Life Exchange is creating a market for trading these settlements and securities
Life Exchange is a new stock, created in January through a merger of the two-year-old business with a company called Technology Enterprises. In a move common to penny stocks, Miami Beach-based Life Exchange hooked up with a shell company, did a reverse merger and — armed with a new ticker symbol — took Technology Enterprises place on the Pink Sheets. (Interestingly, almost a year to the day earlier, Technology Enterprises completed a similar kind of deal with a company called Value Software Corp.)
Life Exchange is in the life settlement business. Life and viatical settlements are deals in which the holder of a life insurance policy sells the eventual benefits in exchange for a reduced-but-immediate cash benefit. The settlements can be packaged into securities — similar to mortgage-backed securities — which can then be traded; Life Exchange is creating a market for trading these settlements and securities. Wall Street firms are intrigued by the life-settlement business because the value of these insurance-related products is not tied to the activity in the stock market.
Source: Boston Herald
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