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J.G. Wentworth

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The J.G. Wentworth Company
Company typePublic
OTCQX: JGWEQ
IndustryFinance
Founded1991; 33 years ago (1991)
HeadquartersChesterbrook, Pennsylvania, U.S.
Area served
United States
Key people
Randi Sellari (CEO, Specialty Finance)[1]
Dwight Perry (CFO)[2]
Randy Parker (COO)[2]
ServicesBuys Structured Settlement payments  · Fixed Annuities  · Lottery Winnings  · Lawsuit Advance
Websitewww.jgwentworth.com Edit this at Wikidata

The J.G. Wentworth Company is a financial services company that sells mortgages, refinancing, structured settlement, annuities, lottery payment purchasing, home lending, and debt settlements.[3][4] The firm is currently traded publicly on the OTCQX (symbol: JGWE).[5]

In the United States, the company is known for its television advertisements featuring "Mr. Wentworth",[6] but more recent commercials have included Wagnerian opera singers.[7]

History

J.G. Wentworth was founded in 1991 as a merchant bank specializing in transactions in the healthcare industry.[8][9] In 1992, the company began to purchase New Jersey's auto insurance deferrals from claimants who could not afford to wait 12 to 18 months for their settlements.[10]

Prior to 1999 there was no state regulation for structured settlements in the state of New York. Eliot Spitzer entered into a contract with J.G. Wentworth to help protect New Yorkers from selling their settlements at exorbitant rates. The agreement stipulated that J.G. Wentworth could receive a rate of no more than 25 percent of the annual discount rate of annuities it had purchased from a citizen of the state of New York.[11] At the time, a JGW executive told the New York Times that the firm sought the agreement because of the rate at which its business had grown in recent years.[12]

In May 2009, following the financial crisis, J.G. Wentworth's parent company, JGW Holdco LLC, entered Chapter 11 bankruptcy protection. The company cited "liquidity problems amid a tightening credit market" as the catalyst for filing.[4] In June 2009, JGW Holdco LLC received $100 million in equity from primary stakeholder JLL Partners, which allowed the company and its subsidiaries to emerge from bankruptcy.[13]

In 2011, J.G. Wentworth and Peachtree Financial Solutions, which also purchased structured settlement, annuity, and lottery payments, formed a new holding company, JGWPT Holdings LLC. The two companies continued to operate independently after the transition.[14]

In October 2013, the firm filed for an initial public offering,[8][9] which was offered the subsequent month. The company was initially listed on the New York Stock Exchange under the symbol JGWE.[15]

In 2015, J.G. Wentworth began expanding their financial offerings by purchasing WestStar Mortgage for $54 million in common shares and cash.[16] In the same year, the company also announced a partnership with Visa to offer a prepaid card to customers.[17]

In June 2016, J.G. Wentworth was delisted from the NYSE for failing to satisfy the continued listing rule.[18] Later that month, the company began trading on the OTC Markets Group under the symbol JGWE.[5]

On November 8, 2017, J.G. Wentworth filed for Chapter 11 bankruptcy for the second time in 9 years.[19] JGWE stock plummeted as much as 87% on November 10, 2017. The company is expected to emerge from bankruptcy in or around January 2018 after coming to an agreement with lenders prior to filing.[20][21]

Commercials and awards

The commercials that run on daytime television in the United States featuring "Mr. Wentworth" are how the company is best known.[citation needed] The company has had many commercial series with Mr. Wentworth; however, more recent series feature Wagnerian opera singers.[22] The tagline featured in the commercials is "It's my money and I need it now!" and "It's your money; use it when you need it!"

JGW has won several domestic and international awards for its television advertising, including a silver Davey award.[23] The "Wagnerian Opera" commercial won two International Summit Awards for Best Humor and Best TV between US$75k and US$100k[24][25]

J.G. Wentworth brands and subsidiaries

J.G. Wentworth owns and operates under a number of brands. The main two brands owned by J.G. Wentworth are J.G. Wentworth and Peachtree.

Additional brands and subsidiaries include:[26][27]

  • J.G. Wentworth, LLC
  • Peachtree Financial Solutions
  • Peachtree Life Settlements, LLC
  • J.G. Wentworth Home Equity Services, LLC
  • Orchard Acquisition Company, LLC
  • J.G. Wentworth Structured Settlement Funding II, LLC
  • PeachHI, LLC
  • J.G. Wentworth SSC, LP
  • Red Apple Management Company, LLC
  • Golden Apple Management Company, LLC
  • J.G. Wentworth Management Company, LLC
  • J.G. Wentworth Originations, LLC
  • Green Apple Management Company, LLC
  • Qualified Provider Associates, LLC
  • JGW Pre-Settlement Funding, LLC
  • Cash Now Loans, LLC
  • J.G. Wentworth Receivables II, LLC
  • Peachtree Originations, LLC
  • Lottery Originations, LLC
  • Settlement Funding Management Company, LLC
  • Peach Holdings, LLC
  • Receivables Collections, LLC
  • JGW II, LLC
  • JGW III, LLC
  • JGW-S LC I, LLC
  • JGW-S LC II, LLC
  • JGW-S Holdco, LLC
  • LCSS, LLC
  • JGW-S I, LLC
  • JGW-S II, LLC
  • JGW-S III, LLC
  • R.C. Henderson, LLC
  • 321 Henderson Receivables Acquisition, LLC
  • JGW Residual I, LLC
  • JGW-S IV, LLC

References

  1. ^ "The J.G. Wentworth Company Names Randi Sellari Chief Executive Officer". Business Wire. 2018-04-27. Retrieved 2018-12-07.
  2. ^ a b "About Our Company". The J. G. Wentworth Company. Retrieved 2018-12-07.
  3. ^ "THE J.G. WENTWORTH COMPANY® ANNOUNCES LAUNCH OF NATIONAL MARKETING CAMPAIGN TO SUPPORT J.G. WENTWORTH HOME LENDING™". corporate.jgwentworth.com. Retrieved 2015-08-17.
  4. ^ a b Chasan, Emily (2009-05-19). "UPDATE 1-J.G. Wentworth files prepackaged bankruptcy | Reuters". In.reuters.com. Retrieved 2012-06-02.
  5. ^ a b "The J.G. Wentworth Company® To Begin Trading On The OTCQX Market Under The Ticker Symbol "JGWE"". finance.yahoo.com. 2016-06-17. Archived from the original on 2016-08-12. Retrieved 2016-06-21.
  6. ^ Beaver, Dennis (2011-03-12). "You and the Law: Have a structured settlement, but need cash now?". Hanfordsentinel.com. Retrieved 2012-06-02.
  7. ^ Hage, Jeff (2011-06-30). "It's hard to shake a good jingle". Princeton Union-Eagle. Archived from the original on 2012-04-06. Retrieved 2012-06-02.
  8. ^ a b "JGWPT: Private Company Information - Businessweek". Investing.businessweek.com. Retrieved 2012-06-02.
  9. ^ a b "IPO Filings". Ipo.nasdaq.com. Archived from the original on 2012-03-08. Retrieved 2012-06-02.
  10. ^ "Office of the Governor | Newsroom". State.nj.us. Retrieved 2012-06-02.
  11. ^ "Archived copy". Archived from the original on 2010-05-08. Retrieved 2010-05-11.{{cite web}}: CS1 maint: archived copy as title (link)
  12. ^ NEIL MacFARQUHARPublished: July 30, 1999 (1999-07-30). "Accord Is Reached on Trades Of Cash for Lawsuit Proceeds - New York Times". Nytimes.com. Retrieved 2012-06-02.{{cite news}}: CS1 maint: numeric names: authors list (link)
  13. ^ "J.G. Wentworth Receives $100 Million in New Equity; Business Wire". www.businesswire.com. 2009-06-08. Retrieved 2016-09-12.
  14. ^ "J.G. Wentworth and Peachtree Financial Solutions Seal Deal; PRNewswire". www.prnewswire.com. 2011-07-13. Retrieved 2016-09-12.
  15. ^ Alnwick, Julie (2013-10-07). "J.G. Wentworth Operator Files to Raise $200 Million U.S. IPO; Bloomberg". www.bloomberg.com. Retrieved 2016-09-12.
  16. ^ Nemeroff, Evan. "WestStar Mortgage Bought by J.G. Wentworth for $54M; National Mortgage News". www.nationalmortgagenews.com. Retrieved 2016-09-12.
  17. ^ Scism, Leslie (2015-03-10). "With latest deal, J.G. Wentworth has more to sell when customers call". blogs.wsj.com. Retrieved 2015-08-20.
  18. ^ "Yahoo Finance - Business Finance, Stock Market, Quotes, News". biz.yahoo.com. Retrieved 26 October 2018.
  19. ^ Blumenthal, Jeff (2017-11-10). "For second time in 9 years, publicly traded financial services firm files for bankruptcy". Philadelphia Business Journal. Retrieved 2019-08-14.
  20. ^ "Current Report Filing (8-k)". Investors Hub. Retrieved 26 October 2018.
  21. ^ "The J.G. Wentworth Company Announces Consensual Restructuring Agreement with Lenders to Significantly Reduce its Debt and Fortify its Balance Sheet". Retrieved 26 October 2018.
  22. ^ "J.G. Wentworth's Direct Response Aria". Response Magazine. 2008-08-01. Archived from the original on 2011-09-30. Retrieved 2012-06-02.
  23. ^ "J.G. Wentworth Launches New Television Commercial". Business Wire. 2010-03-16. Retrieved 2019-08-13.
  24. ^ "J.G. Wentworth "Opera" Commercial Wins Two More International Advertising Awards". Business Wire. 2009-05-13. Retrieved 2019-08-13.
  25. ^ "J.G. Wentworth Gets Animated In New Ad Campaign". SHOOTonline. 2011-02-21. Retrieved 2012-06-02.
  26. ^ "Paymaster: J.G. Info Page". Archived from the original on 2016-06-01.
  27. ^ "SEC: JGWPT HOLDINGS INC".

External links

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