On December 20, 2019 a
Letter,Correspondence
was filed
involving a dispute between
J.G. Wentworth Originations, Llc,
and
Brighthouse Life Insurance Company,
Leona Gurganious,
Metropolitan Life Insurance Company,
for Special Proceedings - Other (Transfer-Structured Settl)
in the District Court of Kings County.
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CHAIKIN,
1 PENN PLAZA • SUITE 5315 • NEW YORK, NEW YORK
PLLC
10119 • PH: (212) 977-2020 • FX: (212) 214-0610
August 13, 2020
Kings County Supreme Court
360 Adams Street
Brooklyn, New York 11201
Via NYSCEF
RE: J.G. Wentworth Originations, LLC v Leona
Gurganious et al.
Index No.: 527635/2019
Dear Honorable Carl Landocino:
As you are aware, our office represents the Petitioner, J.G. Wentworth Originations, LLC,
in the above-referenced matter, a special proceeding commenced for the Judicial approval of a
structured settlement transfer pursuant to GOL §5-1705 et seq.
Please allow this correspondence to serve as formal notification that the gross advance
amount to Ms. Gurganious has increased to $37,000.00 at a lowered discount rate of 11.91%. As
such, please find annexed an amended disclosure.
Thank you for your time and consideration in this matter.
Respectfully Submitted,
Frances Greene
Paralegal
IMC/FG
DocuSign Envelope ID: E30DF646-AA17-4621-A687-951214658CF4
Account ID:1114976
September 17, 2019
NEW YORK AMENDED
DISCLOSURE STATEMENT
We will purchase the following payments (Purchased Payments) from You:
A) 96 monthly Life Contingent payments of $4,500.00 each, increasing at 3% annually,
beginning on September 3, 2038 and ending on August 3, 2046
(THE REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK)
-1-
© 2011 J.G. Wentworth Originations, LLC
DocuSign Envelope ID: E30DF646-AA17-4621-A687-951214658CF4
Account ID:1114976
September 17, 2019
The aggregate amount of the Purchased Payments is $480,186.12.
The discounted present value of the aggregate Purchased Payments at the federal interest
rate of 2.20% is $290,996.74. 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 $37,000.00.
No other expenses are incurred by You.
The net amount payable to the seller (You) is $37,000.00. 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 12.71% of the estimated current value of the payments
based upon the discounted value using the applicable federal rate.
BASED ON A PRICE QUOTE FROM BRIGHTHOUSE LIFE INSURANCE
COMPANY THE CURRENT COSTS OF PURCHASING A COMPARABLE ANNUITY
FOR THE AGGREGATE AMOUNT OF PAYMENTS TO BE TRANSFERRED IS
$255,561.47.
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 11.91% 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 may cancel without penalty or further obligation, not later than the fifth business day
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-
© 2011 J.G. Wentworth Originations, LLC
DocuSign Envelope ID: E30DF646-AA17-4621-A687-951214658CF4
Account ID:1114976
September 17, 2019
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# SIGN HERE
__________________________________________________
LEONA GURGANIOUS
-3-
© 2011 J.G. Wentworth Originations, LLC
Document Filed Date
August 13, 2020
Case Filing Date
December 20, 2019
Category
Special Proceedings - Other (Transfer-Structured Settl)
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CHAIKIN, 1 PENN PLAZA • SUITE 5315 • NEW YORK, NEW YORK PLLC 10119 • PH: (212) 977-2020 • FX: (212) 214-0610 August 13, 2020 Kings County Supreme Court 360 Adams Street Brooklyn, New York 11201 Via NYSCEF RE: J.G. Wentworth Originations, LLC v Leona Gurganious et al. Index No.: 527635/2019 Dear Honorable Carl Landocino: As you are aware, our office represents the Petitioner, J.G. Wentworth Originations, LLC, in the above-referenced matter, a special proceeding commenced for the Judicial approval of a structured settlement transfer pursuant to GOL §5-1705 et seq. Please allow this correspondence to serve as formal notification that the gross advance amount to Ms. Gurganious has increased to $37,000.00 at a lowered discount rate of 11.91%. As such, please find annexed an amended disclosure. Thank you for your time and consideration in this matter. Respectfully Submitted, Frances Greene Paralegal IMC/FG DocuSign Envelope ID: E30DF646-AA17-4621-A687-951214658CF4 Account ID:1114976 September 17, 2019 NEW YORK AMENDED DISCLOSURE STATEMENT We will purchase the following payments (Purchased Payments) from You: A) 96 monthly Life Contingent payments of $4,500.00 each, increasing at 3% annually, beginning on September 3, 2038 and ending on August 3, 2046 (THE REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK) -1- © 2011 J.G. Wentworth Originations, LLC DocuSign Envelope ID: E30DF646-AA17-4621-A687-951214658CF4 Account ID:1114976 September 17, 2019 The aggregate amount of the Purchased Payments is $480,186.12. The discounted present value of the aggregate Purchased Payments at the federal interest rate of 2.20% is $290,996.74. 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 $37,000.00. No other expenses are incurred by You. The net amount payable to the seller (You) is $37,000.00. 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 12.71% of the estimated current value of the payments based upon the discounted value using the applicable federal rate. BASED ON A PRICE QUOTE FROM BRIGHTHOUSE LIFE INSURANCE COMPANY THE CURRENT COSTS OF PURCHASING A COMPARABLE ANNUITY FOR THE AGGREGATE AMOUNT OF PAYMENTS TO BE TRANSFERRED IS $255,561.47. 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 11.91% 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 may cancel without penalty or further obligation, not later than the fifth business day 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- © 2011 J.G. Wentworth Originations, LLC DocuSign Envelope ID: E30DF646-AA17-4621-A687-951214658CF4 Account ID:1114976 September 17, 2019 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# SIGN HERE __________________________________________________ LEONA GURGANIOUS -3- © 2011 J.G. Wentworth Originations, LLC