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  • Ricky Gurley
    To all, I am seeing these companies advertise on television to buy lawsuits . According to what I am seeing they are offering to pay a cash advance before the
    Message 1 of 3 , Jan 1, 2008
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      To all,

      I am seeing these companies advertise on television to "buy
      lawsuits". According to what I am seeing they are offering to pay a
      cash advance before the suit is settled... The advertisement also
      states that if the plaintiff loses the lawsuit, they don't owe any
      money back.

      I am curious (as unpredictable as civil court can be), how these
      companies are able to take a risk such as this? Do they have some way
      of analyzing the risks before they pay any money out? Are they using
      some sort of software to determine the probability of a "win", (I
      have some software that will let you score your chance of winning
      based on the data that you enter into the program, although I would
      not rely on it.) Do they just have very tight criteria for making
      such an investment? Any guesses? Or does someone actually know?


      Rick.



      Risk Management Research & Investments, Inc.
      "He Who Forgets, Will Be Destined To Remember"
      "You'll Find No White Flags Here"

      MAIL BOX: 2101 W. Broadway PMB 326, Columbia, MO. 65203
      OFFICE ADDRESS: 607 N. Providence, Columbia, MO. 65203

      Phone: (888) 571-0958
      Fax: (877) 795-9800
      Cell: (573) 529-0808

      Email
      RMRI-Inc@...

      Webpage
      http://www.rmriinc.com
    • GLAD
      HI Rick, Since you said we could guess , I have seen that TV ad over and over! I think they call the attorney and check the situation out and then offer
      Message 2 of 3 , Jan 1, 2008
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        HI Rick,

        Since you said we could "guess", I have seen that TV ad over and
        over! I think they call the attorney and check the situation out and
        then offer "pennies on the dollar" so that the cases that are lost,
        or not settled favorably are of a small consequence since the other
        cases are settled or won at a good chunk more than what they paid the
        vulnerable plantiffs.

        I say that because after my husbands accident we went one year before
        he had surgery, we settled out of court because they woman hid all
        her assets or sold off assets right before the deadline, and we had
        an incompetenet attorney [as we later found out], we settled for much
        less than the damages and when people are in those situations they
        feel desperate and some settlement seems better than the possibility
        of it stretching out over years with a loss. I am guessing the
        attorney likes it then he can offer the other side a settlement of x
        times what he is going to receive for the client and of course he
        will still get his 40%.

        Gladys Brierley
        Accurate Investigations
        PO Box 872
        Newton, MS 39345
        601-480-3181 cell
        601-683-0508 fax & bus
        www.freewebs.com/glad4jc
        www.myspace.com/mississippiinvestigator



        --- In infoguys-list@yahoogroups.com, "Ricky Gurley" <rmriinc@...>
        wrote:
        >
        > To all,
        >
        > I am seeing these companies advertise on television to "buy
        > lawsuits". According to what I am seeing they are offering to pay a
        > cash advance before the suit is settled... The advertisement also
        > states that if the plaintiff loses the lawsuit, they don't owe any
        > money back.
        >
        > I am curious (as unpredictable as civil court can be), how
        these
        > companies are able to take a risk such as this? Do they have some
        way
        > of analyzing the risks before they pay any money out? Are they
        using
        > some sort of software to determine the probability of a "win", (I
        > have some software that will let you score your chance of winning
        > based on the data that you enter into the program, although I would
        > not rely on it.) Do they just have very tight criteria for making
        > such an investment? Any guesses? Or does someone actually know?
        >
        >
        > Rick.
        >
        >
        >
        > Risk Management Research & Investments, Inc.
        > "He Who Forgets, Will Be Destined To Remember"
        > "You'll Find No White Flags Here"
        >
        > MAIL BOX: 2101 W. Broadway PMB 326, Columbia, MO. 65203
        > OFFICE ADDRESS: 607 N. Providence, Columbia, MO. 65203
        >
        > Phone: (888) 571-0958
        > Fax: (877) 795-9800
        > Cell: (573) 529-0808
        >
        > Email
        > RMRI-Inc@...
        >
        > Webpage
        > http://www.rmriinc.com
        >
      • Jim
        Rick and the crew, I actually use these companies as a pretext when I m dealing with a claimant involved in litigation. NO, I don t pretend to be a lawyer.
        Message 3 of 3 , Jan 2, 2008
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          Rick and the crew,

          I actually use these companies as a pretext when I'm dealing with a
          claimant involved in litigation. NO, I don't pretend to be a lawyer.

          Prior to using them as a pretext, I had called one regional firm and
          said I was interested in "getting cash now for my lawsuit." The rep,
          who sounded like a high school kid reading from a script, wouldn't
          give me any firm numbers, but when I said we had had a 300K cash
          settlement offer with a monthly structured settlement to pay lost
          wages, he sorta lit up.

          He said they would purchase the settlement rights up to a certain
          dollar amount. It wasn't a loan, but the purchase of a share of the
          settlement, or a settlement advance.

          He went into a script about calculating my debt and how much money I
          needed now and what I would be doing with settlement money, including
          things like paying off my house and cars, or buying a house that met
          my needs due to my disability. Then it went into covering living
          expenses, yadda yadda, and a little bit of "mad money." It was all
          very targeted at selling the idea of me getting money to get by now,
          not having to wait for that stupid legal system.

          I got him off the script and asked him what he'd seen in similar
          circumstances. He figured he could arrange for a $150K payment
          immediately - like that week if everything worked out - with a signed
          agreement that his firm took the first, oh, calculator churning,
          $186K. It wasn't a matter of interest, he said, since it was possible
          that the case would be ruled against me. It was an advance with a set
          repayment contract.

          He then went into a script about structured settlements, and it
          sounded like he would need a lot of details, and that they normally
          were negotiated post settlement.

          His next script was details about my "incident" and a timeline of the
          litigation. He said, "we need to talk to your attorney," about 350
          times in 15 minutes, and wanted to know the name of any attorney
          involved in the litigation. Apparently they had a list of attorneys
          who were "familiar" with their "product," which would streamline the
          payment process.

          I got him off-script again and he said that they checked out the
          cases pretty thoroughly and didn't really take on anything that
          smelled like a loser, but that wasn't his department. He said he
          believed the company was an investment firm working for a group of
          lawyers.

          I said I was hoping for a seven figure settlement and he said they
          would never pay anywhere near that, even on a sure bet. It was about
          short term assistance in modest denominations to "get someone injured
          like you through until the all the court nonsense is done." He
          referenced the term "lawsuit advance" on several occasions.

          I asked about collections if and when I won, and he said that they
          generally put a lien on the lawsuit. I recall seeing only one of
          these in all my days perusing through court files, but it just said
          that this national firm had a lien on any settlement for an amount
          recorded in a contract between the plaintiff and the national firm.

          I have seen a buyout on a structured settlement. The claimant had
          received a $3k per month for life settlement. The court file included
          a lien and the client, an insurance carrier, had received a contract
          ordering future payments to be sent to this structure settlement
          purchaser.

          What's funny is I screwed that guy's life up. He had sold his
          settlement for mid six figures. Apparently the judge in the case was
          suspicious of the guy while he was making his ruling and had gone so
          far as to say that it wouldn't take too much to make him change his
          mind about the settlement. The carrier's lawyers took him up on that
          and after we proved the guy could work and was working (he'd bought a
          bulldozer and front-end loader with his settlement) the judge
          reopened the case and tossed out the settlement. Last I knew the guys
          who were happy to buy his structure settlement were now happily
          trying to take his house from him.

          Ah, the occasional ray of sunshine in our normally bleak jobs.

          Anyway, I asked the kid what else his firm did. He said they bought
          life insurance policies for cash, bought residential property on some
          leaseback deal that was sorta like a "reverse mortgage for terminally
          ill people," and would pay cash for annuities or structured
          inheritances.

          It's an interesting line, basically a fairly wealthy fund looking for
          sure-thing investments with low double-digit returns on investments.
          Course, it's sorta creepy playing in this market and it seemed like
          they were skating a fine line between a very high-interest "loan" and
          an "advance."

          By the way, I use this pretext when I'm trying to track down a
          claimant but all I've got is mom, dad, brother, etc. Call and say I'm
          from this firm, that the claimant had filled out a form online, and
          had used them as a reference. You can be aggressive friendly
          salesman, and you never know what info they'll cough up. If you
          spooftel it as jgwentworth, use their fax number.

          Yeah, I love my job.



          Jim Lyons
          Investigator
          Superior Research Services
          P.O. Box 593
          Marquette, MI 49855
          Office: (906) 225-4070
          Fax: (906) 225-4073
          Cell: (906) 869-9551
          Toll Free: (866) 372-9810
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          Superior Research Services is a full-service investigative agency
          covering northern Michigan and Wisconsin from the biggest city in the
          Upper Peninsula, Marquette, MI. Expert and experienced investigators
          handle video surveillance, investigations, etc.
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