by Structured Settlement Watchdog®
Seneca One bills themselves as " Your Trusted Source". Not any more, judging from the Lauren Nesbitt case in Oklahoma and now the Shaqira Wilder case in Sumter County Florida, an awful deal approved in 2013.
Upon information and belief Shaqira Wilder, was forum shopped into Florida, from her home state of Tennessee, with the promise of a "better deal" that turned out to worse in more ways than one. I'll leave the latter part for another day. Shaqira Wilder was then hosed by Seneca One for a non competitive 18.94% discount rate, that escaped the "best interest" scrutiny of Judge Michelle Morley, the queen of the forum shopping hub of Sumter County Florida until the embarrassing number of cases filed and approved in her jurisdiction came under scrutiny. just how judge Morley felt that Shaqira Wilder getting 23.27% of the current value of her payments was a fair deal and in her best interest, is and should be a matter for scrutiny.
According to the Amended Petition to Vacate Final Order Granting Application for Structured Settlement Transfer of Shaqira Wilder in Seneca One, LLC v Shaqira Wilder Sumter County Circuit Court Case 2013 CA000078AXMX filed July 16, 2016:
- Order Was Void Ab Initio because Seneca One violated the 10-Day Disclosure requirement of the act Florida Structured Settlement Protection Act. Seneca provided the mandatory disclosure on the same day the transfers agreement was executed. Seeks to vacate per Fla. R Civ. p. 1.540(b)(4).
- Order Was Void Ab Initio because it contravened the Non-Assignability Provision of the Settlement Agreement. Wilder's lawyers cite rapid Settlements ltd v Dickerson, 941 So 2d 1275 (Fla 4th DCA 2006), first Providian, llC v Evans, 852 So 2d 908 (Fla. 4th DCA 2003).
- Seneca's failure to comply with other mandatory Notice Provisions and/or filing provisions of the Act are Additional reasons that the Order Was Void Ab Initio. Seneca failed to notify all interested parties as required by the statute.
- Claim is not time barred because there I no limitation to file a motion to vacate on the basis of voidness.
How Bad Was Seneca One's pricing of the Shaquira Wilder deal?
Just awful. According to my source, the average rate in 2013 was about 11% and Seneca one sailed past that. My contact says that at 5% Shaqira Wilder could have received triple what Seneca One paid. At 7% more than double!
Oh the irony!
Ironically the Seneca One's signatory had the last name of Heck. What the heck with the "drek" Heck?
Warning to Investors in Transferred Structured Settlement Payment Rights
Poorly underwritten deals could mean heartache or hassles down the road. Expect to see more motions and more vacated court orders as we go down the road.