by Structured Settlement Watchdog
Cedric Pinnock, a 25 year old Queens New York young adult, is days away from a structured settlement transfer hearing with only Queens Supreme Court Judge Cassandra Johnson standing in the way of a large financial loss.
Why is Cedric Pinnock Shortchanging Himself by over $500,000 in Queens Cash Now Deal?
- Cedric Pinnock age 25, Queens New York Date of birth 10/10/1999. Works at Bed Bath & Beyond earning $2,000 per month ($24,000 annually).
- Medical Malpractice settlement 2002 when Cedric Pinnock was 2 years old in the matter of Cedric Pinnock vs Daniel Lasser 0102249/2002. A structured settlement was part of the consideration for the settlement of the case and was funded with an annuity issued by American General Life Insurance Company and owned by Amercan Home Assurance Company.
- Proposed stuctured settlement transfer involves 132 monthly payments in the amount of $9,644.28 commencing on December 1, 2024 and continuing through, and including November 1, 2035, increasing 3% annually; one lumpsum of $200,000.00 due October 10, 2029; one lump sum of $250,000.00 due October 10, 2034; and one lump sum of $300,000.00 due October 10, 2039 (the "Assigned Payments") in exchange for $850,322.00
- For the $850,322.00, Pinnock is set to give up $1,482,294.35 in income tax free income over 11 years in addition to the 3 lump sums totaling $750,000, for a total of $2,232,294.35 if Judge Cassandra Johnson makes a determination that the proposed transaction is in Cedric Pinnock's best interest.
- "After contacting several companies that work in the same industry as Petitioner (Rising Capital) to solicit bids (says Pinnock under penalty of perjury) on the value of my future payments, I negotiated a gross purchase price of $850,322.00 (the "Purchase Price") from Petitioner in exchange for mysale of the Assigned Payments. I understand that the annual discount rate used by Petitioner to calculate the Purchase Price is 15.22%. I believe this rate is fair and reasonable.
- Pinnock claims in his sworn affidavit that he shopped around, but apparently not enough. This author has become aware that Pinnock could receive more than $500,000 more!
- On September 13, 2024, Mr. Jordan Hardy (alias) contacted Raymond James' Mike Piazza (not the retired Mets and Dodgers baseball catcher*) and informed Piazza that the deal could be funded for just under $1.4M!
- In his Affirmation in support filed in Queens County on September 4, 2024, Pinnock claims to be "an informed investor, affirming his understanding"the principles of interest and the critical importance of strategically exposing my wealth to professional wealth management services and diversified investment opportunities. I have maintained an investment account with Janey (sic) Montgomery Wealth Management for over 19 years (since Cedric was 5-6 years old) and, during that period, I have experienced an impressive average rate of return of 9.5%. This longstanding history of consistent and substantial returns demonstrates my prudence and careful approach to investment management"
Does this imply it's wise to forgo over $500,000? Why not secure an additional $500,000-plus income tax-free for investment, or opt to sell a smaller portion of the structure to generate $850,000?
The Affirmation of Cedric Pinnock also alleges that the American General structured settlement annuity bore a 3.03% internal rate of return. A structured settlement established in 2002 however, would not have a 3.03% IRR. That's not where rates were in 2002. I just pulled out a MassMutual quote from March 24, 2002 in which the IRR was 6.99% Judge Cassandra Johnson should ask to see the calculations.
Pinnock declined Independent professional advice and AFFIRMS under penalty of perjury under the laws of the State of New York "discussions with my family, my attorney, Ira Frazier, and my prospective financial advisor, I have concluded that this transfer is in my best interest".
Who is Ira Frazier?
A search of the New York Court Adminstration for Bar registrations comes up empty for "Ira Frazier". If Cedric Pinnock got the spelling wrong in his affirmation and was referring to Ira Frazer, that Ira Frazer is based in La Jolla California and is known for providing Independent Professional Advice in structured settlement factoring transactions. but no record of registration came up in the New York court administration online search came up for either spelling, Frazier or Frazer.
Download Attorney Online Services - Search Ira Frazer NYCEF 11-9-2024
Download Attorney Online Services - Search Ira Frazier 11-9-2024
If indeed Ira Frazer from LaJolla was the IPA, why did Pinnock refuse the IPA in the documents submitted to the Court for the November 13, 2024 transfer hearing before Judge Cassandra Brown in Queens County New York? And surely, if Cedric Pinnock has a lawyer, wouldn't they be interested in securing an additional half a million dollars for their client, in exchange for structured settlement payments secured before Pinnock was potty trained?
The Right Age to Potty Train - HealthyChildren.org "The average age toilet training begins in the United States is between 2 and 3 years of age. Most children in the United States are bowel and bladder trained by 4 years of age".
Cedric Pinnock Will Be Subject to a Servicing Agreement
If Cedric Pinnock is making a partial sale, he will be subject to a servicing agreement. Structured Settlement Payment Servicing | What You Need To Know 2024 - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews
Who is Judge Cassandra Johnson in Queens New York?
Judge Cassandra Johnson is a New York State Supreme Court judge who won the race to become a Queens Surrogate's Court judge in November 2024 Johnson wins race for Surrogate’s Court — Queens Daily Eagle
Although Judge Cassandra Johnson would be required to approve a structured settlement transfer in order for it to proceed, her role does not equate to that of a personal shopper.
Will Cedric Pinnock Be 2024's Cedric Martez Thomas?
Both Cedric Pinnock and Cedric Martez Thomas are New Yorkers and both did not get the best they could have on their structured settlement factoring deals. For Cedric Martez Thomas it's over. He got shafted for more than $1.5M in profit spread in 2015. For Cedric Pinnock there's still hope to retrace his steps and get a better offer from Sustainable Growth (Rising Capital).
Selling A Structured Settlement in 2024? Get The 411 on Cash Now. Don't Be a Victim
Independent Professional Advice (IPA) for Structured Settlement Sellers
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