by Structured Settlement Watchdog®
Stone Street Capital has tweeted a picture of a "mutant bovine" , who if we are to believe what we see, can spit out cash advances just like an ATM.
Of course this is simply not true as can be corroborated by a statement made by Earl Nesbitt, Executive Director of the National Association of Settlement Purchasers (NASP), in a published video interview with Mark Wahlstrom of the Legal Broadcast Network, in 2009.
When you make a withdrawal from an ATM you are withdrawing money from your bank account with nominal transaction fees of $1-$3. You are not receiving an advance on a future payment stream that has to be discounted at a rate that takes into account the settlement purchaser's cost of money and their expense load (e.g. legal fees, court costs and the fixed administrative fee that must be paid to the annuity issuer)
Put in bovine terms, getting cash from your structured settlement is not as easy as milking a cow. In some cases it is the seller that is getting "milked" [See our December 22, 2014 blog on Lafontant v Imperial Structured Settlements ]
While Stone Street Capital has an excellent sense of humor, I'm a little disappointed that they chose this approach in their social media.
