According to Peachtree’s Chief Capital Markets Officer, Hasham Malik, “Peachtree has long recognized the need for multiple sources of permanent financing. Earlier this year we established a permanent capital vehicle for the purchase of structured settlement payments and annuities and locked in financing rates that were highly attractive. Given the tempestuous nature of the asset backed markets we chose to use this vehicle for our term financing. We are very pleased with the execution achieved as a consequence.”
Jason Sutherland, V.P. of Legal Affairs and Peachtree’s lead attorney on the transaction commented, “This transaction is particularly gratifying given the unique challenges being faced by world financial markets. The capital markets continue to recognize the quality and uncorrelated nature of the assets that Peachtree originates.”
Peach Holdings, Inc., a Florida corporation, is the parent (holding) company of the Peach group of companies, including, among others, Peachtree Settlement Funding, Peachtree Pre-Settlement Funding and Peachtree LBP Finance Company (together, "Peachtree"). Peachtree is a specialty factoring company that purchases high-quality deferred payment obligations. Through its group of affiliated companies, Peachtree caters to people seeking to sell structured settlements payments, annuity payments, lottery prize payments, sweepstakes awards and sports contract payments.
Great to know that $600
Great to know that $600 million that was supposed to provide guaranteed payments to injured and financially needy people has been purchased from them at a discount and sold to professional investors. I'm sure the immediate cash has more than made up for the fact that these people now have no financial security.