Litigation

An otherwise impressive start for the Summit Settlements Channel on LBN is blighted by a video in which Rhonda Bentzen appears in a video with interviewer Mark Wahlstrom perpetuating the myth that Internal Revenue Code Section 5891 (IRC 5891) made factoring legal. This is not the first time.

"With sec. 5891, it's now legal.....so, as I always say to people...." Rhonda Bentzen July 31, 2006

Anyone who can read IRC 5891 can see for themselves that code section is all about the imposition of an excise tax on structured settlement factoring transactions and the exemptions to the excise tax. Text of IRC 5891

I'm confident that  interviewer Mark Wahlstrom knows the truth about IRC 5891 and apparently was conflicted due to the revelation in the written summary that accompanied the video that Bentzen "generously underwrote the taping and production of the Summit Settlements annual meeting video tapes". It was also represented in the same summary that Bentzen  "will be an ongoing (financial) supporter of the Summit Settlements Channel" on LBN. In a telephone conversation today with this author however, Summit Settlements President Stan Harlan maintained that this statement is NOT correct and that Summit will NOT be receiving the benefit of any ongoing financial support from Bentzen.

Previous posts and quotes on IRC 5891

1. Hindert Gets IRC 5891 Wrong...Perpetuates Myth May 2008
2. Fallacy That IRC 5891 Legalizes Structured Settlement Factoring Is Tied to SSP and Began Under Hindert Regime...and Other Oddities December 13, 2007
3. IRC 5891 DID NOT MAKE Factoring Legal OR Illegal! December 9, 2007
4. " As Patrick Hindert said to me...SSP might be looking to open a dialogue with defense entities that believe in plaintiff's rights, i.e., some major insurer or investment company that wants to get into factoring, now that it is legitimate" Richard B Risk Jr. March 3, 2003