Does the Settlement Services Group deserve a salute for "finding" the "holy grail" of dissipation studies, or has its Managing Director been hoisted on his own petard?
" Studies prove that most people who receive cash settlements spend 95% of their money within five years" Settlement Planning Guide The Settlement Services Group (TSSG), from Docstoc.com available on December 4, 2011 (emphasis ours)
"Among structured settlement industry myths, two are especially pernicious, long-standing and related:
- Myth #1: injury victims squander lump sums. Nine out of 10 lump sum recipients dissipate the entire amount within five years. (Emphasis ours)
-Excerpt from Blog Post Dissipation Studies Patrick Hindert, the current Managing Director of TSSG June 23, 2009
Hindert chose to use an adjective that means "Tending to cause death or serious injury; deadly: a pernicious virus. - Causing great harm; destructive: pernicious rumors, Evil; wicked; malicious: pernicious lies" and assigned an ever-greater weight to the purported "dastardly deed" by qualifying it with the adverb "especially".
Our "assiduous research" has only uncovered one published statement (by a factoring company) which uses the 95% in 5 years dissipation assertion, but no factual support. Earlier this year the factoring company (which published the claim on its website) was challenged to come up with the proof to support its claim and failed to do so.