(12) INVESTMENT IN LIFE SETTLEMENTS TRUST
The amount shown on the balance sheet termed “Investment in Life Settlements Trust” is an investment in an unaffiliated corporation, Life Assets Trust, S.A., (the “Trust”) created for the acquisition of life settlements. As of February 28, 2013, and February 29, 2012, we owned 19.9% of the Trust, carried at $6.7 and $6.3 million, respectively, and accounted for on the equity method of accounting. At February 28, 2013, the Trust owned a portfolio of 232 life insurance settlements with a face value of $613.8 million, of which LPI supplied settlements with a face value of approximately $278 million. We anticipate the policies will mature over the next few years, although we cannot determine the exact time of the policy maturities and the distribution of the underlying assets. We have considered potential impairment of the investment and believe no impairment to the investment value is warranted. See Footnote 20 – Subsequent Events.