Structured Settlements...The Day of "The Jackal"
Patrick Hindert's post of October 1, 2008 is all the NSSTA Board needs to see concerning Patrick Hindert's true motivation.
True to form National Structured Settlement Trade Association member and token "cash now pusher" Patrick Hindert seems to be encouraging people to pawn the rights to their American General Life Insurance Company and American International Life Assurance Company of New York structured annuities. This encouragement is cloaked in the form of letting people know of their rights to sell. It also appears that Hindert supports lobbying judges to consent that worries over AIG meets the "best interest test" so that Peachtree Settlement funding and their ilk can take the worriers for big discounts.
If Patrick Hindert holds a New York State insurance license I hope that New York Superintendent of Insurance Eric Dinallo takes note. Hindert appears to delight in what HE perceives as a loophole in Dinallo's memo and states "It can be argued (and probably already has been argued) that the news releases of Superintendent Dinallo and other state insurance commissioners do not apply to structured settlements".
While Hindert is correct when he states "Consumers don't purchase structured settlement annuities. Defendants and/or IRC section 130 Qualified Assignees (periodic payment obligors) purchase and own structured settlement annuities. Consumers (aka injury victims or structured settlement recipients) receive structured settlement "payment rights" not structured settlement annuity ownership. They are not policyholders" he automatically and incorrectly assumes that annuitants or their attorneys would not think to contact the broker who placed the annuity directly or through their attorney. By Hindert's logic "agents have duties to their insurance company principals. He opines that neither owe duties to "fully inform" injury victims about structured settlement transfers - not the possible costs of transfers, not the risks of transfers, not the laws of transfers". By the time Hindert got off his butt to write his first ever post concerning AIG on September 21, 2008, I and many others had already reached out to clients who had AIG annuities or had been contacted by clients with questions with days to spare.
Folks we are only just over 2 weeks into the AIG bailout.
While Patrick Hindert's opportunistic, toxic, apparently profit motivated digital diarrhea continues why not stay tuned for the next couple of days? If it's not already, wouldn't Hindert's judgment prove to be in serious question if it turns out American General is sold? Bloomberg announced at 5:48pm on October 2, 2008 that AIG is seeking to sell its U.S. Life and annuities units. Potential bidders were said to be ING, Swiss Re and AXA.
Wouldn't you feel silly selling your asset at pawn shop prices ratcheted up from "abnormal" to capitalize on your fears if tomorrow there is a new owner?
*****TODAY, Friday October 3, 2008 is the date of AIG CEO Edward Liddy's conference call on which assets of AIG are being sold*******.He will be on CNBC at 1030am
A reminder to consumers, structured settlement annuitants and plaintiff lawyers, if the cash now pushers are offering money for AIG structured settlements then THEY PERCEIVE that they will get paid. Think about it, factoring companies can't print money like the United States government. They and their investors must have a reasonable expectation of being paid.
Questions to for NSSTA members and Board after what may be announced today.
- Is there something in the NSSTA bylaws that requires it to retain at least one "cash now pusher"?
- Has Patrick Hindert shown himself to be a jackal attempting to profit financially by fanning the flames of people's fears?
- How much money have Patrick Hindert and other vig taking NSSTA members made referring people to sell the rights to their American General Life and American International Life Assurance Company of New York structured annuities at a deep discount since September 16, 2008? How about since September 21, 2008?
Any AIG structured settlement annuitants are free to contact this author via telephone at 888-325-8640 to discuss their concerns or via email to jdarer@4structures.com. Unlike some of those from whom you may seek advicce, this author has no financial interest in whether or not you transfer your payment rights. Nor do any settlement professionals on the Structured Settlement Clean Vendor List.
Factoring Scum Preying on Tort Victims Using False Information About AIG September 19, 2008
Will Hyena "Cash Now Pushers" Come Out Tonight? September 15, 2008
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