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  "documentTitle": "Manulife Financial Corporation (MFC)",
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  "authorName": "Carson C. Block",
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  "notes": "The slide details a potential financial arbitrage strategy involving tax-exempt account timing.",
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      "text": "If the court deems Mosten's arguments to be valid, Mosten would be able to deposit an unlimited amount of premiums into the tax-exempt account before November 18 of each year, receive a 0.85% bonus on that amount on November 19 of each year and almost immediately withdraw the funds including the bonus.",
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      "text": "Policy Date is defined in the contract as November 19, 1997. Policy Anniversary is defined as the anniversary of the Policy Date, which is every November 19th. Policy Year is defined as “the period of time between two Policy Anniversaries...",
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      "text": "If the court deems Mosten’s arguments to be valid, Mosten would be able to deposit an unlimited amount of premiums into the tax-exempt account before November 18 of each year, receive a 0.85% bonus on that amount on November 19 of each year...",
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      "text": "Theoretically, if Mosten has an insurance contract for each month, it could earn the bonus monthly. A 0.85% bonus every month would be equivalent to a 10.69% annualized return. If Mosten raised $1 billion and could earn the bonus under 12 different contracts...",
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      "kind": "paragraph",
      "text": "Based on our reading of the contract, and we would be no more than an “average insured” in our review (more on this later), we did not see any language that suggests the investment bonus was to be paid on an average capital balance over the preceding year.",
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      "text": "21 See Page 2.2 of the Mosten-Manulife Contract. 22 See Page 5.5 of the Mosten-Manulife Contract. 23 Mosten’s ability to repeat this process on a monthly basis may be limited.",
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