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March 29, 2012

Delta Settlements CEO Ties to Factoring Company Rescue Capital: Where's The Transparency?

Delta Settlement Solutions CEO Michael Upchurch is the owner of Internet domains connected with factoring company Rescue Capital

RescueCapital.com  Download Rescuecapital dot com whois  2-3-2010 and 4-16-2010

The phonetic version Resquecapital.com  Download Resquecapital dot com whois  3-29-2012

Now go to Rescue Capital.com Blog  and check out the links section  where it says Rescate Capital (Our Spanish language blog) Download Rescatecapital whois   3-29-2012

As of today Upchurch, who is seated on the Board of Directors of the Society of Settlement Planners, is also the registrant of

WeBeat StoneStreet.com

WeBeatJG.com

We Beat Peachtree.com and others

(Note all information is available to the public on Domaintools.com)

It is not clear whether not Michael Upchurch actually owns factoring company Rescue Capital*,  but based on what we have found,  it's certainly a question worth asking of him. Delta Settlement Solutions, a plaintiff based settlement planning firm and structured settlement annuity general agency,  is based in Jacksonville, Florida and uses the same address as is used by Upchurch for the registration of the RescueCapital.com 135 W. Bay Street Suite 400 Jacksonville, FL 32202. The current registrant is listed as Rescue Capital

It is important to point out to readers that factoring IS NOT an illegal business and in fact can help people in the time of dire need. It is common knowledge that Upchurch pioneered the controversial use of acquired structured settlement payment rights in combination with annuities for personal injury plaintiffs in Florida. That practice has gained greater acceptance in some quarters, although the NSSTA Board of Directors has indicated that such practice is not consistent with NSSTA's mission. Neither Michael Upchurch nor Delta Group of Settlement Companies are members of the National Structured Settlements Trade Association.

Another factoring company, Vantage Capital Consultants, LLC, based out of Orlando, Florida is owned by a practicing personal injury attorney Hank Didier, who makes no secret about it.

Why not Upchurch?  Where's the transparency?

It is believed that others in the structured settlement industry participate in the factoring industry in different ways and many practice clandestinely. As is consistent with our commentary for the last 5 years on factoring involvement by settlement consultants, settlement planners and brokers in the structured settlement primary market. If it's not illegal then why hide it?  Let's open it up. Keeping it quiet simply raises questions.

Postscript 10:17pm 3/29/2012

* In a response to this post Upchurch has admitted in writing to stepping into the factoring arena in April 2010 and sees himself as a "central figure in the fight against repulsive factoring". He claims to have assembled alot of dirt on the industry (which purportedly includes names of brokers from a national structured settlement firm that sold names to a factoring company) that he has threatened to make public while on the other hand claiming to save the industry that he says has "a very questionable past and an ugly underbelly".

The structured settlement industry doesn't need any more secrecy. It needs more transparency. Those who have sold names of annuitants or other protected information, from people that have not given their consent,  and exposed themselves and insurance company partners to privacy laws, have their own demons to exorcise. Upchurch SHOULD expose them.

 

 

 

 

 

 

Posted at 05:22 PM in Delta Settlements, Structured Settlement Industry News |

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