by Structured Settlement Watchdog
Patrick Hindert's latest post about his participation in an upcoming webinar confirms that he is a promoter of the factoring industry. He also mischaracterizes that the sponsoring of a $295 webinar, by a company called DealFlow Media, as that company "entering the market". Furthermore, as stated in the syllabus for his presentation (posted on his blog) Hindert will apparently be coaching people seeking to invest in factoring deals. The presentation is to be moderated by Brett Goetschius, Editor & Publisher of The Life Settlements Report. Life Settlements of course are essentially the life insurance equivalent of a structured settlement factoring transaction (i.e."cash now"). Unless things have changed in the 7 weeks since this author, Mark Wahlstrom and NSSTA President Chris Diamantis were each approached by Deal Flow Media to participate, the seminar, now scheduled for November 29, 2007 is supposed to be a a "very introductory" level webinar.
(This is the letter that I, Mark Wahlstrom and Paul Kiesel (a consumer attorney from Los Angeles) received on October 9, 2007 (John Muir of Ringler was also approached) Download letter_from_eric_deal_flow_re_very_introductory.pdf )
Are the Board and Members of the National Structured Settlement Trade Association sitting up and taking notice?
If you are a dues paying member of the National Structured Settlement Trade Association how do you feel that (1) Patrick Hindert is still permitted to be a NSSTA member seemingly in contradiction to the bylaws of the Association, which states at Article II(1) that "membership in the Association shall be available (subject to the other provisions of these Bylaws) to any business organization or individual that (a) is engaged in activities that advance the Association’s mission, as set forth in Article I, Section 3; and (b) is not engaged, directly or through any related party, in other activities that are incompatible with such mission" (2) Patrick Hindert is permitted to sit on the NSSTA's legal committee.
If you have something to hide because you are "on the take" for factoring referrals (and you know who you are…), or think that what Hindert is doing, in promoting factoring while still being a member, and on an influential committee, of the National Structured Settlement Trade Association, is in line with the bylaws that you, or your company's designated representative voted for, then do nothing .
If however, you feel that having a member of the National Structured Settlement Trade Association that is blatantly promoted factoring** and defaming your industry IS NOT OK then you must take action. YOU must email/write each and every one of the members of the NSSTA Board of Directors and let them know how YOU feel. A number of recently elected Board members, that you, or your company's designated representative voted for in Toronto, ran on the platform that they were going to do something about "the factoring problem. Should that not start from within?". They are all good people. But, ask them what they have done for you and what they are doing for you concerning "the factoring platform" that a number of them ran on? Hold their feet to the fire. Force the debate!
For your convenience here are the names and email addresses of each member of the NSSTA Board of Directors.
Henry Strong henry.strong@jmwsettlements
JP Steele jpsteele@aignanuity.com
Chris Diamantis chris@structures.com
Jim Early jearly@ringlerassociates.com
Mike Kelly mkelly@sfainc.com
Doug Brand brand@platinumim.com
Joe Shannon Joseph_I_Shannon@newyorklife.com
Paul Hoffman phoffman@atlassettlements.com
John Roeser jroeser@deltasettlements.com
Joe Barnet joseph.barnet@prudential.com
** Lest you think that this is just another rant, consider that in the last year Hindert has made more than 10 references to the work of Associate/Visiting law professor Adam F. Scales 2002 paper on factoring, even incorrectly implying that Scales is a full professor a number of times and an assistant professor at least once. Hindert esteems Scales' "one hit wonder" like it's a religious scroll!
More evidence of current NSSTA, and NSSTA legal committee, member Patrick Hindert's rampant promotion of factoring.
Settlement Transfers Wentworth and Symetra Where Hindert promotes the alignment of structrued settlement and factoring industries as strategic. January 2006
Self Funded Settlement Transfers Where Hindert goads the primary annuity markets to develop commutation riders, which he calls "self funded settlement transfers" March 2006
Structured Settlements: Factoring v Commute Where Hindert flip flops from his earlier comments on self funded settlement transfers December 31, 2006
Rapid v Symetra . Hindert weighs in on the side of the repellent Rapid Settlements ; June 2007
Society of Settlement Planners Fall Meeting Hindert refers to NASP (National Association of Settlement Purchasers (the settlement factoring trade association) as a "settlement planning trade association" September 10, 2007
NSSTA 2006 Annual Meeting Hindert lauds the NSSTA annual meeting program and then questions the bylaw change May 12, 2006
"Under the new NSSTA Bylaw amendments (see above), should settlement transfer companies be barred from NSSTA membership? What about:
Annuity companies who:
-
- Own settlement transfer companies? or
- Offer commutations? or
- Along with liability insurers, purchase structured settlement payment rights as repackaged investment securities?
- Structured settlement producers (brokers) who:
- Participate in, and receive compensation for, settlement transfers? or
- Attempt to address annuity liquidity issues in the context of settlement planning?
- Attorneys who represent transfer companies in specific transfer applications?
- Judges who approve settlement transfers?
- Legislators who enact settlement transfer statutes?
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