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J.G. Wentworth

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Adapted from the English Wikipedia article J.G. Wentworth, available under CC BY-SA 4.0Updated 25 July 202518 sources
The J.G. Wentworth Company
IndustryFinance
Founded1991; 35 years ago (1991)
HeadquartersChesterbrook, Pennsylvania, U.S.
Area served
United States
Key people
Randi Sellari (CEO, Specialty Finance)
Dwight Perry (CFO)
Randy Parker (COO)
ServicesDebt relief
Payment purchasing: structured settlements
Annuities
Lottery and casino winnings
Lawsuit advance
Website{{URL|example.com|optional display text}}

The J.G. Wentworth Company is a U.S.-based financial services organization that specializes in acquiring structured settlements, annuities, and lottery payment streams in exchange for immediate lump-sum cash. Additionally, the company offers debt management and negotiation assistance.[1]

The firm gained widespread recognition through its advertising campaigns featuring the character "Mr. Wentworth" alongside a distinctive jingle performed in multiple genres, including Wagnerian opera.[2]

History

Established in 1991 by James D. Delaney and Gary Veloric, J.G. Wentworth initially operated as a merchant bank concentrating on transactions within the healthcare sector.[3][4] In 1992, the company expanded its services to include purchasing auto insurance deferrals in New Jersey, providing claimants with immediate cash payments rather than waiting several months for their claims to settle.[5] By 2010, customers faced an effective discount rate ranging from 9% to 15% for these advances, which Consumer Reports highlighted as potentially advantageous compared to other options.[6]

In 1999, under the oversight of New York Attorney General Eliot Spitzer, J.G. Wentworth consented to regulatory measures capping fees at a maximum annual discount rate of 25% on annuity purchases from New York residents.[7] This agreement corresponded with a period of rapid expansion for the business.[8]

Following the 2008 financial downturn, J.G. Wentworth’s parent entity, JGW Holdco LLC, filed for Chapter 11 bankruptcy protection in May 2009 due to liquidity constraints amid tighter credit conditions.[9] Subsequently, in June 2009, a $100 million capital infusion from principal investor JLL Partners facilitated the company and its affiliates’ emergence from bankruptcy.[10]

In 2011, J.G. Wentworth combined operations with Peachtree Financial Solutions under the newly formed holding company JGWPT Holdings LLC while preserving their separate operational structures.[11]

The organization filed for an initial public offering in October 2013 and subsequently debuted on the New York Stock Exchange under the ticker symbol JGWE the following month.[12]

In 2015, the company broadened its offerings by acquiring WestStar Mortgage through a combination of stock and cash valued at $44 million and entered into a partnership with Visa to provide prepaid cards for its clientele.[13][14]

After its market capitalization fell below New York Stock Exchange minimum standards, J.G. Wentworth was delisted in June 2016 and began trading over-the-counter under the symbol JGWE.[15][16]

On November 8, 2017, the company again sought Chapter 11 bankruptcy protection as part of financial restructuring efforts; its stock value plummeted by nearly 87%. The firm projected exiting bankruptcy by early 2018 following agreements reached with creditors.[17][18]

Commercials and accolades

J.G. Wentworth has gained widespread recognition through its American daytime TV advertisements, prominently featuring the persona "Mr. Wentworth." The initial opera-themed commercial premiered in 2002 and continued airing until 2007. This was succeeded by a fresh campaign in 2008, showcasing Wagnerian opera vocalists delivering the company’s signature jingle. Notable slogans from these campaigns include "It's my money and I need it now!" and "It's your money; use it when you need it!"

The firm has received various awards both nationally and internationally for its marketing efforts, such as a silver Davey award. Its "Wagnerian Opera" advertisement earned two International Summit Awards in the categories of Best Humor and Best TV, specifically within the $75,000–$100,000 budget range. Additionally, in 2019, J.G. Wentworth was honored by The Institute for Excellence in Sales (IES) as a Premier Sales Employer.

J.G. Wentworth brands and subsidiaries

J.G. Wentworth conducts business under several principal brands: J.G. Wentworth, Peachtree, and Stone Street Capital. The corporate organization encompasses multiple subsidiaries that specialize in financial services including structured settlements, life settlements, home equity financing, and pre-settlement funding.

The primary subsidiary entities include:

  • J.G. Wentworth, LLC
  • Peachtree Financial Solutions
  • Stone Street Capital, LLC
  • Stone Street Originations, LLC
  • 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
  • JGW-S IV, LLC
  • R.C. Henderson, LLC
  • 321 Henderson Receivables Acquisition, LLC
  • JGW Residual I, LLC

External links

  1. ↑ "J.G. Wentworth". corporate.jgwentworth.com. Retrieved 2015-08-17.
  2. ↑ Hage, Jeff (2011-06-30). "It's hard to shake a good jingle".
  3. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named auto2
  4. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named auto3
  5. ↑ "Office of the Governor | Newsroom". State.nj.us. Retrieved 2012-06-02.
  6. ↑ "Is J.G. Wentworth's offer really worth it? - Consumer Reports".
  7. ↑ "Spitzer Announces First-Of-Its-Kind Agreement to Protect Consumers Who Win, and then Sell, Personal Injury Settlements". Retrieved 2010-05-11.
  8. ↑ NEIL MacFARQUHAR (1999-07-30). "Accord Is Reached on Trades Of Cash for Lawsuit Proceeds - New York Times".
  9. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named auto
  10. ↑ "J.G. Wentworth Receives $100 Million in New Equity; Business Wire". 2009-06-08.
  11. ↑ "J.G. Wentworth and Peachtree Financial Solutions Seal Deal; PRNewswire". 2011-07-13.
  12. ↑ Alnwick, Julie (2013-10-07). "J.G. Wentworth Operator Files to Raise $200 Million U.S. IPO; Bloomberg".
  13. ↑ Nemeroff, Evan. "WestStar Mortgage Bought by J.G. Wentworth for $54M; National Mortgage News".
  14. ↑ "With latest deal, J.G. Wentworth has more to sell when customers call". 2015-03-10.
  15. ↑ "NYSE to Suspend Trading IMMEDIATELY IN THE J.G. WENTWORTH COMPANY, INC. (jgw) AND COMMENCE DELISTING PROCEEDINGS". Intercontinental Exchange. 2016-06-17. {{cite web}}: Missing or empty |url= (help)
  16. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named auto1
  17. ↑ Blumenthal, Jeff (2017-11-10). "For second time in 9 years, publicly traded financial services firm files for bankruptcy".
  18. ↑ "The J.G. Wentworth Company Announces Consensual Restructuring Agreement with Lenders to Significantly Reduce its Debt and Fortify its Balance Sheet" (Press release). 2017-11-09.

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