My Money Now!

A judge asked me to publish a list of structured settlement buyers soliciting business from Alaskans.  He wanted Alaskan’s to find competitive bidders.  To many Alaskans come to court to approve a sale and only have a single bid because they can’t find another bidder.

40% Excise Tax on Buyers without Court Approval

Judges are required to evaluate the fairness of the structured settlement transactions.  When the buyer gets a judge to approve their purchase, then the buyer isn’t required to pay the 40% excise tax to the IRS on the transaction.  The problem is most judges never took finance so they can’t quickly evaluate whether it is a good deal.  The person selling doesn’t have a clue on how to evaluate the matter and they think they can’t afford an expert to evaluate the value.  Furthermore, the underlying rights may be very complex and a simple finance equation may not resolve the issue.  That is one of the reasons people historically require competitive bids to evaluate whether the deal is reasonable.  Buyers tend to be experts.  But, buyers tend to only use the sharpest pencil when in competition with others.  That is why public projects are put out to bid.  Annuities shouldn’t be any different.

Those Who Want My Money Now — Need Multiple Bidders

To get the best price for anything, you have to have multiple bidders.  Just because you have only seen the commercials from one company doesn’t mean their are not more buyers available. This list is provided to help Alaskans find more bidders for their future cash.

If these people think that you are letting them be a sole source bidder they will likely low ball the offer.  If you let them think the matter is urgent and that selling is your only solution, they will low ball the offer.  Selling probably isn’t the only solution to your need.  Those three issues are topics for another post.  This post is simply about finding more bidders.

There are rumors that there are at least two buyers in Alaska.  However, they do not appear to maintain a web presence.  If any company would like to be added to the list of prospective bidders, please forward the information about who you are, where you are located, what instruments you are interested in and your contact numbers, including a web site.

Disclaimer About the My Money Buyer List

I do not endorse any of these companies.  I have never represented any of these companies.  I have represented clients that had offers from a few of these companies.  I have represented clients that received substantially better offers after they engaged my services.   My experience dealing with these companies is that they will offer low amounts of cash for your rights.  They will also do everything they can to make you commit to only negotiating with them.  In every case I have handled, these same companies will pay substantially more money than their first offer.  The list also does not attempt to discover or disclose any financial relationships between these entities.  However, J.G. Wentworth and PeachTree Settlement Funding are owned by the same entity.  They know when they are bidding against each other for business.  Accordingly, don’t rely on bids between these entities alone.  In competitive bidding scenarios any one of them may become the highest bidder.

The inspiration for this table came from Vaughn’s List, which can be found here.  I added the additional research on whether the business registered to conduct business in Alaska.  I also eliminated one entity from his list that no longer appears to be doing business.

I noticed that he reports problems with J.G. Wentworth.  Apparently J.G. Wentworth does  not appreciate unsolicited back-links to its domain.  Apparently they have threatened Mr. Vaughn with litigation over the link.  J.G. Wentworth has claimed that its recent financial misfortunes are due to Google punishing J.G. Wentworth due to his back link.  But, it appears that the real reason for J.G. Wentworth’s financial misfortunes arise from Moody’s down grading the company, see their report. Moody’s reported that J.G.Wentworth planned on going public but didn’t and then decided to issue massive dividends to the private investors. Moody’s stated “Net proceeds from the $425 million Senior Secured Term Loan issuance will be used to finance a $309 million capital distribution to JGW’s shareholders as well as to repay an existing $142 million term loan.” Almost a third of a billion dollars in profits being distributed to private investors from the profits of giving people My Money now.

 

Future Articles about My Money:

  1. Viewing My Rights to My Money — Like an Investor.  What is it worth?
  2. Alternatives to Selling My Money.
  3. They offered enough for My Money to get a new Snow Machine — What a Deal?
  4. Negotiation Strategies for Selling My Money
  5. I’m Selling My Money — But They Say We Have to Go To Court
  6. Picking an attorney to evaluate your My Money Sale
  7. 40% Excise Tax on Buying My Money
  8. Buyer’s Attorney Has no Conscience Will Help You Give Your Money Away

Clayton Walker