Imperial Finance and Trading, LLC
Encyclopedia
Imperial Finance and Trading, LLC is a financial services
company that purchases structured settlement
and annuities
from individuals. Imperial primarily deals with structured settlements, life insurance
for seniors, wholesale premium finance, and life settlements. The company's national headquarters are located in Boca Raton, Florida
.
, an international private investment company. Imperial was founded in 2007 by Jonathan Neuman, the company's owner and COO
. Antony Mitchell joined the company's ranks in August 2007 as a partner and CEO, followed by Deborah Benaim as Senior Vice President, and Drew McMullen as Vice President.
department is a member of the National Association of Settlement Purchasers. Run by Deborah Benaim, the senior management team has been involved in structured settlements since the inception of the industry, although Imperial has only been around since 2007. Imperial asserts that it pioneered the revolution of the industry by minimizing payment time to approximately 40 days time. This has been reported to be more advertising hype than substance. On April 22, 2010, Imperial's structured settlements department secured a $250 million deal in financing for both Life Contingent and Guaranteed Payments. Their advertisements include television commercials, radio ads, and monthly mailers, resulting in marketing costs of $14,000 imbeded in each customer transaction. http://www.pressreleasepoint.com/imperial-funding039s-high-interest-rates-criticized-court Knowing that discount rates were falling dramatically for structured settlement payments, Imperial's stockholders rushed through a public offering in early 2011. Investment banking firm FBR is rumored to have looked the other way.
Imperial charges among the highest interest rates to its customers in the industry often above 20 percent a year. Courts have denied Imperial's requested transfers because its offered price was not "fair and reasonable". See In the Matter of the Petition of Imperial Structured Settlements, Petitioner, SUPREME COURT OF NEW YORK, QUEENS COUNTY, 2009 NY Slip Op 51625U; 24 Misc. 3d 1226A; 899 N.Y.S.2d 60; 2009 N.Y. Misc. LEXIS 1981, July 23, 2009, where the court criticized Imperial for paying only one third (1/3) of the discounted present value and denied the transfer. http://www.nycourts.gov/library/queens/PDF_files/8_09/IMPERIAL.pdf
Reuters has reported that sometimes Imperial said it was unable to access traditional sources of capital to finance the acquisition and sale of structured settlements after the global economic downturn. Imperial said in its recent government filing that "at certain points, we were unable to get any debt financing".
See http://www.reuters.com/article/idUSSGE67B0NZ20100812 .
Similar issues have plagued the nations two biggest cash now pushers JG Wentworth which had to file Chapter 11 in May 2009 and Peach Holdings (Peachtree Settlement Funding) which suffered a significant credit downgrade at one point.
The bigger company problems have also led to a greater appetite for in force structured settlement payment rights from individual investors. Many individual investors are willing to accept lower discount rates than the institutions thus squeezing those bigger players that must operate at larger spreads to support their overhead.
Source: http://structuredsettlements.typepad.com/structured_settlements_4r/2010/08/imperial-holdings-files-ipo-to-finance-structured-settlement-operation.html
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
company that purchases structured settlement
Structured settlement
A structured settlement is a financial or insurance arrangement, defined by Internal Revenue Code as periodic payments; a claimant accepts to resolve a personal injury tort claim or to compromise a statutory periodic payment obligation. Structured settlements were first utilized in Canada after a...
and annuities
Annuity (US financial products)
In the United States an annuity contract is created when an insured party, usually an individual, pays a life insurance company a single premium that will later be distributed back to the insured party over time...
from individuals. Imperial primarily deals with structured settlements, life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
for seniors, wholesale premium finance, and life settlements. The company's national headquarters are located in Boca Raton, Florida
Boca Raton, Florida
Boca Raton is a city in Palm Beach County, Florida, USA, incorporated in May 1925. In the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. However, the majority of the people under the postal address of Boca Raton, about...
.
History
Imperial is a portfolio company of the Tavistock GroupTavistock Group
Tavistock Group is an international private investment company founded by British businessperson Joe Lewis. The U.S. headquarters is located in Tavistock House in unincorporated Orange County, Florida....
, an international private investment company. Imperial was founded in 2007 by Jonathan Neuman, the company's owner and COO
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
. Antony Mitchell joined the company's ranks in August 2007 as a partner and CEO, followed by Deborah Benaim as Senior Vice President, and Drew McMullen as Vice President.
Structured Settlement
Imperial's structured settlementStructured settlement
A structured settlement is a financial or insurance arrangement, defined by Internal Revenue Code as periodic payments; a claimant accepts to resolve a personal injury tort claim or to compromise a statutory periodic payment obligation. Structured settlements were first utilized in Canada after a...
department is a member of the National Association of Settlement Purchasers. Run by Deborah Benaim, the senior management team has been involved in structured settlements since the inception of the industry, although Imperial has only been around since 2007. Imperial asserts that it pioneered the revolution of the industry by minimizing payment time to approximately 40 days time. This has been reported to be more advertising hype than substance. On April 22, 2010, Imperial's structured settlements department secured a $250 million deal in financing for both Life Contingent and Guaranteed Payments. Their advertisements include television commercials, radio ads, and monthly mailers, resulting in marketing costs of $14,000 imbeded in each customer transaction. http://www.pressreleasepoint.com/imperial-funding039s-high-interest-rates-criticized-court Knowing that discount rates were falling dramatically for structured settlement payments, Imperial's stockholders rushed through a public offering in early 2011. Investment banking firm FBR is rumored to have looked the other way.
Imperial charges among the highest interest rates to its customers in the industry often above 20 percent a year. Courts have denied Imperial's requested transfers because its offered price was not "fair and reasonable". See In the Matter of the Petition of Imperial Structured Settlements, Petitioner, SUPREME COURT OF NEW YORK, QUEENS COUNTY, 2009 NY Slip Op 51625U; 24 Misc. 3d 1226A; 899 N.Y.S.2d 60; 2009 N.Y. Misc. LEXIS 1981, July 23, 2009, where the court criticized Imperial for paying only one third (1/3) of the discounted present value and denied the transfer. http://www.nycourts.gov/library/queens/PDF_files/8_09/IMPERIAL.pdf
Reuters has reported that sometimes Imperial said it was unable to access traditional sources of capital to finance the acquisition and sale of structured settlements after the global economic downturn. Imperial said in its recent government filing that "at certain points, we were unable to get any debt financing".
See http://www.reuters.com/article/idUSSGE67B0NZ20100812 .
Similar issues have plagued the nations two biggest cash now pushers JG Wentworth which had to file Chapter 11 in May 2009 and Peach Holdings (Peachtree Settlement Funding) which suffered a significant credit downgrade at one point.
The bigger company problems have also led to a greater appetite for in force structured settlement payment rights from individual investors. Many individual investors are willing to accept lower discount rates than the institutions thus squeezing those bigger players that must operate at larger spreads to support their overhead.
Source: http://structuredsettlements.typepad.com/structured_settlements_4r/2010/08/imperial-holdings-files-ipo-to-finance-structured-settlement-operation.html