J.G. Wentworth

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

The J.G. Wentworth Company
Public
Traded asOTCQX: JGWEQ
IndustryFinance
Founded1991 (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

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 auto insurance deferrals from claimants who could not afford to wait twelve to eighteen months for their settlements.[10]

Prior to 1999 there was no 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 twenty-five percent of the annual discount rate of annuities it had purchased from citizens 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.[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 one hundred million dollars 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 expanded their financial offerings with the purchase of WestStar Mortgage for forty-four million dollars in common shares and cash.[16] In the same year, the company 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 nine years.[19] JGWE stock plummeted as much as eighty-seven percent on 10 November 2017. The company was expected to emerge from bankruptcy in or around January 2018 after coming to an agreement with lenders prior to filing.[20][21]

In January 2020, J.G. Wentworth has revealed its formal launch because the latest company is Stratus Support. Stratus Capital, which will serve as a wholly owned J.G. subsidiary Wentworth, leverages its 25 years of business expertise to further provide customers with funding solutions.[22]

Commercials and awards

The company is best known for its American daytime television commercials featuring the character of "Mr. Wentworth". More recent series feature Wagnerian opera singers.[23] Taglines include "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.[24] The "Wagnerian Opera" commercial won two International Summit Awards for Best Humor and Best TV between US$75k and US$100k.[25][26]

In 2019, JG Wentworth is pleased to report that it was named in the category of IES Premier Sales Employer by The Institute for Excellence in Sales (IES).[27]

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:[28][29]

  • 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
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References
  1. "The J.G. Wentworth Company Names Randi Sellari Chief Executive Officer". Business Wire. 2018-04-27. Retrieved 2018-12-07.
  2. "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. Chasan, Emily (2009-05-19). "UPDATE 1-J.G. Wentworth files prepackaged bankruptcy | Reuters". In.reuters.com. Retrieved 2012-06-02.
  5. "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. "JGWPT: Private Company Information - Businessweek". Investing.businessweek.com. Retrieved 2012-06-02.
  9. "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.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.
  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 announces the official launch of its new Stratus Funding brand". Cision PR Newswire. 22 January 2020. Retrieved 5 August 2020.
  23. "J.G. Wentworth's Direct Response Aria". Response Magazine. 2008-08-01. Archived from the original on 2011-09-30. Retrieved 2012-06-02.
  24. "J.G. Wentworth Launches New Television Commercial". Business Wire. 2010-03-16. Retrieved 2019-08-13.
  25. "J.G. Wentworth "Opera" Commercial Wins Two More International Advertising Awards". Business Wire. 2009-05-13. Retrieved 2019-08-13.
  26. "J.G. Wentworth Gets Animated In New Ad Campaign". SHOOTonline. 2011-02-21. Retrieved 2012-06-02.
  27. "J.G. Wentworth honored as a Premier Sales Employer in the First-Ever Premier Sales Employers Guide". Cision PR Newswire. 19 December 2019. Retrieved 22 June 2020.
  28. "Paymaster: J.G. Info Page". Archived from the original on 2016-06-01.
  29. "SEC: JGWPT HOLDINGS INC".
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