[Jstarr]

For Those of you in the MCA space, this is a good read.

http://www.drinkerbiddle.com/insight...iles-complaint

[Chambo]

this sounds like a major cluster.....

This lawsuit involves the dispute over business practices used between two factoring companies competing on the secondary market when acquiring structured settlement payment rights. In short, DRB Capital entered into a transfer agreement with a payee (the “Agreement”) and filed a transfer petition (the “DRB Capital Petition”) seeking court approval of the Agreement. DRB Capital alleges that Defendants became aware of the DRB Capital Petition by “trolling” the public court docket, and subsequently approached DRB Capital’s customer to breach the Agreement and sign a separate transfer agreement with Defendants for the transfer of the same structured settlement payment rights. Defendants then filed their own petition to purchase the same payments, appeared at the hearing on DRB Capital’s Petition and, without first consulting with the payee or obtaining the payee’s consent, Defendants’ attorney informed the court that the payee objected to DRB Capital’s Petition and requested a continuance. (DRB Capital filed a motion to intervene in the petition filed by Defendants and requested the consolidation of the two petitions. The parties have since agreed to consolidate both petitions, and the joint motion for an agreed order of consolidation is still pending)

[Kevin Henry-Seacoast]

this sounds like a major cluster.....

This lawsuit involves the dispute over business practices used between two factoring companies competing on the secondary market when acquiring structured settlement payment rights. In short, DRB Capital entered into a transfer agreement with a payee (the “Agreement”) and filed a transfer petition (the “DRB Capital Petition”) seeking court approval of the Agreement. DRB Capital alleges that Defendants became aware of the DRB Capital Petition by “trolling” the public court docket, and subsequently approached DRB Capital’s customer to breach the Agreement and sign a separate transfer agreement with Defendants for the transfer of the same structured settlement payment rights. Defendants then filed their own petition to purchase the same payments, appeared at the hearing on DRB Capital’s Petition and, without first consulting with the payee or obtaining the payee’s consent, Defendants’ attorney informed the court that the payee objected to DRB Capital’s Petition and requested a continuance. (DRB Capital filed a motion to intervene in the petition filed by Defendants and requested the consolidation of the two petitions. The parties have since agreed to consolidate both petitions, and the joint motion for an agreed order of consolidation is still pending)

Yep-And they are settlement companies not factoring companies.

[Chambo]

talk about the rats feeding on each other

[Kevin Henry-Seacoast]

talk about the rats feeding on each other

Like watching two seagulls fight over a french fry......