HomeMy WebLinkAbout10-7299
NOV 2 4 2010
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION
IN RE: JOINT PETITION OF
WOODBRIDGE STRUCTURED
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FUNDING, LLC,
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INITIAL ORDER OF COURT ;,- x')
On this 30-*- day of 2010, it is or dered
that a hearing on this Joint Petition to Transfer Structured
Settlement Payment Rights will be held on &tz*, t o U i?a?O,
in Courtroom S at /1.0U O'clock. The payee
shall bring income tax returns for the prior two (2) years to
the hearing.
Within seven (7) days, the transferee shall give notice of
the hearing date to the payee, the structured settlement
obligor, the annuity issuer, the payee's spouse and any person
receiving child support, alimony, or alimony pendente lite. The
transferee shall attach a certificate of service to the notice
of hearing date. A copy of the notice with the certificate of
service shall be filed with the court prior to the hearing.
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BY THE+ COURT :
J.
JOINT PETITION OF WOODBRIDGE
STRUCTURED FUNDING, LLC,
And
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
TIMOTHY CONNORS, TO TRANSFER
STRUCTURED SETTLEMENT
PAYMENT RIGHTS 10-7299 CIVIL TERM
ORDER OF COURT
AND NOW, this 3 ?i5L day of November, 2010, the hearing currently
scheduled for December 20, 2010, is cancelled and rescheduled to commence at 8:45
a.m., Tuesday, December 28, 2010, in Courtroom Number 5, Cumberland County
Courthouse, Carlisle, Pennsylvania.
Ronald E. Reitz, Esquire
600 Grant Street #4750
Pittsburgh, PA 15219-2702
For Transferee
Pacific Life and Annuity Services
700 Newport Center Drive
Newport Beach, CA 92660-6397
For Settlement Obligor
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By the Court,
Albert H. Masland, J.
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Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, CA 92660-6397
For Annuity Issuer
Woodbridge Structured Funding, LLC
Attn: Bibi Franck
123 NW 13th Street, Suite 310
Boca Raton, FL 33432
Timothy Connors
6406 Glenwood Street
Mechanicsburg, PA 17050
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IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION
IN RE: JOINT PETITION OF Cl) av C)
WOODBRIDGE STRUCTURED No. 10-7299 C
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FUNDING, LLC, =r ? r
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TIMOTHY CONNORS, TO Z'C-) 3 M--n
TRANSFER STRUCTURED =C)
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SETTLEMENT PAYMENT RIGHTS
NOTICE OF HEARING ON JOINT PETITION TO
TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS
To: Pacific Life and Annuity Services
700 Newport Center Drive
Newport Beach, CA 92660-6397
(`Settlement Obligor")
Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, CA 92660-6397
("Annuity Issuer")
Woodbridge Structured Funding, LLC
Att'n: Bibi Franck
123 NW 13th Street, Suite 310
Boca Raton, FL 33432
("Transferee")
Timothy Connors
6406 Glenwood St.
Mechanicsburg, PA 17050
("Payee")
You are hereby given notice that Woodbridge Structured Funding,
LLC and Timothy Connors have filed a Joint Petition to Transfer
Structured Settlement Payment Rights. A hearing in this matter has
been scheduled on Tuesday, December 28, 2010 at 8:45 a.m., before
Hon. Albert H. Masland, Courtroom 5, Cumberland County Courthouse,
One Courthouse Square, Carlisle, Pennsylvania.
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You are entitled to support, oppose or otherwise respond to the
petition, either in person or by counsel, by filing written comments
with the court prior to the hearing, or by attending the hearing.
Pursuant to 40 P.S. §4003(a)(6), the Transferee's name,
address, and taxpayer identification number are:
Woodbridge Structured Funding, LLC
123 NW 13th Street, Suite 310
Boca Raton, FL 33432
TAX I.D. No. 27-0583593.
Ij.(-(0
Date
Woodbridge Structured Funding,
LLC
c/o Ronald E. Reitz
Swartz Campbell LLC
600 Grant Street
4750 U.S. Steel Tower
Pittsburgh, PA 15219
(412) 232-9800
CERTIFICATE OF SERVICE
I hereby certify that a true and correct copy of this NOTICE OF
HEARING ON JOINT PETITION TO TRANSFER STRUCTURED SETTLEMENT PAYMENT
RIGHTS has been served by certified mail, return-receipt requested
on this ?S7 day of December, 2010, on:
Pacific Life and Annuity Services
700 Newport Center Drive
Newport Beach, CA 92660-6397
("Settlement Obligor")
Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, CA 92660-6397
("Annuity Issuer")
and by regular U.S. mail, postage prepaid to
Woodbridge Structured Funding, LLC
Att'n: Bibi Franck
123 NW 13th Street, Suite 310
Boca Raton, FL 33432
("Transferee")
Timothy Connors
6406 Glenwood St.
Mechanicsburg, PA 17050
("Payee")
Swar z el LLC
By:
Ronald E. Reitz
Attorney for Transferee
Dec-29-2010 14:54 From-Swartz Campbell LLC
14122320351 T-027 P.004/008 F-882
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION
IN RE: JOINT PETI'T'ION OF
WOODBRIDGE S'TRUCTU'RED NO, 10-7299
FUNDING, LLC,
AND ;
TIMOTHY CONNORS, TO `- --?
TRANSFER STRUCTURED
SETTLEMENT PAYMENT RIGIiTS ' rn
. Cn ca
ORDER APPROVING TRANSFER OF a<
STRUCTURED SETTLEMENT PAYMENT RIGHTS c;
AND NOW, upon consideration of the unopposed joint petition of Woodbridge
Structured Funding, LLC ("Woodbridge") and Timothy Connors ("Mr, Connors,% the Court
hereby finds as follows:
1. The transfer of the structured settlement proceeds, specifically, monthly payments
of 5670.45 each, commencing on January 15, 2011 through and including December 15, 2025
(the "Assigned Payments"), by Mr. Connors to Woodbridge as described in the petition in this
matter and in the purchase agreement (the "Purchase Agreement') between Mr. Connors and
Woodbridge (the "Proposed Transfer") (i) does not contravene any applicable federal or state
statute or the order of any court or responsible administrative or governmental authority or any
applicable law limiting the transfer of workers' compensation claims, and (ii) is in the best
interest of Mr. Connors, taking into account the welfare and support of Mr. Connors's
dependents,
2. The Proposed Transfer complies with the requirements of the Structured
Settlement Protection Act, 40 P. S. § 4001 et seq., Colo. Rev, Stat, § I3-23-101 er seq., and Ariz.
Rev. Stat. § 12-2901 et seq., and does not contravene other applicable law,
asau74r6z72
Dec-29-2010 14:54 From-Swartz Campbell LLC 14122320351
„ T-027
P-005/008 F-882
3. Not less than 10 days prior to the'date on which Mr. Connors first incurred any
obligation with respect to the Proposed Transfer, Woodbridge provided to Mr. Connors a
disclosure statement in full compliance with 40 P.S. § 4003(a)(2).
4. Mr. Connors has received or expressly waived in a separate written
acknowledgment signed by Mr. Connors, independent legal advice regarding the implications of
the Proposed Transfer, including consideration of the tax ramifications of the Proposed Transfer.
5. Woodbridge has given written notice of its name, address, and taxpayer
identification number to Pacific Life & Annuity Company C PLAC"), and Pacific Life &
Annuity Services, Inc. (collectively, "Pacific'), and has filed a copy of such notice with the
Court.
6. Mr. Connors has timely filed and served on all interested parties, including
Pacific, a notice of the Proposed Transfer and the application for its authorization in compliance
with the requirements of 40 P.S. § 4004.
7. Ms. Connors has consented, in writing, to the Proposed Transfer.
Based on the foregoing findings, IT IS 1- MBY ORDERED that.
Pursuant to 40 P.S. § 4003, the Proposed Transfer is approved. It is the intention
of the parties that the Assigned Payments shall be made to Woodbridge's designated assignee,
Kenmare Assignment Co. FBO Don Van Dingenen #KM-005 ("Konmare" ), even in the event of
Mr. Connors's death, and Mr. Connors understands he is giving up his rights, and the rights of
his heirs, successors, and/or beneficiaries, to the Assigned Payments.
2. PLAC shall forward the following Assigned Payments, within 7 days of the date
due, by check made payable to "Kenmare Assignment Co, FBO Don Van Dingenen #KM-005,"
c/o ATG Trust Company, at One South Wacker Drive, Suite 2400, Chicago, IL 60606, as
sSDI/ 747sz7,.2 - 2 -
Dec-29-2010 14:54 From-Swartz Campbell LLC 14122320351 T-027 P.006/008 F-882
follows: monthly payments of $670,45 each, commencing on February 15, 2011 through and
including December 15, 2025,
3. In the event Woodbridge or Kenmore further assigns or otherwise transfers the
Assigned Payments (or any portion thereof or interest therein) to another person or entity (a
"Reassignment"), Pacific will not be obligated to redirect the Assigned Payments (or any portion
thereof to any person or entity other than Keamare or to any payment address other than that
specified herein and in the parties' stipulation ("Stipulation'), and Woodbridge, Kenmare, and
Mr. Connors shall remain obligated to comply with all terms and conditions herein and in the
parties' Stipulation. However., if for reasons beyond the control of Kenmare, or for traditional
address change purposes the designated payment address is no longer valid (i.e., if Ke=are
moves or for other reasons the designated payment address is no longer a viable address for
Kenmare to receive payments), Pacific agrees to send the Assigned Payments to a new payee
and/or payment address upon the timely submission by Kenmare to PLAC of a written notice
confirming that such event has occurred and specifying the new payee and/or payment address.
Notwithstanding the foregoing, the parties' Stipulation and this Order will remain binding and
fully enforceable against Woodbridge, Kenmore, and Mr. Connors.
4. Woodbridge and Kenmare shall defend, indemnify, and hold harmless Pacific and
its directors, shareholders, officers, agents, employees, servants, successors, and assigns, and any
parent, subsidiary, or affiliate thereof, and their directors, shareholders, officers, agents,
employees, servants, successors, and assigns, past and present, from and against any and all
liability, including but not limited to costs and reasonable attorneys' fees, for any and all claims
asserted by any person or entity, including but not limited to any claims asserted by any person
or entity not a party hereto, claiming an interest in the Assigned Payments, and any and all other
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RVO1/ 7476272
i
Dec-29-2010 14:54 From-Swartz Campbell LLC
14122320351
T-027 P.007/008 F-882
claims made in connection with, related to, or arising out of the Purchase Agreement, the
Proposed Transfer, the Assigned payments, any Reassignment, or Pacific's compliance with the
parties' Stipulation or this Order, except with respect to claims by Woodbridge and Kenmore
against Pacific to enforce Pacific's obligations to Woodbridge and Kenmare under the parties'
Stipulation. To the extent that Woodbridge and/or K=mare fails to honor this indemnification
and defense obligation, Pacific may, in addition to all other remedies afforded by law, satisfy the
same by withholding to its own credit any remaining Assigned Payments.
5. Pacific's lack of opposition to this matter, or its or the other parties' stipulation
hereto or compliance herewith, shall not constitute evidence in this or any matter, and iq not
intended to constitute evidence in this or any matter, that:
(a) payments under a structured settlement contract or annuity or related
contracts can be assigned or that "anti-assignment" or "anti-encumbrance"
provisions in structured settlement contracts or annuities or related
contracts are not valid and enforceable; or
(b) other traasactions entered into by Woodbridge and/or Kenmare and their
customers constitute valid sales and/or loans; or
(c) Pacific has (waived any right in connection with any other litigation or
claims; or
(d) Woodbridge or Kenmare has waived any right other than as expressly set
forth in the parties' Stipulation and/or this Order.
6. Woodbridge, Kenmare, and Mr, Connors, for themselves and for their respective
directors, shareholders, officers, agents, employees, servants, successors, heirs, beneficiaries,
contingent beneficiaries, executors, administrators, and assigns, and any parent, subsidiary, or
affiliate thereof, and their directors, shareholders, officers, agents, employees, servants,
successors, and assigm,'past and present (the "Tteleasors"), hereby remise, release, and forever
discharge Pacific and its directors, shareholders, officers, agents, employees, servants,
successors, and assigns, and any parent, subsidiary, or affiliate thereof, and their directors,
B1301/747627.2
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Dec-29-2010 14:54 From-Swartz Campbell LLC
14122320351 T-027 P.008/008 F-882
shareholders, officers, agents, employees, servants, successors, and assigns, past and present (the
"Pacific Releasees'), of and from any and all manner of actions and causes of action, suits, debts,
dues, accounts, bonds, covenants, contracts, agreements, judgments, settlements, damages,
claims, and demands whatsoever, in law or in equity, in connection with, related to, or arising
out of any claim or allegation that was or could have been asserted in connection with, related to,
or arising out of the Purchase Agreement, the Assigned Payments, any Reassignment, the
Proposed Transfer, or the parties' Stipulation, which the ReIeasors have or had from the
beginning of the world through the date of this Order, except for claims of Releasors against the
Pacific Releasees to enforce the Pacific Releasees' obligations to Relcasors, if any, under the
parties' Stipulation.
7. This Order shall constitute a final "Qualified Order" within the meaning of 26
U.S.C. § 5891.
AND IT IS SO ORDNED,
Signed the day of December, 2
Judge Presiding
APPROVED TO AND ENTRY REQUESTED
B
,/Ronald B. Reitz
Swartz Campbell LLC
600 Grant Street
4750 U.S. Steel Tower
Pittsburgh, PA 15219
Attorney for Transferee,
Woodbridge Structured Funding, LLC
By;
thy Connors
6406 Glenwood Street
Mechanicsburg, PA 17050
- S -
8110V 747627.2
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION
IN RE: JOINT PETITION OF
WOODBRIDGE STRUCTURED
FUNDING, LLC,
AND
TIMOTHY CONNORS, TO
TRANSFER STRUCTURED
SETTLEMENT PAYMENT RIGHTS
ca
NO. 10-7299
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C") 3C
FIRST AMENDED ORDER APPROVING TRANSFER OF
STRUCTURED SETTLEMENT PAYMENT RIGHTS
AND NOW, upon consideration of the unopposed joint petition of Woodbridge
Structured Funding, LLC ("Woodbridge") and Timothy Connors ("Mr. Connors"), the Court
hereby finds as follows:
1. The Order dated December 29, 2010 is hereby vacated.
2. The transfer of the structured settlement proceeds, specifically, monthly payments
of $670.45 each, commencing on January 15, 2011 through and including December 15, 2025
(the "Assigned Payments"), by Mr. Connors to Woodbridge as described in the petition in this
matter and in the purchase agreement (the "Purchase Agreement") between Mr. Connors and
Woodbridge (the "Proposed Transfer") (i) does not contravene any applicable federal or state
statute or the order of any court or responsible administrative or governmental authority or any
applicable law limiting the transfer of workers' compensation claims, and (ii) is in the best
interest of Mr. Connors, taking into account the welfare and support of Mr. Connors's
dependents.
3. The Proposed Transfer complies with the requirements of the Structured
Settlement Protection Act, 40 P.S. § 4001 et seq., Colo. Rev. Stat. § 13-23-101 et seq., and Ariz.
Rev. Stat. § 12-2901 et seq., and does not contravene other applicable law.
BE01/ 747627.3
4. Not less than 10 days prior to the date on which Mr. Connors first incurred any
obligation with respect to the Proposed Transfer, Woodbridge provided to Mr. Connors a
disclosure statement in full compliance with 40 P.S. § 4003(a)(2).
5. Mr. Connors has received or expressly waived in a separate written
acknowledgment signed by Mr. Connors, independent legal advice regarding the implications of
the Proposed Transfer, including consideration of the tax ramifications of the Proposed Transfer.
6. Woodbridge has given written notice of its name, address, and taxpayer
identification number to Pacific Life & Annuity Company ("PLAC"), and Pacific Life &
Annuity Services, Inc. (collectively, "Pacific"), and has filed a copy of such notice with the
Court.
7. Mr. Connors has timely filed and served on all interested parties, including
Pacific, a notice of the Proposed Transfer and the application for its authorization in compliance
with the requirements of 40 P.S. § 4004.
8. Ms. Connors has consented, in writing, to the Proposed Transfer.
Based on the foregoing findings, IT IS HEREBY ORDERED that:
Pursuant to 40 P.S. § 4003, the Proposed Transfer is approved. It is the intention
of the parties that the Assigned Payments shall be made to Woodbridge's designated assignee,
Kenmare Assignment Co. FBO Don Van Dingenen #KM-005 ("Kenmare"), even in the event of
Mr. Connors's death, and Mr. Connors understands he is giving up his rights, and the rights of
his heirs, successors, and/or beneficiaries, to the Assigned Payments.
2. PLAC shall
(a) forward the following Assigned Payments, within 7 days of the date due,
by check made payable to "Kenmare Assignment Co. FBO Don Van Dingenen #KM-005," c/o
-2-
BE01/ 747627.3
ATG Trust Company, at One South Wacker Drive, Suite 2400, Chicago, IL 60606 as follows:
monthly payments of $670.45 each, commencing on February 15, 2011 through and including
June 15, 2016 (the "Kenmare Assigned Payments"); and
(b) forward the following Assigned Payments, within 7 days of the date due,
by check made payable to "The Robert Wright Asset Management Trust #10-132," c/o ATG
Trust Company, at One South Wacker Drive, Suite 2400, Chicago, IL 60606, as follows:
monthly payments of $670.45 each, commencing on July 15, 2016 through and including
December 15, 2025 (the "Wright Assigned Payments") (collectively, the Kenmare Assigned
Payments and the Wright Assigned Payments shall be referred to as the "Assigned Payments")
In the event Woodbridge, Kenmare, or Wright further assigns or otherwise
transfers the Assigned Payments (or any portion thereof or interest therein) to another person or
entity (a "Reassignment"), Pacific will not be obligated to redirect the Assigned Payments (or
any portion thereof) to any person or entity other than Kenmare and Wright or to any payment
address other than those specified herein and in the parties' amended stipulation ("Amended
Stipulation"), and Woodbridge, Kenmare, Wright, and Mr. Connors shall remain obligated to
comply with all terms and conditions herein and in the parties' Amended Stipulation. However,
if for reasons beyond the control of Kenmare or Wright, or for traditional address change
purposes the designated payment addresses are no longer valid (i.e., if Kenmare or Wright moves
or for other reasons the designated payment addresses are no longer a viable address for
Kenmare or Wright to receive payments), Pacific agrees to send the Assigned Payments to a new
payee and/or payment address upon the timely submission by Kenmare or Wright to PLAC of a
written notice confirming that such event has occurred and specifying the new payee and/or
payment address. Notwithstanding the foregoing, the parties' Amended Stipulation and this First
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BE01/ 747627.3
Amended Order will remain binding and fully enforceable against Woodbridge, Kenmare,
Wright, and Mr. Connors.
4. Woodbridge, Kenmare, and Wright shall defend, indemnify, and hold harmless
Pacific and its directors, shareholders, officers, agents, employees, servants, successors, and
assigns, and any parent, subsidiary, or affiliate thereof, and their directors, shareholders, officers,
agents, employees, servants, successors, and assigns, past and present, from and against any and
all liability, including but not limited to costs and reasonable attorneys' fees, for any and all
claims asserted by any person or entity, including but not limited to any claims asserted by any
person or entity not a party hereto, claiming an interest in the Assigned Payments, and any and
all other claims made in connection with, related to, or arising out of the Purchase Agreement,
the Proposed Transfer, the Assigned Payments, any Reassignment, or Pacific's compliance with
the parties' Amended Stipulation or this First Amended Order, except with respect to claims by
Woodbridge, Kenmare, and Wright against Pacific to enforce Pacific's obligations to
Woodbridge, Kenmare, and Wright under the parties' Amended Stipulation. To the extent that
Woodbridge, Kenmare, and/or Wright fails to honor this indemnification and defense obligation,
Pacific may, in addition to all other remedies afforded by law, satisfy the same by withholding to
its own credit any remaining Assigned Payments.
5. Pacific's lack of opposition to this matter, or its or the other parties' stipulation
hereto or compliance herewith, shall not constitute evidence in this or any matter, and is not
intended to constitute evidence in this or any matter, that:
(a) payments under a structured settlement contract or annuity or related
contracts can be assigned or that "anti-assignment" or "anti-encumbrance"
provisions in structured settlement contracts or annuities or related
contracts are not valid and enforceable; or
(b) other transactions entered into by Woodbridge, Kenmare, and/or Wright
and their customers constitute valid sales and/or loans; or
-4-
BEOL/ 747627.3
(c) Pacific has waived any right in connection with any other litigation or
claims; or
(d) Woodbridge, Kenmare, or Wright has waived any right other than as
expressly set forth in the parties' Amended Stipulation and/or this First
Amended Order.
6. Woodbridge, Kenmare, Wright, and Mr. Connors, for themselves and for their
respective directors, shareholders, officers, agents, employees, servants, successors, heirs,
beneficiaries, contingent beneficiaries, executors, administrators, and assigns, and any parent,
subsidiary, or affiliate thereof, and their directors, shareholders, officers, agents, employees,
servants, successors, and assigns, past and present (the "Releasors"), hereby remise, release, and
forever discharge Pacific and its directors, shareholders, officers, agents, employees, servants,
successors, and assigns, and any parent, subsidiary, or affiliate thereof, and their directors,
shareholders, officers, agents, employees, servants, successors, and assigns, past and present (the
"Pacific Releasees"), of and from any and all manner of actions and causes of action, suits, debts,
dues, accounts, bonds, covenants, contracts, agreements, judgments, settlements, damages,
claims, and demands whatsoever, in law or in equity, in connection with, related to, or arising
out of any claim or allegation that was or could have been asserted in connection with, related to,
or arising out of the Purchase Agreement, the Assigned Payments, any Reassignment, the
Proposed Transfer, or the parties' Amended Stipulation, which the Releasors have or had from
the beginning of the world through the date of this Order, except for claims of Releasors against
the Pacific Releasees to enforce the Pacific Releasees' obligations to Releasors, if any, under the
parties' Amended Stipulation.
7. This First Amended Order shall constitute a final "Qualified Order" within the
meaning of 26 U.S.C. § 5891.
-5-
BE01/ 747627.3
AND IT IS SO ORDERED.
rvbl'K A My?
Signed the _ day of ?, 2U 11.
Judge Presiding
APPR V D ENTRY REQUESTED
By: By:
Ronald E. Reitz Timothy Connors
Swartz Campbell LLC 6406 Glenwood Street
600 Grant Street Mechanicsburg, PA 17050
4750 U.S. Steel Tower
Pittsburgh, PA 15219
Attorney for Transferee,
Woodbridge Structured Funding, LLC
,/
'1??.Jd F-164? 14
BE01/ 747627.3
04414
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