0% found this document useful (0 votes)
57 views2 pages

J.G. Wentworth: Jump To Navigation Jump To Search

J.G. Wentworth is a financial services company founded in 1991 that purchases structured settlements, annuities, and lottery payments in the United States. The company is known for its television commercials featuring "Mr. Wentworth" advertising its services. It filed for bankruptcy protection in 2009 and again in 2017 due to liquidity problems in tight credit markets.

Uploaded by

Ronald
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
57 views2 pages

J.G. Wentworth: Jump To Navigation Jump To Search

J.G. Wentworth is a financial services company founded in 1991 that purchases structured settlements, annuities, and lottery payments in the United States. The company is known for its television commercials featuring "Mr. Wentworth" advertising its services. It filed for bankruptcy protection in 2009 and again in 2017 due to liquidity problems in tight credit markets.

Uploaded by

Ronald
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

J.G.

Wentworth
From Wikipedia, the free encyclopedia
Jump to navigationJump to search

The J.G. Wentworth Company

Industry Finance

Founded 1991; 30 years ago

Headquarters Chesterbrook, Pennsylvania, U.S.

Area served United States

Key people Randi Sellari (CEO, Specialty Finance)[1]


Dwight Perry (CFO)[2]
Randy Parker (COO)[2]

Services Debt Relief, Payment Purchasing: Structured


Settlements  · Annuities  · Lottery and Casino
Winnings  · Lawsuit Advance

Website www.jgwentworth.com 

The J.G. Wentworth Company is a financial services company that


purchases structured settlements, annuities, and lottery payments. They also offer debt
relief services.[3]
In the United States, the company is known for its television advertisements featuring
"Mr. Wentworth",[4] but more recent commercials have included Wagnerian opera
singers.[5]

Contents

 1History
 2Commercials and awards
 3J.G. Wentworth brands and subsidiaries
 4References
 5External links

History[edit]
J.G. Wentworth was founded in 1991 as a merchant bank specializing in transactions in
the healthcare industry.[6][7] 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.[8]
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.[9] 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. [10]
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. [11] 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.[12]
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.[13]
In October 2013, the firm filed for an initial public offering,[6][7] which was offered the
subsequent month. The company was initially listed on the New York Stock
Exchange under the symbol JGWE.[14]
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. [15] In the
same year, the company announced a partnership with Visa to offer a prepaid card to
customers.[16]
In June 2016, J.G. Wentworth was delisted from the NYSE for failing to satisfy the
continued listing rule.[17] Later that month, the company began trading on the OTC
Markets Group under the symbol JGWE.[18]
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]

You might also like