Tuyo has paid $28k in premiums so far to make sure the insurance policies don't lapse. The judge noted that this was done without any court order protections, which he seemed to be impressed by.
There is about $5k in funds left to pay premiums before some can potentially start to lapse. I'm not quite sure how this was determined, why this amount, or whose money it was.
$540k deposit has been paid by Tuyo to secure the option to purchase.
$1,080,000 is the price Tuyo will pay for the sale of 135 insurance policies. Tuyo confirmed they have the ability to pay the full amount without any liquidation or fund raising.
The info on the 135 policies was obtained from office files found in deeproot offices.
The sale of the polices has not been marketed to anyone else.
Turner was sworn in and he confirmed he has no controlling interest in deeproot or in the insurance policies. He was a contractor for software development services and was not an employee of deeproot. His last invoice and payment from deeproot was paid July 2021 from deeproot.
There was some discussion about some potential issue with the policies that might not be able to be sold due to being a certain type of asset. I didn't quite follow since I was unfamiliar with the terminology. Shoddy (deeproot) record keeping seemed to be an issue to clearly determine whether or not there was a problem with legal procedures of the sale.
There are 15 boxes of paper documents from deeproot concerning the insurance policies. These would be available for inspection for any interested bidders.
This was noted to be a highly speculative investment due to the incomplete state of record keeping.
$1.25m is set as the next bid for the policies for any potential new bidders.
There will be a sale hearing scheduled for April 11 2pm central time.
Bid & sale objection notice period is 14 days and deadline will be set for April 4.
Closing for the sale is set for May 3.
Court went into recess so a few technical details could be discussed among clients concerning the sale.