by Structured Settlement Watchdog
Time for Connecticut to start clamping down on structured settlement payment buyers who are targeting and may be abusing the CT's court system for a forum shopping sprees between New York and CT.
EXHIBIT NUMBER ONE Makuan Jackson Jr is No "Mack Daddy" on This Deal
A. Pending New York deal: Court date December 17, 2018 Age of Annuitant : 20
Caption: JG Wentworth Originations LLC v Prudential Insurance Company of America, Prudential Assigned Settlement Services Corp and Makuan Jackson, Jr.
Venue: Supreme Court of the State of New York, County of Bronx
Judge: Kenneth L. Thompson, Jr.
Index Number 0032171/2018
Filing date October 24, 2018
What a remarkable "coincidence"... the same parties are noticed on this Connecticut case on November 9, 2018, with The Prudential being noticed via their counsel Stevens & Lee, P.C.
B. Pending Connecticut deal: Court date: December 10, 2018
Caption: Bainbridge Partnership, LLC v Makuan Jackson, Jr.
Venue: CT Superior Court Waterbury Judicial District
Docket: UWY-CV-18-6044311-S
Filing Date: November 5, 2018
Commentary:
The Connecticut deal, filed a bit more than a week after the New York deal was filed, bears an estimated effective annual discount rate of 15.986%, according to our sources. Notwithstanding the poaching or the apparent forum shopping, Bainbridge's poach is a roach. One of our sources claims that double what Bainbridge is offering is fair value. Furthermore it is possible that Makuan could go back to JG Wentworth, (if where Makuan really lives is the Bronx, New York), negotiate more and their low cost of money and get it. It is well known that JG Wentworth will not open with their best offer but will often circle back and annihilate a competitive offer if it is in the mood.
It's notable that Bainbridge Partnership, LLC, which has no website at time of posting (and lists an address 16192 Coastal Highway Lewes, DE 19958, one of the dime a dozen business registered agents to structured settlement secondary market's LLCs in Delaware ), includes Makuan Jackson Jr.s full legal name on the transfer agreement.Yet Bainbridge Partnership, LLC lists its member on a legal document (the transfer agreement) as simply JB. I'm calling BS (oh the irony!). Anybody in the structured settlement factoring industry know who JB is? I think I do. [Not you Captain]
Common sense bruh, shouldn't a company that operates under the cloak of initials give one pause? What's their big secret?
Another Example of Bainbridge Partnership Taking Advantage of A Young Minority in CT
Caption: Bainbridge Partnership, LLC v Ivan Kirkland
Venue: CT Superior Court New Haven Judicial District
Docket: NNH-CV-18-6086385-S
Filing Date: November 8, 2018
Commentary:
In the Kirkland case, involving a 19 year old, Bainbridge apparently tried to slip in the complaint with the initials I.K. instead of Ivan Kirkland. The Court clerk rejected the submission on November 9, 2018 and it was refiled with the full name Ivan Kirkland. According to paperwork submitted by CT attorney Douglas M. Evans (who also serves as attorney on the Makuan jackson deal), the summons served has Ivan Kirkland's full name. Was it a typo or was it intentionally done to ward off poaching by a competitor, just like what Bainbridge Partnership apparently did to JG Wentworth in the Makuan Jackson Jr case described above?
Here is the proposed transfer in the Ivan Kirkland case, which is still pending:
- One (1) lump sum payment in the amount of one hundred thirty two thousand dollars
($132,000.00) due and payable on or about June 12, 2024 - One (1) lump sum payment in the amount of twenty five thousand dollars
($25,000.00) due and payable on or about June 12, 2024; - One (1) lump sum payment in the amount of twenty five thousand dollars
($25,000.00) due and payable on or about June 12, 2025; - One (1) lump sum payment in the amount of twenty five thousand dollars
($25,000.00) due and payable on or about June 12, 2026; - One (1) lump sum payment in the amount of twenty five thousand dollars
($25,000.00) due and payable on or about June 12, 2027; and - One (1) lump sum payment in the amount of five hundred ten thousand, nine hundred
fifty seven dollars and thirty seven cents ($510,957.37) due and payable on or about
June 12, 2029
Total Payments to be transferred to Bainbridge Partnership: $742,957.37.
The Kirkland case is yet another example of an obscene amount of profit at the expense of a young 19 year old. Bainbridge's offer is $140,000, a discount rate estimated to be 20.9% according to our sources. Our sources say that a fair value would be over $420,000. Hundreds of thousand more should be in Kirkland's pocket or maybe he doesn't need to sell so much! The transfer hearing is December 10, 2018 at 930am in New Haven Superior Court. The deadline to object by the noticed parties has passed. Let's hope the judge who reviews the file pays close attention to the corpulent discount rate that Bainbridge hopes to get away with at the expense of a 19 year old kid. A 20.9% effective discount rate is just insane.
The Court had previously approved a transfer of structured settlement payment rights by the Payee Ivan Kirkland according to the Court documents submitted by attorney Douglas M. Evans, although no record shows up on the CT judicial system online repository when it was searched at time of posting. Given that Kirkland is 19 years old and could only initiate a structured settlement transfer at or after the age of majority, one wonders why it does not appear when an officer of the Court has represented it as fact to the Court. (Source: Amended Complaint, Proposed Transfer p4 #13)
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