In a recent filing, Lindberg said he is willing to use $40 million to purchase annuities from Colorado Bankers Life and Bankers Life Insurance Company policyholders who face hardship.
ORLANDO, FL, August 07, 2023 /24-7PressRelease/ — Greg Lindberg continues to push for a $40 Million fund to purchase annuities at par from Colorado Bankers Life (CBL) and Bankers Life Insurance Company (BLIC) Policyholders.
A spokesperson for entrepreneur Greg Lindberg says that he recently asked a Wake County, North Carolina court to allow $40 million that is to be used to satisfy Lindberg’s personal tax liabilities to be used to purchase annuities from those CBL and 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 Lindberg’s income tax obligations incurred by the sale.
In the filing, 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, Lindberg is asking the court to allow the use of his own personal funds to purchase annuities from those CBL and BLIC policyholders who face hardship,” his spokesperson says.
If Lindberg’s proposal is accepted, a third-party administrator shall be retained to purchase on Lindberg’s behalf annuities at par value from the most in need CBL and BLIC policyholders.
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, Lindberg may redeem the annuities and use the funds for the required tax liabilities.
A sale transaction is currently pending for all three of Lindberg’s NC insurance companies. Upon closing of this sale, policyholders will be able to access their full policy benefits, the spokesperson for Lindberg says.
“Mike Causey needs to stop playing politics and approve the sale of these companies so that the 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 Causey to act,” Lindberg says.
About Greg Lindberg
Greg Lindberg is a successful entrepreneur, philanthropist and author. Through his successful career, Lindberg has reimagined and transformed hundreds of businesses, employed thousands of people, empowered leaders and impacted communities through philanthropic efforts. His experiences as a leader and 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. For more information, visit GregLindberg.com.
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