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So Sad About Permaplans or Permanent Plans
I’m not a Permaplans planholder, but I’m so sad about what’s happening with Permaplans or Permanent Plans, especially with the pre-need firm’s interaction with the SEC.
Again, it’s the planholders who are suffering.
Back in April, Permaplans’ president Juan Miguel Vazquez said his firm isn’t considering going to court for rehabilitation because court rehab takes time and delays payments to planholders.
But now the firm has filed for rehab, which according to Justice Secretary Raul Gonzalez is not the best option for planholders. He mentioned this while commenting on the Legacy case.
Updates on Danvil Plans and Other Pre-need Firms from March to May 2009
March 13-19
At the Senate hearing on pre-need firms, former Legacy executive Carolina Hinola accused SEC Commissioner Jesus Enrique Martinez of covering up Legacy’s financial problems after accepting gifts from Legacy, including a 5-million-peso house and lot and a 1.5-million Ford Expedition from Legacy head Celso de Los Angeles.
Insiders also claimed that Martinez tried to broker the sale of Danvil Plans to the Legacy Group. The sale did not push through after Danvil Plans backed out of the deal allegedly upon the advice of other top pre-need executives.
(Martinez died on May 6 due to colon cancer complications.)
