CBC Settlement Funding Announces Private Debt Offering
BLUE BELL, Pa., July 26 /PRNewswire/ -- Specialty financial firm CBC Settlement Funding, LLC ("CBC") is pleased to announce the recent private debt offering backed by structured settlement and annuity receivables. The offering, which closed on June 1, 2010, was oversubscribed by an investor base comprised of endowments, family offices, trusts and other accredited investors.
According to CBC Director James Goodman, "The oversubscription of the offering reflects a flight to quality for accredited investors who are looking for predictable cash flows with non-correlated market risk." He went on to say, "Given high consumer demand for our services during this difficult economic time, we expect to complete another issuance before the close of 2010."
According to Director William J. Skyrm, "The strong demand for the offering from such a diverse investor group is evidence of rising confidence in the credit quality of annuity issuers and the strength of CBC's strict underwriting criteria."
The offering was issued through CBC's wholly owned subsidiary Blue Bell Receivables I, LLC ("BBR"). Cozen and O'Connor acted as lead counsel for CBC and BBR.
About Structured Settlements
Structured settlements are commonly used in the settlement of personal injury lawsuits to spread payouts over 10, 20 or 30 years. The secondary market for structured settlement annuity transfers is a highly regulated market place offering clients liquidity options for otherwise inflexible assets. In 2002 Congress passed IRC 5891 affirming the tax benefits of structured settlements but requiring compliance with all applicable state or federal laws. Today 47 states have enacted structured settlement protection acts requiring court review and approval of each structured settlement transfer.
About CBC Settlement Funding, LLC
CBC Settlement Funding, LLC, based in Blue Bell, PA, is a leader among specialty asset purchasers of deferred payment obligations including structured settlements, annuities, royalties and pre-settlement funding.
William J. Skyrm is a Principal of CBC Settlement Funding, LLC responsible for underwriting, legal and financial matters. Prior to joining CBC Mr. Skyrm served as in-house counsel for J.G. Wentworth. Mr. Skyrm is the co-author of a first of its kind judicial bench guide titled, The Guide to the Transfer of Structured Settlements, (2004).
James Goodman is a Principle of CBC Settlement Funding, LLC responsible for marketing and origination departments. Prior to joining CBC Mr. Goodman held various management positions at J.G. Wentworth during his 14 year tenure.
For more information about CBC Settlement Funding, LLC please visit us online at: www.cbcsettlementfunding.com.
SOURCE CBC Settlement Funding, LLC