Machine and related manufacturer controlling multi-jurisdictional investment; a computer system arranged to receive information and locate said information into a memory, the information including investment specifications and pricing data for the financial product, the computer system further including: an input device for receiving the information and converting the information into signals; a program control to compute, from said signals, for calculating respective valuations of parts of investment in respective jurisdictions and a program control to trigger printing documentation, including said valuations, to carry out the implementation of the parts in the respective jurisdictions. In variations thereof, such as optimizing, separating, valuation, and execution are supported.
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3. A computer system having:
a processor in a data processing system, the processor operably associated with an input device of the data processing system and with an output device of the data processing system, the data processing system configured to receive information from the input device, the information comprising jurisdictional data for a financial product and information specifying financial objectives of a party, and adapted to locate the data and the objectives into a memory operably associated with the data processing system and to identify various parts of the financial product by accessing the memory, and;
characterized further in that the data processing system has:
a calculating capability, responsive to jurisdictional data, to calculate respective valuations of parts of the financial product in respective jurisdictions in an implementation of the financial product, and configured to compute a range of alternative combinations of the parts of the financial product with the parts located in different jurisdictions;
an identifying capability to identify a combination which optimizes a value of the financial product with respect to the specified financial objectives; and
a generating capability to generate documentation for initial placement of the parts,
wherein the computer system is configured to manage multi-jurisdictional investment.
1. An electronic placement apparatus configured to interact with a computer system, the computer system having:
a processor in a data processing system, the processor operably associated with an input device of the data processing system and with an output device of the data processing system, the data processing system configured to receive information from the input device, the information comprising jurisdictional data for a financial product and information specifying financial objectives of a party, and adapted to locate the data and the objectives into a memory operably associated with the data processing system and to identify various parts of the financial product by accessing the memory, and
characterized further in that the data processing system has:
a calculating capability, responsive to the jurisdictional data, to calculate respective valuations of parts of the financial product in respective jurisdictions in an implementation of the financial product, and configured to compute a range of alternative combinations of the parts of the financial product with the parts located in different jurisdictions;
an identifying capability to identify a combination which optimizes a value of the financial product with respect to the specified financial objectives; and
a generating capability to generate documentation for initial placement of the parts as output at the output device, wherein the computer system is configured to manage multi-jurisdictional investment; the electronic placement apparatus having:
a processor, in the electronic placement apparatus, the processor operably associated with an input device of the electronic placement apparatus and with an output device of the electronic placement apparatus, the electronic placement apparatus configured to receive the output at the input device of the electronic placement apparatus and adapted to use the output to produce output at the output device of the electronic placement apparatus in carrying out a placement of one of the parts of the financial product in a jurisdiction of the different jurisdictions corresponding to the optimized value.
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an implementation capability configured to carry out loan collateralizations with respective insurance policy values.
32. The computer system as claimed in
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an implementation capability configured to carry out capitalization by a contribution of at least respective portions of insurance policies.
34. The computer system as claimed in
35. The computer system as claimed in
an implementation capability configured to carry out capitalization by a contribution of at least respective portions of insurance policies.
36. The computer system as claimed in
identify a jurisdiction where there is minimum regulatory requirement for issuing financial products;
identify a jurisdiction where there is minimum regulatory capital requirement for said financial product;
identify a jurisdiction where at least a portion of loan interest is an expense deduction;
identify a financial product where at least a portion of financial product value build up is tax deferred; and
identify a jurisdiction where at least a portion of contingent benefits are taxed at a rate lower than the tax rate in the jurisdiction where loan interest is deductible; and wherein the computer system has
an implementation unit configured to:
carry out loan collateralizations with respective insurance policy values; and
carry out capitalization by a contribution of at least respective portions of insurance policies.
37. The computer system as claimed in
identify a jurisdiction where there is minimum regulatory requirement for issuing financial products;
identify a jurisdiction where there is minimum regulatory capital requirement for said financial product;
identify a jurisdiction where at least a portion of loan interest is an expense deduction;
identify a financial product where at least a portion of financial product value build up is tax deferred; and
identify a jurisdiction where at least a portion of contingent benefits are taxed at a rate lower than the tax rate in the jurisdiction where loan interest is deductible; and
wherein the computer system has an implementation capability configured to:
carry out exercise of policy loan provisions; and
carry out capitalization by a contribution of at least respective portions of insurance policies.
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The technical field is computers and data processing systems. Depending on the implementation, there is apparatus, a method for use and method for making, and corresponding products produced thereby, as well as data structures, computer-readable media tangibly embodying program instructions, manufactures, and necessary intermediates of the foregoing.
Financial products can be viewed as integral and of one jurisdiction. For example, an insurance policy is not normally viewed as separable into parts in located different jurisdictions. Corresponding computer support reflects this conventional view.
Machine and related manufacturers controlling multi-jurisdictional investment; a computer system arranged to receive information and locate said information into a memory, the information including investment specifications and pricing data for the financial product, the computer system further including: an input device for receiving the information and converting the information into signals; a program control to compute, from said signals, for calculating respective valuations of parts of investment in respective jurisdictions; and a program control to trigger printing documentation, including said valuations, to carry out the implementation of the parts in the respective jurisdictions. In variations thereof, such as optimizing, separating, valuation, execution, and are supported.
The accompanying drawings illustrate embodiments intended to illustrate and exemplify in a teaching manner.
As used herein, the term “computer” generally refers to hardware or hardware in combination with one or more program(s), such as can be implemented in software. Computer aspects can be implemented on general purpose computers or specialized devices, and can operate electrically, optically, or in any other fashion. A computer as used herein can be viewed as at least one computer having all functionality or as multiple computers with functionality separated to collectively cooperate to bring about the functionality. Logic flow can represent signal processing, such as digital data processing, communication, or as evident from the context hereinafter. Logic flow can be implemented in discrete circuits. Computer-readable media, as used herein can comprise at least one of a RAM, a ROM, A disk, an ASIC, and a PROM. Industrial applicability is clear from the description, and is also stated below.
By way of the following prophetic teaching, there is provided computer support, as in a data processing system, for implementing parts of, or from, a financial product or instrument to accomplish certain financial objectives. Financial objectives can include utilizing capital more effectively, taking advantage of different risk tolerances, improving earnings, facilitating capital movement, funding employee benefits, reducing expenses and taxes, pre-funding capital needs, etc. Accomplishing financial objectives can involve a bifurcation (trifurcation, etc.) of the parts of the financial product, preferably to place the parts into different national, regulatory, accounting, tax, etc., jurisdictions, to accomplish one or more financial objectives that could not be accomplished as effectively in only one jurisdiction. This is the meaning herein for “jurisdictions.”
Conceptually, this can involve, for example, a holding company (HCx), which, in a specific jurisdiction x, writes life insurance policies on the lives of employees or other persons in which it has an insurable interest. HCx then takes out a loan using the insurance policies as collateral. Interest on a loan used to fund a business operation could be an expense deduction for tax purposes in jurisdiction x. In one embodiment, death proceeds are moved to a subsidiary (ASy) with potential future capital needs in jurisdiction y, where death benefits may be taxed more favorably.
Of course, this idea can be carried out with other particular jurisdictions, with other financial objectives, and with other financial products in making use of the general idea of utilizing multi-jurisdictional advantages applied to implementing the financial products (e.g., annuities, endowments, disability income, other non-insurance financial products or instruments, etc.) Financial objectives can be for funding or pre-funding future capital needs, reducing expenses and taxes or any other financial objective that could not be accomplished as efficiently without this approach.
More particularly as a representative example, consider a Capital Funding Insurance Program (CFIP). A corporation takes out life insurance on the lives of certain employees, retirees or other persons in which it has an insurable interest. The corporation is the owner, premium payer and beneficiary of the insurance policies. CFIP can be used as a tax-favored funding vehicle for long-term liabilities, or to generate an efficient return for pre-funding future capital needs.
In jurisdiction x, CFIP can be used in a twofold manner. First, jurisdiction x Holding Company (HCx) buys CFIP and contributes the policies or the net amount at risk death benefits to an active subsidiary (ASy) in jurisdiction y, where death benefits are tax-favored, to build long-term capital in the subsidiary at a lower cost, while possibly repatriating on a favorable tax basis.
Second, when cash is desired by HCx for its use, the policies can be used as collateral for loans, either bank loans or policy loans, to fund this need. Loan interest on these loans may be tax-deductible by HCx.
One need, for example, is to generate cash flow for HCx's pension plan; additional benefits, at least from an accounting standpoint, can occur. This can be carried out, for example, by creating a contract between HCx and the pension plan, which commits HCx to use dividends from ASy, arising from ASy's receipt of death proceeds, as contributions to the pension plan. Alternatively, the dividends could be used to help fund other post retirement benefits.
In a representative embodiment, HCx insures, with whole life insurance, the lives of a group of employees, retirees or other persons in which it has an insurable interest. HCx may pay the premiums and is owner and beneficiary of the policies.
If HCx borrows funds for a legitimate business purpose(s) from an unaffiliated lender, secured by the policy cash values as collateral, HCx can use the collateral on a favorable basis. Some examples of legitimate business purpose are to pay HCx operating costs, pay down other debt obtained for HCx, or make HCx capital investments.
HCx then may contribute the policy to ASy, and ASy holds the policy until death. ASy is not liable on the loan; however, the cash values remain as security for the loan. The cash value is recorded as an asset of ASy, producing an immediate capital increase in ASy, and any future increases in cash value are recorded on ASy's accounts. HCx may continue to borrow against any cash value increases. At death, ASy receives the proceeds on a tax-favored basis.
The loan to HCx becomes due and is paid by HCx. Should HCx then need funds, and ASy has excess funds, then ASy may dividend all or a portion of the proceeds to HCx.
In another embodiment, HCx insures, with whole life insurance, the lives of a group of employees, and, perhaps, retirees or other person's in which it has an insurable interest. HCx pays the premiums and is the owner of the policies.
HCx designates as beneficiaries, itself for a portion of the death benefit, and ASy, which will need long term capital at some point, for the remainder.
Again, HCx can use the policy as collateral for loans to pay its operating costs, pay down other debt obtained for local uses, etc. The loan could be a standard policy loan, which is “non-recourse” to HCx and provides that the insurer can apply the policy cash value or its portion of the death proceeds to pay the loan should the loan ever exceed the cash value or when the policy matures. HCx pays the interest on the loans.
At death, HCx receives its portion of the proceeds, less the loan balance, as the insurer applies HCx's portion to pay the loan. The subsidiary receives the excess of the face amount over HCx's portion. Should HCx then be in need of funds and ASy has excess funds, then ASy may dividend all or a portion of its proceeds to HCx.
In sum, while the foregoing and hereinafter offers an advance in the context of a structured transaction system, aspects can extend to facilitating operation of an electrical communication system, enabling machine or manufacture coordination in different jurisdictions. Thus, computer support and aspects thereof are arranged and configured to carry out one or more aspects of the transactions, (e.g., documentation, tracking, valuation, tax handling, accounting, etc.) involving and separating a financial product (e.g., comprising an investment, rights, consideration, benefits, etc., depending on the context) and its various parts, in different jurisdictions. This multi-jurisdictional structure is coordinated to accomplish a financial objective that could not be accomplished as efficiently without this approach.
The computer support can handle inputting data on the policies and insureds, analyzing the data to determine the best approach to the multi-jurisdictional use of the parts of the policies and/or rights and/or benefits or responsibilities associated therewith, etc., generating documentation, producing illustrations and reports, contracts, accounting and accounting results, particularly for the parts and in correspondence to the jurisdictions, consolidated data, etc. Preferably there are multi-jurisdictional computer systems for access, and the human steps facilitating the entire computer-assisted system can span even more jurisdictions. In view of the complexity of the transactions associated with this innovation, it may be best to establish standardization, especially with data standards. Thus, an embodiment contemplates data standards carried out from data templates and generally standardized documentation (with customization as may be desired for individual transactions).
Indeed, computer support for a multi-jurisdictional approach can reach to many related activities, including optimizing, product fulfillment, underwriting, optimizing pay outs, communications with all involved parties (including providers, intermediaries, etc.), tracking, billing and transfers (including electronic funds transfers), protected communications by encryption, records management, real time and batch processing utilizing distributed networks and Internet communications, product partitioning and determinations related thereto, as well as packaging benefits and parts thereof, budgeting, claims processing, reporting, and coding to track aspects of this multi-jurisdictional approach, partitioning optimization and analysis, and even business to business referrals for associated products and services.
In accordance therewith, there is an apparatus (computer system(s)), methods of making and using the apparatus, and products (documentation and other output) as well as necessary intermediates (e.g., data, documents, etc.), as discussed more with regard to the Figures.
Capital management as a corporate activity can utilize investments, or financial products, comprising insurance, finance, and the like. As corporate groups becoming global in structure, contractual exposures (e.g., with respect to benefit payments to individuals or to groups of individuals) can be handled in a multi-jurisdictional manner. Insurance or reinsurance contracts obtained by corporations in such groups can provide actual cash flows upon the occurrence of certain contingent events specified in the contracts. A contingent event can, for example, be death, disability, survivorship, or the like. As an overview, means is provided for (1) meeting capital needs in an efficient manner, (2) utilizing multi-jurisdictional transactions as made possible by global structures, and (3) bifurcating (trifurcating, etc.) financial products, for example insurance products, into parts and placing them in multiple jurisdictions.
By way of an example, a First Party 2 defines one or more Financial Objectives 4. Jurisdictional Information 6 relevant to the global structure of First Party 2 can be analyzed. In a transaction with Second Party 14, First Party 2 provides Specifications and Pricing Data 8 for a financial product and further provides data regarding associated Contractual Exposures 10 for the financial product. In turn Second Party 14 can tailor or develop the Financial Product 12 so as to be suited to the needs of First Party 2. First Party 2 facilitates separating parts of Financial Product 12 into Financial Product Part 1, Financial Product Part 2, and Financial Product Part 3, and places them in jurisdiction A, jurisdiction B and jurisdiction C, respectively, in transactions with Third Party 22, Fourth Party 24, and Fifth Party 26. Such transactions allow First Party 2 to meet Financial Objectives 4 as mentioned previously. Any of the foregoing regarding Financial Product 12 being separated into at least two parts and placed in at least two jurisdictions in transactions with more than one party, is handled with computer support.
Thus, in a broad sense, the Computer System 52 is prescribed by the overall transaction so as to encompass separately, and in combination, the facets of the transaction, as well as enable ongoing support after placement of the parts. Accordingly, the methods for making the computer system, using the computer system, and components thereof are prescribed by separate and collective aspects of the transaction (in the nature of implementing financial objectives in multiple jurisdictions between a First Party 2 (a corporate entity) and other parties (some related and other non-related entities). These transactions enable First Party 2 to implement Financial Objectives 4, utilize Jurisdictional Information 6 using parts of Financial Product 12 with other parties. Computer interrelations and system-to-system communications are also embodiments for separate and collective consideration.
Computer System 52 is intended to be carried out in any number of ways, but in a general sense there can be a Digital Electronic Computer (e.g., an IBM Personal Computer) with Central Processor 58 (e.g., an Intel series processor), a Memory System 60 (such as a hard drive), an Input Device 56 (keyboard, mouse, modem, or the like), and one or more output devices, here shown as Output Device 80 and Output Device 82 (e.g., a Hewlett Packard printer, a Dell monitor, a modem, or other such output device). The Memory System 60 can include an operating system Logic Means 62 to run the Computer System 52 and facilitate applications software. For example, the operating system could be Microsoft XP Professional that would allow use of (a) its applications software, such as EXCEL, ACCESS, and WORD, and (b) actuarial pricing systems compatible with Microsoft XP Professional such as AXIS, TAS, or PROPHET. The Memory System 60 can store other program(s), such as the foregoing, i.e.: (a) a Word Processing Program 68 such as Microsoft Word to process transactions data, assumptions, and results, (b) a Data Management Program 64 such as Microsoft EXCEL or ACCESS to manage and evaluate data files, (c) an Actuarial Pricing System 70 such as AXIS, TAS or PROPHET that access data files and assumptions and generates pricing results, and (d) a Standard Data Specifications & Template such as some hard coded or programmed application that translate one data file format to the suitable data file format. The Input Device 56 such as a keyboard receives Input Data 54 either manually or electronically, depending on the embodiment preferred for a particular application hereof. Output Device 80 and Output Device 82, such as a printer or a CD drive; produce such documents, in generally standardized manner, as the Jurisdictional Financial Analysis Output 84, Consolidated Financial Analysis Output 86, and Other Financial Analysis Output 88. These financial analysis output, including the input data, processed results, statistical and financial assumptions, and other relevant information as well as processing logic, is normally shared via a network of computers as indicated in
A computer-readable media can tangibly embody a program of instructions executable by the Computer 58 to perform the step of initiating an initial placement of the parts of a financial product in respective jurisdictions using data standardized for input by at least one computer-generated template and for output by standardized documentation obtained from computer-accessible memory. Similarly, a computer-readable media can tangibly embody a program of instructions executable by the Computer 58 to perform the steps of: separating a financial product into parts in respective jurisdictions; calculating, responsive to input jurisdictional data, respective valuations of the parts; and signaling for placement of the parts including the valuations in the respective jurisdictions. Either case can further include the steps of: loading accounting data for transaction openings and closings of the respective parts; storing historical results for the parts in the respective jurisdictions; and storing consolidated results for the financial product Any aspect of computer support can be so embodied, and again, the media of can comprise at least one of a RAM, a ROM, a disk, an ASIC, and a PROM.
Likewise, Memory System 60, or other computer-readable media can tangibly hold data (structure) for access by such application program being executed by any or all of the Computer System 52.
Of course depending on the financial product or investment that is at issue, the data requirements will change correspondingly. Thus, representatively, input data can include: one or more financial objectives, in measurable terms; jurisdictional information relevant to the global structure of First Party 2, such information that may help in identifying other parties (related or non-related) in the jurisdictions of interest for the parts; specifications data and pricing data for the financial product, including for example benefit provisions, risks parameters, rates of decrement, financial assumptions, and the like; characteristics of the risks associated with the contractual exposures; and transactions data, for example including legal data on parties' involved, initial placement data, subsequent activities data, and related documentation, as well as reporting requirements, contracts, fees, etc.
Similarly, depending on the financial product or investment that is at issue, the data requirements will change correspondingly. Thus, representatively, processed data can include: jurisdictional accounting and reports, consolidated accounting, reports, other reporting for jurisdictional or party requirements, and comparative, year-to-date and historical versions of the above data.
Title Screen Data Processing System 104 can be a coded or programmed for EXCEL application or such application software that allows processing of numbers and logical evaluations. Starting with Main Menu 106 (that allows for the processing of information), the system allows for the creation of new data file (Block 112); update of existing data file (Block 108, retrieval of data file and Block 110, identification of data file); then display (Block 114) and input/edit (Block 116) of data form. The Standard Data Specifications and Template 66 ensures data files are suitable and the Data Management Program 64 ensures efficient data filing. Using Actuarial Pricing system 70, the system allows for the processing (Block 118) of these data files. This pricing system generates multiple scenario results to allow maximization of desired financial objectives and effective use of multi-jurisdictional placement of parts of the financial product Using Data Management Program 64, data information is printed (Block 120), data form (Block 122) is stored, and data file (Block 72) is stored. Using Word Processing Program 68, model consolidated documents, model jurisdictional documents and other documents are stored as per Blocks 7478. Data files are maintained per party for the associated part of the financial product and the associated jurisdiction. Data files are also kept historically and per contract, from its effective date. Data storage is physically in the computer or in a computer readable file kept offsite. Jurisdictional requirements (e.g., as used herein, including any jurisdictional considerations) are also taken into considerations. As defined in detail above, data includes financial objectives, jurisdictional information, specifications and pricing data to the financial product, characteristics of risks associated with contractual exposures and detail transactions data.
Word Processing Program 68 allows for creating blank model documents (Blocks 74-78, consolidated documents, jurisdictional documents and other documents), editing existing model documents for any updates (Block 126), printing such results (Block 128) and storing different versions of model documents (Block 130). Model documents showing current results and usually comparative, year-to-date and historical results are also produced regularly. Model documents per regular accounting periods showing consolidated results, jurisdictional results and other relevant results are maintained historically per contract
The Logic Means 102 allows for continuing processing in Blocks 104, 106 and 132 (thru the title screen, main menu and the logic to continue with the word processing program) as well as for finalization of the process thru Blocks 124 and 132 (through a quit routine in the title screen and the logic to quit with the word processing program).
The computer system maintains a copy in memory of all data used in the transactions; that is, the input data, the financial product and the parts of the financial product, the valuations, the documentation to carry out the implementation and the accounting for all the activities to accomplish the financial objectives by the first party with the second party and all other parties. A copy of the financial results is stored; financial results (a) per other party for respective part of the financial product and per respective jurisdiction, and (b) on a consolidated basis. The financial results are also kept per regular time period, per year-to-date period, per comparative time periods and historically. Storage off-site is also maintained. Blocks 220-226, and 230-236 allow for the storage of information. This stored information includes financial objectives, jurisdictional information, product specifications, pricing data, financial product and separated parts, valuations, documentation, accounting data and other reports.
This can involve, for example, a holding company (HCx), which, in a specific jurisdiction x, writes life insurance policies on the lives of employees or other persons in which it has an insurable interest HCx then takes out a loan using the insurance policies as collateral. Interest on a loan used to fund a business operation could be an expense deduction for tax purposes in jurisdiction x. In one embodiment, death proceeds are moved to a subsidiary (ASy) with potential future capital needs in jurisdiction y, where death benefits may be taxed more favorably, meaning taxed less than the tax rate in jurisdiction x.
Of course, this idea can be carried out with other particular jurisdictions, with other financial objectives, and with other financial products in making use of the general idea of utilizing multi-jurisdictional advantages applied to implementing the financial products (e.g., annuities, endowments, disability income, other non-insurance financial products or instruments, etc.) Financial objectives can be for funding or pre-funding future capital needs, reducing expenses and taxes or any other financial objective that could not be accomplished as efficiently without this approach.
More particularly as a representative example, consider a Capital Funding Insurance Program (CFIP). A corporation takes out life insurance on the lives of certain employees, retirees or other persons in which it has an insurable interest. The corporation is the owner, premium payer and beneficiary of the insurance policies. CFIP can be used as a tax-favored funding vehicle for long-term liabilities, or to generate an efficient return for pre-funding future capital needs.
In jurisdiction x, CFIP can be used in a twofold manner. First, jurisdiction x Holding Company (HCx) buys CFIP and contributes the policies or the net amount at risk death benefits to an active subsidiary (ASy) in jurisdiction y, where death benefits are tax-favored, to build long-term capital in the subsidiary at a lower cost, while possibly repatriating on a favorable tax basis. Second, when cash is desired by HCx for its use, the policies can be used as collateral for loans, either bank loans or policy loans, to fund this need. Loan interest on these loans may be tax-deductible by HCx.
One aspect, for example, is to generate cash flow for HCx's pension plan; additional benefits, at least from an accounting standpoint, can occur. This can be carried out, for example, by creating a contract between HCx and the pension plan, which commits HCx to use dividends from ASy, arising from ASy's receipt of death proceeds, as contributions to the pension plan. Alternatively, the dividends could be used to help fund other post retirement benefits.
Viewed broadly now to keep context, the computer support (all aspects, including illustration, valuation, pricing, tailoring, separation, placement and related support, documentation, tracking, tax handling, accounting, etc.) relates to separating an investment (e.g., contract rights, consideration, benefits and other provisions) into parts placed in different jurisdictions to realize advantages thereof. This multi-jurisdictional structure is coordinated to accomplish a financial objective that could not be accomplished as efficiently without this approach. To give a more specific example, the support can include handling inputting data on insurance policies and insureds, analyzing the data to determine or aid in determining the best approach to the multi-jurisdictional use of the parts of the policies and/or rights and/or benefits or responsibilities associated therewith, etc., generating documentation, producing illustrations and reports, contracts, accounting and accounting results, particularly for the parts and in correspondence to the jurisdictions, consolidated data, etc. There can be multi-jurisdictional computer systems or systems that cooperate for access, and human steps facilitating the computer-assisted system so as to span even more jurisdictions. In view of the potential complexity of the transactions, establishing standardization with data standards facilitates efficient cooperation. The data standards can be carried out from data templates and generally standardized documentation (with customization as may be desired for individual transactions).
Indeed, computer support can, as may be desired, reach to related activities, including optimizing product fulfillment, underwriting, optimizing pay outs, communications with all involved parties (including providers, intermediaries, etc.), tracking, billing and transfers (including electronic funds transfers), protected communications by encryption, records management, real time and batch processing utilizing distributed networks and Internet communications, product partitioning and determinations related thereto, as well as packaging benefits and parts thereof, budgeting, claims processing, reporting, and coding to track aspects of this multi-jurisdictional approach, partitioning optimization and analysis, and even business to business referrals for associated products and services.
Return now to the aforesaid
With the completion of data input, the next steps are selection processes specifically pertaining to jurisdictions that provide favorable environment for (i) financial products, and (ii) implementation of placing parts of a financial product into respective jurisdictions. The selections need not necessarily be done in a particular order but some selections are related to others. One, a financial product is selected in Opting (Block 332) on a Financial Product in Selected Jurisdiction where such Product can be Issued with Minimal Regulatory Restriction; the choices being such jurisdiction with minimum regulatory restriction on insurance policies (Block 322), life insurance policies (Block 324), health insurance policies (Block 326), annuity policies (Block 328), or non-insurance product (Block 330). Then, among these jurisdictions, another selection is done for a jurisdiction to minimize (Block 334) regulatory capital requirement for the selected financial product Two, a selection is made of the jurisdiction (Block 348) where at least a portion of loan interest is treated as an expense deduction. Preliminary to this jurisdiction selection, a selection is made on the usage of part of said financial product, the insurance policy value—as loan collateral (Block 354) or simply the exercise (Block 352) of a policy loan provision. Three, an option is selected on the jurisdiction (Block 360) with an advantageous tax treatment of at least a portion of contingent benefits; the selections are the jurisdiction (Block 356) where the tax rate is lower than the tax rate of the jurisdiction where loan interest is a deduction; and the jurisdiction (Block 358) where there is tax deferral. The situation also calls for an excess of insurance policy face amounts over policy values. Other options are Blocks 336-340 (choices are no tax, lower tax rate than interest deduction jurisdiction and tax deferral for portions of contingent benefit. Four, a selection of a jurisdiction (Block 344) is made where at least a portion of the policy value build up is tax deferred. The second selection on the usage of part of the financial product is Capitalizing, by a Contribution of at least Respective Portions of Insurance Policies, One of Said Parties Being a Member of a Group of Related Entity and Non-related Entity, in Said One of the Jurisdictions 346. In summary, parts of the financial product used are insurance policy values, and excess of insurance policy face amounts over policy values; used for making loans or capitalization; and in selected jurisdictions where loan interest is an expense deduction; there is minimum regulatory restriction in issuance of policies; there is minimum regulatory capital requirement for a financial product; there is tax deferral of policy value build-up; portions of contingent benefits are tax deferred or taxed at lower rates or not taxed.
Any and all of the selection processes in the above paragraphs can be used to provide input to the Separating a Financial Product into Parts for Placing in Respective Jurisdictions 210. The next steps are Calculating Respective Valuations of Parts of Financial Product in Respective Jurisdictions 212, then Generating Documentation to Carry-out the Implementation 214 and finally Producing an Accounting for a First Party Buying the Financial Product from a Second Party 216 and Producing an Accounting for the First Party Carrying-out the Implementation Using the Parts of the Financial Product in Respective Jurisdictions in Respective Financial Transactions with Respective Other Parties 218.
The succeeding processes allow for Electronically Communicating to Said Parties (Block 364) Encrypted Billing and Transfers, including electronic Transfers and for Electronically Communicating over an Internet Network, thereby allowing for speed and accuracy in Producing Accounting (Block 216-218).
Further to Generating Documentation to Carry-out the Implementation (Block 214), are Generating Historical Records for Said Parts, for Valuations, Balance Sheet Activity and Profit & Loss Statements (Block 368); Generating Standardized Documentation 370; Enabling Customization of Said Standardized Documentation for Individual Transactions 372; Generating Illustrations 374; and Generating Contracts 376. Blocks 368-378 complete the documentation processes.
Further to Calculating (Block 212) Respective Valuations of Parts are three more calculating processes (Block 378-382) and subsequent tracking processes (Blocks 384-388). The Calculating processes are of Valuations of the Parts for Respective Initial Placements (Block 378); of Periodic Respective Valuations for the Parts after the Initial Placements (Block 380); and of Respective Valuations for the Parts upon Occurrence of a Contingent Event (Block 382). The Tracking processes are of Said Respective Valuations after the Initial Placements (Block 384); for Said Parts, Balance Sheet Activity and Profit & Loss Statements; and of Consolidated Balance Sheets and Profit & Loss Statements (Block 388).
All input data and data resulting from the logic processes are stored in the computer with steps indicated in Blocks 220-226, 228, 230-236, 394-396, 398, 400-452. These include input data (Blocks 220-226, 404); selected options on jurisdictions (Blocks 398, 438-452); parts of a financial product (Block 298); documentations (Block 232, 406-414); accounting (Block 234-236, 400-402); valuations (Block 230, 416-426); data templates and standards (Block 394-396); and other intermediate results (Block 428-436).
In a first embodiment, HCx insures, with whole life insurance, the lives of a group of employees, retirees or other persons in which it has an insurable interest. HCx may pay the premiums and is owner and beneficiary of the policies.
If HCx borrows funds for a legitimate business purpose(s) from an unaffiliated lender, secured by the policy cash values as collateral, HCx can use the collateral on a favorable basis. Some examples of legitimate business purpose are to pay HCx operating costs, pay down other debt obtained for HCx, or make HCx capital investments. HCx then may contribute the policy to ASy, and ASy holds the policy until death. ASy is not liable on the loan; however, the cash values remain as security for the loan. The cash value is recorded as an asset of ASy, producing an immediate capital increase in ASy, and any future increases in cash value are recorded on ASy's accounts. HCx may continue to borrow against any cash value increases. At death, ASy receives the proceeds on a tax-favored basis. The loan to HCx becomes due and is paid by HCx. Should HCx then need funds, and ASy has excess funds, then ASy may dividend all or a portion of the proceeds to HCx.
Return now to the aforesaid
With the completion of data input, the next steps are selection processes specifically pertaining to jurisdictions that provide favorable environment for (i) financial products, and (ii) implementation of placing parts of a financial product into respective jurisdictions. The selections need not necessarily be done in a particular order but some selections are related to others. In this embodiment, one, the financial product is selected as life insurance policies in Opting (Block 604) on Life Insurance Policies in Selected Jurisdiction where such Product can be issued with Minimal Regulatory Restriction; the choices being such jurisdiction with minimum regulatory restriction on insurance policies (Block 322), life insurance policies (Block 324), health insurance policies (Block 326), annuity policies (Block 328), or non-insurance product (Block 330). Then, among these jurisdictions, another selection is done for a jurisdiction to minimize (Block 334) regulatory capital requirement for the selected financial product. Two, a selection is made of the jurisdiction (Block 348) where at least a portion of loan interest is treated as an expense deduction. Preliminary to this jurisdiction selection, a selection of Opting (Block 610) on Collateralizing Loans with Respective Policy Values is made from the alternatives of, the insurance policy value—as loan collateral (Block 354) or simply the exercise (Block 352) of a policy loan provision. Selection three as follows is dropped as a process in this particular embodiment. An option is selected on the jurisdiction (Block 360) with an advantageous tax treatment of at least a portion of contingent benefits; the selections are the jurisdiction (Block 356) where the tax rate is lower than the tax rate of the jurisdiction where loan interest is a deduction; and the jurisdiction (Block 358) where there is tax deferral. The situation also calls for an excess of insurance policy face amounts over policy values. In this embodiment, a selection on other options for tax treatment of portions of contingent benefit has been made in Block 606, Opting on at least One of said Jurisdictions where at least a Portion of contingent Benefits is not Taxed from amongst Blocks 336-340 (choices are no tax, lower tax rate than interest deduction jurisdiction and tax deferral for portions of contingent benefit. Four, a selection of a jurisdiction (Block 344) is made where at least a portion of the policy value build up is tax deferred. The second selection on the usage of part of the financial product is Capitalizing, by a Contribution of at least Respective Portions of Insurance Policies, One of Said Parties, a Related Entity, in Said One of the Jurisdictions 608, a selection of a related entity being made in this embodiment. In summary, parts of the financial product used are insurance policy values, and excess of insurance policy face amounts over policy values; used for making loans or capitalization; and in selected jurisdictions where loan interest is an expense deduction; there is minimum regulatory restriction in issuance of policies; there is minimum regulatory capital requirement for a financial product; there is tax deferral of policy value build-up; portions of contingent benefits are tax deferred or taxed at lower rates or not taxed. In this embodiment the above selections are made in Block 612.
In
The succeeding processes allow for Electronically Communicating to Said Parties (Block 364) Encrypted Billing and Transfers, including electronic Transfers and for Electronically Communicating over an Internet Network, thereby allowing for speed and accuracy in Producing Accounting (Block 216-218).
Further to Generating Documentation to Carry-out the Implementation (Block 214), are Generating Historical Records for Said Parts, for Valuations, Balance Sheet Activity and Profit & Loss Statements (Block 368); Generating Standardized Documentation 370; Enabling Customization of Said Standardized Documentation for Individual Transactions 372; Generating Illustrations 374; and Generating Contracts 376. Blocks 368-378 complete the documentation processes.
Further to Calculating (Block 212) Respective Valuations of Parts are three more calculating processes (Block 378-382) and subsequent tracking processes (Blocks 384-388). The Calculating processes are of Valuations of the Parts for Respective Initial Placements (Block 378); of Periodic Respective Valuations for the Parts after the Initial Placements (Block 380); and of Respective Valuations for the Parts upon Occurrence of a Contingent Event (Block 382). The Tracking processes are of Said Respective Valuations after the Initial Placements (Block 384); for Said Parts, Balance Sheet Activity and Profit & Loss Statements; and of Consolidated Balance Sheets and Profit & Loss Statements (Block 388).
All input data and data resulting from the logic processes are stored in the computer with steps indicated in Blocks 220-226, 228, 230-236, 394-396, 398, 400-452. These include input data (Blocks 220-226, 404); selected options on jurisdictions (Blocks 398, 438-452); parts of a financial product (Block 298); documentations (Block 232, 406-414); accounting (Block 234-236, 400-402); valuations (Block 230, 416-426); data templates and standards (Block 394-396); and other intermediate results (Block 428-436). Note that documentation and accountings can be viewed as products produced by the process of the computer.
In this embodiment, HCx insures, with whole life insurance, the lives of a group of employees, and, perhaps, retirees or other person's in which it has an insurable interest. HCx pays the premiums and is the owner of the policies. HCx designates as beneficiaries, itself for a portion of the death benefit, and ASy, which will need long term capital at some point, for the remainder. Again, HCx can use the policy as collateral for loans to pay its operating costs, pay down other debt obtained for local uses, etc. The loan could be a standard policy loan, which is “non-recourse” to HCx and provides that the insurer can apply the policy cash value or its portion of the death proceeds to pay the loan should the loan ever exceed the cash value or when the policy matures. HCx pays the interest on the loans. At death, HCx receives its portion of the proceeds, less the loan balance, as the insurer applies HCx's portion to pay the loan. The subsidiary receives the excess of the face amount over HCx's portion. Should HCx then be in need of funds and ASy has excess funds, then ASy may dividend all or a portion of its proceeds to HCx.
Return now to the aforesaid
With the completion of data input, the next steps are selection processes specifically pertaining to jurisdictions that provide favorable environment for (i) financial products, and (ii) implementation of placing parts of a financial product into respective jurisdictions. In this embodiment, one, the financial product is selected as life insurance policies in Opting (Block 604) on Life Insurance Policies in Selected Jurisdiction where such Product can be issued with Minimal Regulatory Restriction; the choices being such jurisdiction with minimum regulatory restriction on insurance policies (Block 322), life insurance policies (Block 324), health insurance policies (Block 326), annuity policies (Block 328), or non-insurance product (Block 330). Then, among these jurisdictions, another selection is done for a jurisdiction to minimize (Block 334) regulatory capital requirement for the selected financial product Two, a selection is made of the jurisdiction (Block 348) where at least a portion of loan interest is treated as an expense deduction. Preliminary to this jurisdiction selection, a selection of Opting (Block 702) on Exercising a policy Loan Provision of Said Financial Product from the alternatives of, the insurance policy value—as loan collateral (Block 354) or simply the exercise (Block 352) of a policy loan provision. Selection three as follows is dropped as a process in this particular embodiment. In this embodiment, three, Block 706, Opting on at least one of said Jurisdictions where there Exists Excess of Insurance Policy Face amount over Policy Values and where at least a Portion of Contingent Benefits are Taxed at a Lower Rate than the Tax Rate where Loan Interest in Deductible has been made; the selections are the jurisdiction (Block 356) where the tax rate is lower than the tax rate of the jurisdiction where loan interest is a deduction; and the jurisdiction (Block 358) where there is tax deferral. The situation also looks into an excess of insurance policy face amounts over policy values. Four, a selection of a jurisdiction (Block 344) is made where at least a portion of the policy value build up is tax deferred. Again for this embodiment, a selection has been made on the usage of part of the financial product, that is Capitalizing, by a Contribution of Respective Excess of Policy face Amounts over Policy Values, One of Said Parties, a Related Entity, in Said One of the Jurisdictions 704. In summary, parts of the financial product used are insurance policy values, and excess of insurance policy face amounts over policy values; used for making loans or capitalization; and in selected jurisdictions where loan interest is an expense deduction; there is minimum regulatory restriction in issuance of policies; there is minimum regulatory capital requirement for a financial product; there is tax deferral of policy value build-up; portions of contingent benefits are tax deferred or taxed at lower rates or not taxed. In Block 708, the above selections for this embodiment are chosen.
In
The succeeding processes allow for Electronically Communicating to Said Parties (Block 364) Encrypted Billing and Transfers, including electronic Transfers and for Electronically Communicating over an Internet Network, thereby allowing for speed and accuracy in Producing Accounting (Block 216-218).
Further to Generating Documentation to Carry-out the Implementation (Block 214), are Generating Historical Records for Said Parts, for Valuations, Balance Sheet Activity and Profit & Loss Statements (Block 368); Generating Standardized Documentation 370; Enabling Customization of Said Standardized Documentation for Individual Transactions 372; Generating Illustrations 374; and Generating Contracts 376. Blocks 368-378 complete the documentation processes.
Further to Calculating (Block 212) Respective Valuations of Parts are three more calculating processes (Block 378-382) and subsequent tracking processes (Blocks 384-388). The Calculating processes are of Valuations of the Parts for Respective Initial Placements (Block 378); of Periodic Respective Valuations for the Parts after the Initial Placements (Block 380); and of Respective Valuations for the Parts upon Occurrence of a Contingent Event (Block 382). The Tracking processes are of Said Respective Valuations after the Initial Placements (Block 384); for Said Parts, Balance Sheet Activity and Profit & Loss Statements; and of Consolidated Balance Sheets and Profit & Loss Statements (Block 388).
All input data and data resulting from the logic processes are stored in the computer with steps indicated in Blocks 220-226, 228, 230-236, 394-396, 398, 400-452. These include input data (Blocks 220-226, 404); selected options on jurisdictions (Blocks 398, 438-452); parts of a financial product (Block 298); documentations (Block 232, 406-414); accounting (Block 234-236, 400-402); valuations (Block 230, 416-426); data templates and standards (Block 394-396); and other intermediate results (Block 428-436).
The multi-jurisdictional system, specifically in the actuarial pricing system, includes a component that provides computer support for producing illustrations of the implementation of alternative optimum combinations of parts of the financial product, the respective jurisdictions where the parts are placed and the respective parties that the First Party 2 transacts with.
These illustrations are based on the multi-jurisdictional use of the parts of the financial products; the terms, specifications, and financial assumptions inherent in the financial products themselves; and the risks characteristics of the contractual exposures of the First Party 2. The illustrations allow all parties to evaluate on a projection basis the wide range of possible results of the implementations.
Reference is made to
For example, encompassing program codes within the system can be such as blocks 902-918 for Data template means; Data processing means; Calculating means; Accounting means; Generating means; Tracking means; Electronic communications means; Optimizing means; and/or Underwriting means; as may be desired for a given application.
To exemplify how embodiments might be utilized, consider a computer-aided method of accomplishing financial objectives, the method including the steps of: inputting into a computer financial objectives of a first party, jurisdictional information, specifications and pricing data for a financial product; separating, with said computer, a financial product into parts for placing in respective jurisdictions; calculating, with said computer, respective valuations of parts in respective jurisdictions, using the jurisdictional information and the financial objectives, to identify an implementation; generating documentation, with said computer, to carry out the implementation, the documentation including initial placement documentation and periodic documentation; producing an accounting, with said computer, of the first party buying the financial product from a second party; and producing an accounting, with said computer, of the first party carrying out the implementation using the parts of the financial product in the respective jurisdictions, in respective financial transactions, with respective other parties, to accomplish financial objectives, wherein at least some of the steps are carried out with the computer.
In such an embodiment, the step of receiving financial objectives may include receiving at least one objective from the group including pre-funding capital, funding benefit plan, minimizing expenses, and maximizing earnings.
In any such an embodiment, the step of receiving specifications for a financial product may include receiving respective characteristics of risks associated with contractual exposures; and further including the steps of using said computer in underwriting said contractual exposures, optimizing product design and pay-outs, and formulating pricing of the financial product based on associated risks; and defining the financial product as a member of a group consisting of insurance policies, life insurance policies, health insurance policies, annuity policies, corporate-owned fife insurance policies, and non-insurance products.
In any such an embodiment, there can further include the step of selecting at least one of said jurisdictions to minimize one or more of: regulatory restriction on issuance of insurance policies; to minimize regulatory restriction on issuance of life insurance policies, to minimize regulatory restriction on issuance of health insurance policies; to minimize regulatory capital requirements for the policies; and/or where at least a portion of policy value build up is tax deferred, as may be desired in a given application.
In any such an embodiment, there can further include the steps of: collateralizing loans with respective insurance policy values; and selecting at least one of said jurisdictions where at least a portion of loan interest is an expense deduction.
In any such an embodiment, there can further include the steps of: capitalizing, by a contribution of at least respective portions of insurance policies, one of said other parties; and
further including the step of selecting at least one of said jurisdictions where at least a portion of contingent benefits are not taxed.
In any such an embodiment, there can further include the steps of: capitalizing, by a contribution of at least respective portions of insurance policies, one of said other parties; and further include the step of selecting at least one of said jurisdictions where at least a portion of contingent benefits are taxed at a rate lower than the tax rate in the jurisdiction where the loan interest is deductible.
In any such an embodiment, the step of capitalizing may be carried out with the one of said parties being a non-related entity to the first party located in said one of the jurisdictions or with the one of said parties being a related entity to the first party located in said one of the jurisdictions.
In any such an embodiment, the step of separating parts of said financial product may be carried out with an annuity as the financial product; and further include the step of selecting at least one of said jurisdictions to minimize regulatory restriction on issuance of annuity policies.
In any such an embodiment, the step of separating parts of said financial product may be carried out with insurance as the financial product; and further include the step of selecting at least one of said jurisdictions to minimize regulatory restriction on issuance of insurance policies.
In any such an embodiment, the step of separating parts of said financial product may be carried out with a non-insurance product as the financial product; and further include the step of selecting at least one of said jurisdictions to minimize regulatory restriction on issuance of the non-insurance product.
In any such an embodiment, there can further include the steps of: exercising a policy loan provision of said financial product; and selecting at least one of said jurisdictions where at least a portion of loan interest is an expense deduction.
In any such an embodiment, there can further include the steps of capitalizing, by a contribution of at least respective portions of insurance policies, one of said other parties; and
selecting at least one of said jurisdictions where there exists excess of insurance policy face amounts over policy values and where at least a portion of contingent benefits are not taxed.
In any such an embodiment, there can further include the steps of: capitalizing, by a contribution of at least respective portions of insurance policies, one of said other parties; selecting at least one of said jurisdictions where at least a portion of loan interest is an expense deduction; and selecting at least one of said jurisdictions where there exists excess of insurance policy face amounts over policy values and where at least a portion of contingent benefits are taxed at a rate lower than the tax rate in the jurisdiction where the loan interest is deductible.
In any such an embodiment, there can further include the steps of: capitalizing, by a contribution of at least respective portions of insurance policies, one of said other parties; and
selecting at least one of said jurisdictions where there exists excess of insurance policy face amounts over policy values and where at least a portion of contingent benefits are tax deferred.
In any such an embodiment, there can further include the steps of: calculating valuations of the parts for respective initial placements; calculating periodic respective valuations for the parts after the initial placements; calculating respective valuations for the parts upon occurrence of a contingent event; tracking said respective valuations after the initial placements; tracking, respectively for said parts, balance sheet activity and profit and loss statements; and tracking consolidated balance sheet activity and consolidated profit and loss statements.
In any such an embodiment, the step of generating documentation may include generating historical records respectively for said parts, for valuations, balance sheet activity, and profit and loss statements, and also includes forming a historical record, respectively, of consolidated balance sheet activity and profit and loss statements.
In any such an embodiment, the step of generating documentation may include the steps of: generating standardized documentation; enabling customization of said standardized documentation for individual transactions; generating illustrations; and generating contracts.
In any such an embodiment, the step of inputting specifications may include: establishing data standards for said specifications; and defining data templates for respective characteristics of risks associated with contractual exposures for insurance products.
In any such an embodiment, there can further include the steps of: electronically communicating to said parties encrypted billing and transfers, including electronic transfers.
In any such an embodiment, the step of electronically communicating may be carried out by electronically communicating over an Internet network.
In any such an embodiment, there can further include the steps of: selecting at least one of said jurisdictions to minimize regulatory capital requirements for the financial product; selecting at least one of said jurisdictions where at least a portion of financial product value build up is tax deferred; selecting at least one of said jurisdictions where at least a portion of loan interest is an expense deduction; selecting at least one of said jurisdictions where there exists excess of financial product benefit amounts over product values and where at least a portion of contingent benefits are not taxed; exercising a policy loan provision of said financial product; and capitalizing, by a contribution of at least respective portions of financial product, one of said other parties.
In any such an embodiment, there can further include the steps of: selecting at least one of said jurisdictions to minimize regulatory capital requirements for the financial product; selecting at least one of said jurisdictions where at least a portion of financial product value build up is tax deferred; selecting at least one of said jurisdictions where at least a portion of loan interest is an expense deduction; selecting at least one of said jurisdictions where there exists excess of financial product benefit amounts over product values and where at least a portion of contingent benefits are taxed at a rate lower than the tax rate in the jurisdiction where the interest is deductible; exercising a policy loan provision of said financial product; and capitalizing, by a contribution of at least respective portions of financial product, one of said other parties.
In any such an embodiment, there can further include the steps of: selecting at least one of said jurisdictions to minimize regulatory capital requirements for the financial product; selecting at least one of said jurisdictions where at least a portion of financial product value build up is tax deferred; selecting at least one of said jurisdictions where at least a portion of loan interest is an expense deduction; selecting at least one of said jurisdictions where there exists excess of financial product benefit amounts over product values and where at least a portion of contingent benefits are not taxed; collateralizing loans with respective financial product values; and capitalizing, by a contribution of at least respective portions of financial product, one of said other parties.
In any such an embodiment, there can further include the steps of: selecting at least one of said jurisdictions to minimize regulatory capital requirements for the financial product; selecting at least one of said jurisdictions where at least a portion of financial product value build up is tax deferred; selecting at least one of said jurisdictions where at least a portion of loan interest is an expense deduction; selecting at least one of said jurisdictions where there exists excess of financial product benefit amounts over product values and where at least a portion of contingent benefits are taxed at a rate lower than the tax rate in the jurisdiction where the interest is deductible; collateralizing loans with respective financial product values; and capitalizing, by a contribution of at least respective portions of financial product, one of said other parties.
Although only a few exemplary embodiments have been described in detail above, those skilled in the art will readily appreciate that many modifications are possible in the exemplary embodiments without materially from the novel teachings and advantages herein. Accordingly, all such modifications are intended to be included within the scope defined by claims. In the claims, means-plus-function claims are intended to cover the structures described herein as performing the recited function and not only structural equivalents, but also equivalent structures. Thus, although a nail and a screw may not be structural equivalents in that a nail employs a cylindrical surface to secure wooden parts together, whereas a screw employs a helical surface, in the environment fastening wooden parts, a nail and a screw may be equivalent structures.
Caballero, Crispina O., Conroy, Thomas F., Eisenberg, Steven A., Holland, Brian G., Kraysler, Stephen F., Mann, Richard W.
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Nov 16 2006 | EISENBERG, STEVEN A | Mann Conroy Eisenberg & Associates | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 018755 | /0718 | |
Nov 16 2006 | HOLLAND, BRIAN G | Mann Conroy Eisenberg & Associates | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 018755 | /0718 | |
Nov 20 2006 | KRAYSLER, BRIAN G | Mann Conroy Eisenberg & Associates | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 018755 | /0718 | |
Nov 21 2006 | CONROY, THOMAS F | Mann Conroy Eisenberg & Associates | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 018755 | /0718 | |
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May 24 2007 | CABALLERO, CRISPINA O | Mann Conroy Eisenberg & Associates | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 020536 | /0648 | |
May 24 2007 | EISENBERG, STEVEN A | Mann Conroy Eisenberg & Associates | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 020536 | /0648 | |
May 24 2007 | MANN, RICHARD W | Mann Conroy Eisenberg & Associates | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 020536 | /0648 | |
Jun 12 2007 | HOLLAND, BRIAN G | Mann Conroy Eisenberg & Associates | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 020536 | /0648 | |
Jun 17 2007 | CONROY, THOMAS F | Mann Conroy Eisenberg & Associates | ASSIGNMENT OF ASSIGNORS INTEREST SEE DOCUMENT FOR DETAILS | 020536 | /0648 | |
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