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June 27, 2009

Stone Street Capital Won't "Consider Doing Business With An Individual Receiving Payments From A US Owned Annuity"

by Structured Settlement Watchdog®

"In 2004 (immediately after my conversation with the Department of Justice) Stone Street enacted a policy that we would not even consider doing business with an individual receiving payments from a US owned (structured) annuity.In light of the Department of Justice’s intransigence, we really had no other choice". Patricia Laborde, Division Counsel of "cash now pusher" Stone Street Capital blog June 24, 2009

Comment: Stone Street Capital has simply made a business decision not to waste its own financial resources and that of its funding sources. Competitors of Stone Street Capital such as Rapid Settlements, JG Wentworth and others did not make the same business decision and have suffered a fate similar to this.

 Factoring Companies Going Up Against DOJ on FTCA structured settlements

Judging by the broad scope of circuit court rejections of its competitors' attempts, Stone Street Capital should be lauded by its funding sources for its business decision.

Laborde goes on to say "As a member of the NASP Legal Committee I have heard stories from other purchasing companies about annuitants that have had their petitions rejected by the US Government as well".

Comment: Surely Ms. Laborde is independently aware that the factoring industry has had its butt kicked by Circuit Courts of Appeals all over the country on this issue. One would think that a company's legal officer has some ongoing influence on company policy.

Laborde shrieks:

 "I assure you that there are many other much more recent examples of the serious damage done to these annuitants in an effort to “protect” them from “the hyenas” that John Darer has labeled this industry.I wonder if anyone has asked the annuitants whether they want this “protection”.

Comment:

Why do people forget that every settlement is a compromise? That compromise is the result of negotiated terms by parties represented by counsel.  I wonder what damage is done to those structured settlement annuitants whose expectations have been raised by cash now pushers.

Annuitant Signed Consent Order Admitting Clear Violation of Terms of Settlement Agreement and Annuity Contarct

Download ExecutedConsentJudgment 6th Circuit Messer 62009

 

Posted at 11:34 AM in Cash Now Pushers | The "Cash Now Fix", JG Wentworth Commentary, Patricia Laborde, Stone Street Capital Commentary, Structured Settlement Transfers, Structured Settlement Watchdog®, United States Owned Structured Annuity, US Department of Justice |

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  • Firmwide Qualified Settlement Funds Debunked
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