At 314AM EST on Friday November 3, 2006, almost 2 hours ago, I was suddenly awakened by the phone from a foul mouthed punk calling from King of Prussia Pennsyvlania who wanted to sell his (rights to) structured settlement annuity payments from First Colony Life. No offense meant to anyone from Penn State, but for the purpose of this story I will dub him "Nitaninny Lion".
In my "shocked out of deep rem" haze I can recall that he purported to have rights to receive $346,000 in future payments over 18 years in exchange for which JG Wentworth was offering $82,000. Apparently JG Wentworth has quoters available in the middle of the night for wee hour desperados. Moreover he alleged that JG Wentworth promised him the money in 4-6 weeks.
Apparently he had already ruled out a non competitve bid from Peachtree Settlement Funding. The guy said he wanted to start a restaurant and although he was 22 he felt that his education at Penn State University was sufficient to take on the risk of running a restaurant. He claimed to be receiving a discount rate of 14% plus some tack on fees-which would of course bring the effective discount rate to above 14%. which he didn't realize in his inpatience. He could've probably done better.
2 minutes later "Nitaninny Lion" calls back (at this point "Nitaninny Lyin") claiming to be James Wilkerson from Florida, with one of the worst attempts at aping a deep South Georgia accent. This time he says he got a quote from Patriot Funding for $32,000 in exchange for $288,000 in future payments, he was 28 years old, he described some annuity payments-this time from Pacific Life, but said the contract was with his ex-wife. He hangs up once he realizes he's been made (I look at caller ID).
Now "Nitaninny Lion" may have had a legitimate need to sell those payments and he may have been qualified to run a restaurant but until he develops a sense of maturity in the business world he's destined to fall flat on his face. It's a pity, but perhaps that's what he deserves.