Fort Worth Star-Telegram Shlachter, Nishimura & Baker column [Fort Worth Star-Telegram]

Jan. 11--San Antonio-based H.E. Butt Grocery Co. appears poised to put a grocery store at Miller Avenue and East Rosedale Street, but store executives are being tight-lipped about the project and have declined to talk about plans.

The city's Zoning Commission Wednesday approved a request by H-E-B that changes the zoning on a nearly three-acre tract at 4211 E. Rosedale St. from residential to allow for neighborhood commercial uses, as well as a mini-warehouse. A 55,000-square-foot grocery store, warehouses and a 2,550-square-foot office are planned for the development, Rosedale Marketplace, according to the zoning application.

The land, an 8.5-acre site, for the proposed store and retail development is owned by Panther Llc. in Fort Worth.

John Rose, representing H-E-B in Dallas, did not elaborate to the commission about specific plans, only that he met with most of the neighborhood association representatives and said they were all receptive to the project.

Wanda Conlin, a commission member, said she also met with Rose, but told fellow commissioners before they voted that she was asked not to say which grocery it will be. But, she said, "Believe you me, it's wonderful for this area."

H-E-B has bought land at sites in north Forth Worth and Grand Prairie.

Life Partners warns investors of downturn

Will Life Partners Holdings, the Waco-based parent of a controversial broker of insurance death benefits, continue to pay out fat dividends -- currently yielding more than 15 percent?

The firm warned investors Wednesday that the quarterly disbursements might be numbered, noting that it is being hurt by lawsuits and a general downturn in its niche industry.

In a quarterly filing with the Securities and Exchange Commission, Life Partners said it might further reduce or even eliminate its 10-cent-a-share quarterly dividend. In March 2012, the dividend was halved. Roughly half its shares are owned or controlled by founding CEO Brian D. Pardo.

Life Partners blamed a continuing insider trading case brought by the SEC -- filed a year ago by the agency's Fort Worth office -- and lawsuits by disgruntled investors for rising legal expenses and a loss of confidence in the corporation. Pardo has denied an SEC claim that he profited by purposely using inaccurate life expectancy estimates of elderly, insured people that were created by a doctor with no actuarial training or qualifications.

"We do not anticipate a substantial recovery in our revenues and net income while the SEC suit and the other private litigation continues," the filing warned.

It had a net loss of $1.56 million for the nine months ending Nov. 30 but paid out $5.5 million in dividends nonetheless. The company's stock (ticker: LPHI) slumped by nearly 3 percent Wednesday, dropping 8 cents to $2.64.

The filing noted that in August, Life Partners won a case brought by Texas Attorney General Greg Abbott, who alleged that the firm was trading in securities, not insurance policies. But Abbott's office has indicated that it will appeal.

Sandra Baker, 817-390-7727

sabaker@star-telegram.com

Jim Fuquay, 817-390-7552

jfuquay@star-telegram.com

Barry Shlachter, 817-390-7718

barry@star-telegram.com

___

(c)2013 the Fort Worth Star-Telegram

Visit the Fort Worth Star-Telegram at www.star-telegram.com

Distributed by MCT Information Services