camp.
Regardless, if this gets approved, it will go a long way in the court of public opinion.
Do you have clients that have been affected by the Global Bankers debacle? -sjm