The West Virginia Structured Settlement Protection Statute
The West Virginia Structured Settlement Protection Statute ARTICLE 6H. TRANSFERS OF RIGHT TO RECEIVE FUTURE PAYMENTS. §46A-6H-1. Definitions. For the purposes of this article: (1) “Closing date” means the date the transfer agreement is executed by the consumer and the transferee, and shall be at least fourteen days after the requisite disclosures have been provided to the consumer and interested parties. (2) “Consumer” means any person entitled to receive periodic future payments from an annuity issuer, settlement obligor or any other party as the result of an annuity, settlement, lottery winnings, sweepstakes payoff or other future payment arrangement. (3) “Discounted […]
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Eugene Ahtirski Structured Settlement Attorney
2012 CURRICULUM VITAE
Expert in Present Day Secondary Market Evaluation of Assets involving Future Payment Streams with an emphasis on Structured Settlement Annuities
Summary and highlights of professional experience:
Since 1994, Eugene A. Ahtirski has been one of the most active participants in all areas of the secondary “factoring” market pertaining to the purchase, sale and evaluation of future payment streams including, but not limited to, structured settlement payment rights, casino and lottery payouts, as well as entertainment industry residuals (hereinafter “ payment stream”).
Acting in the capacity as an attorney as well as an advisor, consultant, and expert to various “factoring companies”, Mr. Ahtirski is extremely well known for not only his ability to offer a present-day evaluation of an annuity, but also for his ability to obtain the best possible purchase price for a payment stream.
Detailed qualifications, industry experience, publications, and career experience:
Specifically, over the course of the past 16 years, Mr. Ahtirski:
- Has brought in excess of 6,000 petitions for Court approval of transfers of structured settlement payment rights, in 43 of the 47 states that allow for Court ordered sales and transfers of structured settlements.
- Mr. Ahtirski has also prepared independent financial evaluations as to the liquidation value of future payment streams on behalf of purchasers, sellers, investors, and forensic accountants in over 500 matters.
- Acting in the capacity of an independent professional advisor, Mr. Ahtirski has also represented over 1,000 individuals assisting each to obtain the best possible purchase price and valuation of a payment stream.
- Mr. Ahtirski has drafted over 100 “opinion” letters, on behalf of private investors and factoring companies, outlining the legal and financial risk associated with the purchase of a particular payment stream.
- Pursuant to the initial legislative framework of the California Structured Settlement Protection Act as set forth in CA Ins. Code Section 10134 et seq., an interim report was required to be prepared by the office of the California Attorney General on behalf of the State legislature in 2003. Mr. Ahtirski actively assisted the California Attorney General in the preparation of that report offering insight into the Superior Court’s interpretations of the Act. Mr. Ahtirski was specifically singled out by the Office of the Attorney General due to his having already brought in excess of 1,000 Petitions for Court approval of structured settlement payments in less than 2 years since the inception of the Act in 2002.
- Thereafter, Mr. Ahtirski has authored, co-authored, and contributed to numerous articles and web blogs regarding the specific and unique factors that surround each sale of a future payment stream. Publications include articles in “Present Value”, a consumer marketing publication issued by J.G. Wentworth, and most recently, the November/December 2010 issue of “Forum” magazine, the official monthly publication of the Consumer Attorneys of California (attached hereto) regarding both the overall effect on the secondary market industry of recent 2010 amendments to the CA structured settlement protection act, as well as the interpretation of the same by California Superior Courts.
- Mr. Ahtirski has also acted as Outside Counsel on behalf of the majority of the factoring companies in the secondary market structured settlement purchasing industry at one point or another from 1996 to present. Some of the various companies that Mr. Ahtirski has represented over the years include:
- J.G. Wentworth, Inc.
- 321 Henderson Receivables, LLC,
- Stone Street Capital, Inc.
- Strategic Capital Corporation, Inc.
- Peachtree Settlement Funding, LP
- Structured Settlement Investments, LP
- R&P Capital, Inc.
- Colonial Settlements, Inc.
- Future Annuities of America, Inc.
- North Eastern Capital Funding, Inc.;
- Law Cash, Inc.; and
- Andres Financial Group, LLC
As outside counsel for each of the above referenced companies, Mr. Ahtirski has not only drafted, underwrote, and completed final review of underlying purchase and transfer agreements, but has also managed the process of overseeing the bringing of Petitions for Court Ordered approval of the sale and transfer of structured settlement payment rights in 43 of the 47 states that currently have state and federal statutory schemes allowing for sale of such payment streams.
- Mr. Ahtirski is also currently retained on an on-going basis by most of the separate factoring companies listed above as both a Consultant and an Expert to “troubleshoot” and address “unique” and complex issues involving both individual transactions and global changes to the process of obtaining Court ordered approval.
- Additionally, Mr. Ahtirski is also regularly retained by both private investors, and forensic accountants, including his most recent assignment just completed in January 2011, wherein Mr. Ahtirski acted as a consultant to a retained expert in forensic accounting in a complex family law dissolution matter involving a community estate in excess of 100 million dollars in assets in order to:
1. Provide a present-day evaluation of an annuity for purposes of possible liquidation;
2. Locate the best possible price available for the asset in the secondary factoring market;
3. Negotiate a form of Order acceptable to both Petitioner and Respondent in the underlying dissolution matter, neutral to outside issues as to the characterization of the asset as either community or separate property; and
4. Perfect the sale of the asset including the locating of a qualified purchaser offering the best discount rate for the payment stream, the drafting of all related pleadings pertaining to the sale of the annuity, the filing and ultimate successful Court approval of the sale of the asset. (See In re: Marriage of Boucher, Los Angeles Superior Court Case BD 479129.
Eugene A. Ahtirski, Curriculum Vitae, Page 4 January 1, 2011
- Currently retained as an advisor to the board of directors of a recently re-branded New York Exchange Listed Financial Services Company in order to provide insight and direction into the secondary market for the purchase of future payment streams. (Please see Key Professional References set forth below).
Pro Bono Legal Activities
1997-2002 – Judge Pro Tem, Municipal Court, Los Angeles Judicial District.
Education and Licenses
1990 – United States Claims Court – Admitted to Practice in the U.S. Claims Court.
1989 – Supreme Court of the State of California – Admitted to the Practice of law.
1989 – State Bar of California – Admitted as a Member of the State Bar.
1989 – Untied States District Court, Central District of California – Admitted to Practice.
1989 – Southwestern School Of Law – Degree of Juris Doctor.
1986 – University of Southern California – Separate Bachelor of Arts Degrees in Political
Science and Communications Arts and Sciences.
1982 – Los Angeles Valley College – Associate in Arts Degree.
Key Professional References
Igo A. Zey, MSFS, CFP®, CLU®, ChFC®, CAP®, AEP®
President and CEO, Zey Insurance Group
11835 W. Olympic Blvd. Suite 745
Los Angeles, CA 900064
President: Igor Zey
Brot & Gross, LLP
15260 Ventura Boulevard, Suite 1500
Sherman Oaks, CA 91403
Partner: Shelley L. Albaum
Mangosoft, Inc. (OTC: BB: MGOF)
108 Village Square, Suite 315
Somers, NY 10589
Chairman and CEO: Dennis M. Goett
Structured Settlement Investments LP
4629 State Road
Drexel Hill PA 19026
President: Michal Betzig
Strategic Capital Corporation, Inc.
575 Madison Ave, Suite 1006
New York, NY 10022-2511
COO: Shawn Richmor