The J.G. Wentworth Company is a diversified financial services company, focusing on providing direct access to consumers for financing solutions through various roads, including mortgage loans and refinancing, structured settlement, annuities, purchase of lottery payments, home loans, card prepaid and access to a personal loan provider. The company is currently publicly traded on OTCQX (symbol: JGWE).
In the United States, the company is known for its television commercials featuring "Mr. Wentworth", but newer ads have included Wagnerian opera singers.
Video J.G. Wentworth
Histori
J G. Wentworth was founded in 1991 as a merchant bank specializing in transactions in the health care industry. In 1992, the company began buying a New Jersey auto insurance suspension from a claimant who could not afford to wait 12 to 18 months for their settlement.
Prior to 1999 there were no state regulations for structured settlements in New York state. Eliot Spitzer signed a contract with J.G. Wentworth to help protect New Yorkers from selling their settlements for a very high price. The agreement provides that J.G. Wentworth can receive a rate no more than 25 percent of the annual discount rate of annuity that has been purchased from a New York citizen. At that time, a JGW executive told the New York Times that the company was looking for a deal because of the rate at which its business has grown in recent years.
In May 2009, following the financial crisis, J.G. Wentworth's parent company, JGW Holdco LLC, entered Chapter 11 bankruptcy protection. The company cited "liquidity issues amid tight credit markets" as a catalyst for archiving. In June 2009, JGW Holdco LLC received $ 100 million in equity from key JLL Partners stakeholders, allowing the company and its subsidiaries to emerge from bankruptcy.
In 2011, J.G. Wentworth and Peachtree Financial Solutions, which also purchased structured payments, annuities, and lottery payments, formed a new holding company, JGWPT Holdings LLC. Both companies continue to operate independently after the transition period.
In October 2013, the company made an initial public offering, which was offered the following month. The company was originally listed on the New York Stock Exchange with the JGWE symbol.
By 2015, J.G. Wentworth began expanding their financial offerings by purchasing WestStar Mortgage for $ 54 million in common stock and cash. In the same year, the company also announced a partnership with Visa to offer prepaid cards to customers.
In June 2016, J.G. Wentworth is excluded from the NYSE for failing to comply with advanced listing rules. Later that month, the company began trading the OTC Markets Group under the JGWE symbol.
On November 8, 2017, J.G. Wentworth filed Chapter 11 bankruptcy for the second time in 9 years. JGWE shares plunged by 87% on November 10, 2017. The company is expected to emerge from bankruptcy in or about January 2018 after coming into agreement with lenders before filing.
Maps J.G. Wentworth
Ads and awards
Advertising that runs on daytime television in the United States featuring "Mr. Wentworth" is how the company is best known. The company has owned many commercial series with Mr. Wentworth; However, the latest series featured opera singer Wagnerian. The tagline displayed in the ad is "Here's my money and I need it now!" and "Here's your money, use it when you need it!"
JGW has won several domestic and international awards for its television commercials, including Davey's silver award. The "Wagnerian Opera" ad won two International Summit Awards for Best Humor and Best TV between US $ 75k and US $ 100k.
J.G. Brand and subsidiary of Wentworth
J G. Wentworth owns and operates under a number of brands. The two major brands owned by J.G. Wentworth is J.G. Wentworth and Peachtree .
Additional brands and subsidiaries include:
References
External links
- Official website
Source of the article : Wikipedia
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