On August 27, 2020 a
Exhibit,Appendix
was filed
involving a dispute between
J.G. Wentworth Originations, Llc,
and
Elijah Mcdonald,
Prudential Assigned Settlement Services Corp.,
Prudential Insurance Company Of America,
for Special Proceedings - Other (SSPA)
in the District Court of Erie County.
Preview
FILED: ERIE COUNTY CLERK 08/27/2020 01:04 PM INDEX NO. 809474/2020
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 08/27/2020
EXHIBIT E
FILED: ERIE COUNTY CLERK 08/27/2020 01:04 PM INDEX NO. 809474/2020
AccountID: 1492397
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 08/27/2020
August 8, 2020
NEW YORK
DISCLOSURE STATEMENT
We will purchase the following payments (Purchased Payments) from You:
A) 1 payment of $20,000.00 on September 21, 2028
(THE REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK)
- 1-
FILED: ERIE COUNTY CLERK 08/27/2020 01:04 PM INDEX NO. 809474/2020
Account ID: 1492397
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 08/27/2020
August 8, 2020
The aggregate amount of the Purchased Payments is $20,000.00.
The discounted present value of the aggregate Purchased Payments at the federal interest
rate of 0.40% is $19,362.17. The discounted present value is the calculation of the current
value of the transferred structured settlement payments (Purchased Payments) under
federal standards for valuing annuities.
The gross amount payable to seller (You) is $7,500.00.
No other expenses are incurred by You.
The net amount payable to the seller (You) is $7,500.00. The net cash payment You
receive in this transaction from Us was determined by applying the specified discount rate
to the amount of future payments received by Us, less the total amount of commissions,
fees, costs, expenses and charges payable by You.
The net amount that You will receive from Us in exchange for Your future structured
settlement payments represents 38.73% of the estimated current value of the payments
based upon the discounted value using the applicable federal rate.
BASED ON A PRICE QUOTE FROM PRUDENTIAL INSURANCE COMPANY OF
AMERICA THE CURRENT COSTS OF PURCHASING A COMPARABLE ANNUITY
FOR THE AGGREGATE AMOUNT OF PAYMENTS TO BE TRANSFERRED IS
$19,035.01.
Based on the net amount that You will receive in payment from Us and the amounts and
timing of the structured settlement payments that You are selling to Us, this is the
equivalent of interest payments to Us at a rate of 12.84% per year. PLEASE NOTE
THAT THIS IS NOT A LOAN, BUT A SALE OF PAYMENT RIGHTS AND THE
INTEREST FIGURE IS ONLY PROVIDED AS AN ILLUSTRATION OF THE
ECONOMIC IMPACT OF THE SALE.
Notice of Cancellation Rights:
You cancel without or further not later than the fifth business day
may penalty obligation,
after Your receipt of payment from Us under the transfer agreement (Purchase Contract).
Please be advised there are no penalties or liquidated damages payable by You in the
- 2-
2m t m n onh ori nadon c
FILED: ERIE COUNTY CLERK 08/27/2020 01:04 PM INDEX NO. 809474/2020
Account ID: 1492397
NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 08/27/2020
August 8, 2020
event of any breach of the transfer agreement (Purchase Contract) by You.
Please be advised that You may be subject to adverse federal and state income tax
consequences as a result of the proposed transaction. You should consult Your own
counsel, accountant, or financial advisor regarding any federal or state income tax
consequences arising from the proposed transfer.
By signing below, You are confirming receipt of this Disclosure Statement at least 10 days
prior to You executing the transfer agreement (Purchase Contract).
SIGN HERE
ELIJAH MCDONALD
- 3 -
Document Filed Date
August 27, 2020
Case Filing Date
August 27, 2020
Category
Special Proceedings - Other (SSPA)
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FILED: ERIE COUNTY CLERK 08/27/2020 01:04 PM INDEX NO. 809474/2020 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 08/27/2020 EXHIBIT E FILED: ERIE COUNTY CLERK 08/27/2020 01:04 PM INDEX NO. 809474/2020 AccountID: 1492397 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 08/27/2020 August 8, 2020 NEW YORK DISCLOSURE STATEMENT We will purchase the following payments (Purchased Payments) from You: A) 1 payment of $20,000.00 on September 21, 2028 (THE REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK) - 1- FILED: ERIE COUNTY CLERK 08/27/2020 01:04 PM INDEX NO. 809474/2020 Account ID: 1492397 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 08/27/2020 August 8, 2020 The aggregate amount of the Purchased Payments is $20,000.00. The discounted present value of the aggregate Purchased Payments at the federal interest rate of 0.40% is $19,362.17. The discounted present value is the calculation of the current value of the transferred structured settlement payments (Purchased Payments) under federal standards for valuing annuities. The gross amount payable to seller (You) is $7,500.00. No other expenses are incurred by You. The net amount payable to the seller (You) is $7,500.00. The net cash payment You receive in this transaction from Us was determined by applying the specified discount rate to the amount of future payments received by Us, less the total amount of commissions, fees, costs, expenses and charges payable by You. The net amount that You will receive from Us in exchange for Your future structured settlement payments represents 38.73% of the estimated current value of the payments based upon the discounted value using the applicable federal rate. BASED ON A PRICE QUOTE FROM PRUDENTIAL INSURANCE COMPANY OF AMERICA THE CURRENT COSTS OF PURCHASING A COMPARABLE ANNUITY FOR THE AGGREGATE AMOUNT OF PAYMENTS TO BE TRANSFERRED IS $19,035.01. Based on the net amount that You will receive in payment from Us and the amounts and timing of the structured settlement payments that You are selling to Us, this is the equivalent of interest payments to Us at a rate of 12.84% per year. PLEASE NOTE THAT THIS IS NOT A LOAN, BUT A SALE OF PAYMENT RIGHTS AND THE INTEREST FIGURE IS ONLY PROVIDED AS AN ILLUSTRATION OF THE ECONOMIC IMPACT OF THE SALE. Notice of Cancellation Rights: You cancel without or further not later than the fifth business day may penalty obligation, after Your receipt of payment from Us under the transfer agreement (Purchase Contract). Please be advised there are no penalties or liquidated damages payable by You in the - 2- 2m t m n onh ori nadon c FILED: ERIE COUNTY CLERK 08/27/2020 01:04 PM INDEX NO. 809474/2020 Account ID: 1492397 NYSCEF DOC. NO. 6 RECEIVED NYSCEF: 08/27/2020 August 8, 2020 event of any breach of the transfer agreement (Purchase Contract) by You. Please be advised that You may be subject to adverse federal and state income tax consequences as a result of the proposed transaction. You should consult Your own counsel, accountant, or financial advisor regarding any federal or state income tax consequences arising from the proposed transfer. By signing below, You are confirming receipt of this Disclosure Statement at least 10 days prior to You executing the transfer agreement (Purchase Contract). SIGN HERE ELIJAH MCDONALD - 3 -