by Structured Settlement Watchdog
It's pushing 100 degrees in the nation's capital, close to that out here on Long Island Sound, and the "The Hindert Chicken Meter" is on roast.
Many in the structured settlement/settlement planning industry have for years been subjected to Hindert's pontification about how factoring is route one to structured settlement industry growth while he simultaneously slags off the industry. This author has challenged Mr. Hindert to write a white paper to spell out his ideology and the struggle he is fighting. If he really believes in it, then put it out there for all of the world to see.
26 days have gone by since Hindert has been challenged. Hindert challenged me to a debate in a phone call shortly before May 13, 2008. The "Hindert Chicken Counter" hit the press on May 24, 2008 when it became obvious that Hindert is avoiding the question now. The aforementioned is a continuous clock that will keep ticking until Patrick Hindert responds. You can access the clock and the original challenge by clicking on the "Hindert Chicken Counter" tag at the bottom of this post. or on the category heading on the right of this blog.
And for outsiders reading this blog, that while he is a member of the NSSTA, SSP, and various bar associations, this author believes that Mr. Hindert is a zealot whose views don't come close to representing the industry. The man has promoted a "bill of goods" without specificity, through his writings and presentations;the end run (for him it seems) being a putative alignment between one industry that is highly regulated to protect consumers, and one that so clearly is not.
If Hindert wants to convince people that factoring is "MiracleGro" for the structured settlement industry and, that factoring industry business practices are not one of the biggest contributing factors to structured settlement necrosis, then lay it out clucker!
Hindert MUST address factoring industry business practices, a subject about which his years of prior commentary has been grossly under weighted. For example on November 6, 2007, in a review of content from the 2007 Advanced Law Institute, Hindert slagged off on purported structured settlement agents business practices yet did not utter a peep about his factoring industry buddies other than to imply that the secondary market did not exhibit the purported practices. To date Hindert's feeble public criticism of the factoring industry has been primarily limited to the concept map "How The Primary Market Views Factoring" featuring a concept map by "Babs" Bowen Arrows.
Quoted on factoring from Section 8A.03[3} 33 Rel. of the text book that Hindert co-authored... "Considering these and other factors (visualize eyes rolling-NOW) , claimants and their attorneys may now have multiple options for generating future cash to meet unanticipated needs. These options include deferred lump sums and commutation provisions in addition to structured settlement factoring transactions".
For the record, from a settlement planning standpoint they also include (a)an appropriate balance of structure and cash in hand (b) structure and a trust (c) structure, cash in hand and trust and (d) sometimes recovery management is best served by no structure at all.