by Structured Settlement Watchdog
The tubes have been pulled out and hospice has been called in, JG Wentworth, the leader of a massively underegulated industry whose members profit off the unsophisticated and the ignorant, has filed for Chapter 11 bankruptcy protection for the second time in 9 years according to Philadelphia Business Journal. Yet the word smithing on its press release framed by the wallpaper of some stodgy New York City law firms uses words kindler and gentler for PR.
It's only too bad that a figurative dose of morphine was not available for JG Wentworth investors who were ripped off by the analysts who made questionable recommendations of the stock right before it plummeted in the first of a series of capital extinguishing moves that led to JGW's delisting and became JGWE
Read my recent commentary about JG Wentworth's stock performance chart, that looks as if the company "flipped investors the bird" in 2014, just before the beginning of the company stock's tumultuous drop. JG Wentworth went public 5 years after JGW shafted investors in a 2009 bankruptcy.
JG Wentworth is a defendant in a class action law suit filed September 14, 2017 in the Eastern District of Pennsylvania as one of the alleged participants in what was described in the complaint as an "Annuity Fraud Scheme" in which even the judges were alleged complicit.
JG Wentworth is also a defendant in a lawsuit arising out of the acquisition of Westar Mortgage. Allegations can be characterized as questioning shady dealings by JG Wentworth in an equity funded deal that was worth less almost immediately after the deal concluded when JG Wentworth stock began to tank. It has never recovered.
It should be noted that the stock rallied a penny, AFTER after this post was published to close at 3 cents!
Comments and Trackback Policy