The Benaim* and Meyer** orchards of Boynton Beach, Florida have have gathered new fuzz. The Peachtree Settlement Funding spin meisters boldly tell us about the addition of a former Orange County (NY) assistant district attorney to its "branches", as if this action will give the company, and by extension the cash flow or factoring industry, enhanced credibility as it relates to the purchase or sale of structured settlement payment rights. Two things jump out at me.
(1)With all due respect to Mr. Ostrov, we wish him well, as we would wish well the hundreds and hundreds of assistant district attorneys in the State of New York.
(2)Benaim's statement about Ostrov being hired to help to continue success with "court ordered purchases of structured settlement payments" suggest a new variant to a well known proverb "a rolling peach gathers lots of fuzz" by seemingly suggesting the court orders the purchase of structured settlement payments. This is inaccurate.
Pursuant to New York's Structured Settlement Protection Act (N.Y. Gen. Oblig. Law §§ 5-1701-1709), and in accordance with IRC Section 5891, a Court must approve the purchase of structured settlement payment rights or the transaction is subject to a 40% excise tax.
* VP at Peachtree
** PR Director at Peachtree