by Structured Settlement Watchdog
Malibu Knock Off
When one thinks of Malibu, one thinks of the glamorous beachfront bungalows owned by Hollywood celebrities or a great 1998 song by Courtney Love and her former group, Hole.
West Palm Beach Florida could never be confused with Malibu, but the silly billys at Novation Funding LLC, utilize the pseudonym "Malibu Island" in a terrible pending structured settlement factoring deal for budding New York City rap artist Anttoine Jerrell Marshall.
Bad Rapper Wrapper
Novation Funding LLC ( doing business as "Malibu Island") submitted a deal with a 9.48% discount rate offering $73,112 for a $450,000 lump sum with a present value of $231,026. A 9.48% discount rate sucks, when a 6%-7% is available. Anttoine Jerrell Marshall should be getting in the range of $130,000 according to our sources. Upon information and belief Novation Funding refused to budge on its West Palm Beach "Malibu" knock-off. While Malibu CA has spectacular cliffs, the 1641 Worthington Rd. West Palm Beach "Malibu" knock-off has a spectacular "fiscal cliff" for a seller.
In the Matter of the Petition of MALIBU ISLAND for the Approval of Transfer of Structured Settlement Payment Rights In Accordance with VERIFIED GOL §5-1701 et seq.,Petitioner(s) -against- THE PRUDENTIAL ASSIGNED SETTLEMENT SERVICES CORPORATION, THE PRUDENTIAL INSURANCE COMPANY OF AMERICA and ANTTIONNE JERRELL MARSHALL, Respondent(s) Supreme Court of the State of New York, County of New York Index 152268/2019
Novation Funding has an unfortunate history of wholly misleading advertising in which it has repeatedly claimed "maximum payouts" for structured settlements, when a sampling of their deals have proved to be no where near the maximum.
Some gullible enough to swallow Novation's brand of West Palm Beach baloney really get the short end of the stick. Cedric Martez Thomas, a 21-year-old African American New Yorker at the time, found himself hunted down and financially fleeced by Novation Funding in 2015, with Novation racking up over a million dollars in profit spread to the detriment of Thomas.