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The company has a fresh start at the cost to shareholders whom get zilch.
Good for them.
I have a friend who works for JG Wentworth in Springfield Virginia.
They recently had their Christmas party.
All the employees @ party receive 65-inch televisions. Lol. Does that make any sense to a shareholders ?
You can still trade !
12/12/2017 11:15:40 Symbol Change 12/13/2017 00:00:00 JGWE J.G. Wentworth Company Class A Common Stock Other OTC
Details
Previous Value Current Value
Symbol JGWE JGWEQ
Issue Name J.G. Wentworth Company Class A Common Stock J.G. Wentworth Company Class A Common Stock
Class
Maturity Date
Market Category Other OTC Other OTC
Unit of Trade 100 100
Regulatory Transaction Fee Yes Yes
Financial Status Indicator D Q
Current Value
Daily List Date/Time 12/12/2017 11:15:40
Event Type Symbol Change
Effective/Ex Date/Time 12/13/2017 00:00:00
Subject to Corporate Action
Offering Type No Restrictions
Daily List Comment
they are moving to a lower tier - PINK--down from QB
JGWE changed to JGWEQ, bankruptcy:
http://otce.finra.org/DLSymbolNameChanges
I'll let you know when it's over cause I got the scoop
So are they canceling the public shares ie do we have worthless shares or we can still trade
$JGWE 8-K today
https://ih.advfn.com/p.php?pid=nmona&article=76278138
Current Report Filing (8-k)
Print
Alert
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) : December 12, 2017 (December 12, 2017)
THE J.G. WENTWORTH COMPANY
(Exact name of registrant as specified in its charter)
Delaware
001-36170
46-3037859
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1200 Morris Drive, Suite 300, Chesterbrook, Pennsylvania
19087-5148
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code (484) 434-2300
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ý
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.03. Bankruptcy or Receivership
On December 12, 2017, The J.G. Wentworth Company (“ PubCo ”, and together with its consolidated subsidiaries, the “ Company ”), together with certain of its subsidiaries (the “ Debtors ”) filed voluntary cases (the “ Chapter 11 Cases ”) under chapter 11 of title 11 of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”) to pursue the previously announced Joint Pre-Packaged Plan of Reorganization of Orchard Acquisition Company, LLC and its Debtor Affiliates , dated December 1, 2017 (as may be amended, restated, supplemented, or otherwise modified from time to time, the “ Plan ”). The Debtors have requested that the Chapter 11 Cases be jointly administered under the caption Orchard Acquisition Company, LLC (Case No. 17-12914). Only the Debtors have filed the Chapter 11 Cases. Accordingly, the direct and indirect subsidiaries of Orchard Acquisition Company, LLC, including the entities which conduct all of the Company’s consolidated operations, have not filed any Chapter 11 cases. The Company intends to continue to operate its businesses as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. The Company expects ordinary-course operations to continue substantially uninterrupted during and after the Chapter 11 Cases. The Debtors are seeking approval from the Bankruptcy Court for relief under “first day” motions authorizing the Debtors to continue to conduct their businesses in the ordinary course through non-debtor affiliates. Bankruptcy Court filings and other information related to the Chapter 11 Cases are available at a website administered by the Debtors’ claims agent, Prime Clerk, at http://cases.primeclerk.com/orchard . Information contained in, or that can be accessed through, such website is not a part of, and is not incorporated into, this Current Report on Form 8-K.
As previously announced, the Debtors commenced the solicitation of votes (the “ Solicitation ”) to obtain acceptances for the Plan on December 1, 2017. In connection with the commencement of the Solicitation, a disclosure statement relating to the Plan (the “ Disclosure Statement ”) was distributed to certain holders of claims against or equity interests in the Debtors. The Solicitation remains ongoing but the Company has received votes in favor of the Plan from Term Lenders (as defined below) sufficient to satisfy the requirements of section 1126(c) of the Bankruptcy Code as of the date hereof. A summary of the key features of the Plan was included in Item 1.01 to PubCo’s Current Report on Form 8-K filed on November 9, 2017. That description of the Plan does not purport to be complete and is qualified in its entirety by reference to the Plan, which is filed as Exhibit A to the Disclosure Statement, a copy of which is filed as Exhibit 99.1 to this Form 8-K.
Item 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
The commencement of the Chapter 11 Cases described in Item 1.03 of this Current Report on Form 8-K triggers an event of default that accelerated the Debtors’ obligations under the following agreements (the “ Agreements ”):
Credit Agreement, dated as of February 8, 2013 (as amended, and as may be further amended, restated, supplemented, or otherwise modified from time to time, the “ Existing Credit Agreement ”), by and among Orchard and certain of its affiliates, Jefferies Finance LLC, as administrative agent and collateral agent (the “ TL Agent ”), the lenders from time to time party thereto (the “ Term Lenders ”), and Jefferies Group, Inc., as Swing Line Lender and an LC Issuer (as each is defined therein); and
Tax Receivable Agreement, dated as of November 14, 2013 (the “TRA”), among PubCo (f/k/a JGWPT Holdings Inc.), the Principals (as defined therein) and, to the extent described therein, JLL Fund V AIF II, L.P. and the shareholders of PGHI Corp.
The Existing Credit Agreement provides that, as a result of the commencement of the Chapter 11 Cases of certain of the Debtors, the principal and accrued interest due thereunder shall be immediately due and payable. The TRA provides that, as a result of the filing of PubCo’s Chapter 11 Case, which qualifies as a Material Breach as defined in and under the TRA, all obligations thereunder shall be accelerated and the present value of all future tax attributes to be distributed thereunder as calculated based on certain stated assumptions shall be due and payable. However, any efforts to enforce any of the foregoing payment obligations under the Agreements against the Debtors are automatically stayed by section 362(a) of the Bankruptcy Code as a result of the commencement of the Chapter 11 Cases, and the holders’ rights of enforcement in respect of the Agreements against the Debtors are subject to the applicable provisions of the Bankruptcy Code. In addition, certain creditors under certain of the Agreements have agreed not to seek to exercise any rights or remedies against certain non-debtor affiliates who are guarantors or obligors under certain of the Agreements.
Item 8.01 Other Events.
As an issuer may not be listed on the OTCQX® Market (the “ OTCQX ”) if it is subject to bankruptcy or reorganization proceedings, the filing of the Chapter 11 Cases will result in PubCo being removed from the OTCQX and being moved to and to continue trading on the Pink Open Market (the “ OTC Pink ”). The Company expects its securities to begin trading on the OTC Pink beginning on December 12, 2017.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this Current Report on Form 8-K may constitute “forward-looking statements.” All statements, other than statements of historical fact, are forward-looking statements. You can identify such statements because they contain words such as “plans,” “expects” or “does expect,” “budget,” “forecasts,” “anticipates” or “does not anticipate,” “believes,” “intends,” and similar expressions or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will,” be taken, occur or be achieved. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.
A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause our actual results, performance and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. Consideration should also be given to the areas of risk set forth under the heading “Risk Factors” in our filings with the Securities and Exchange Commission (the “ SEC ”), and as set forth more fully under “Part 1, Item 1A. ‘Risk Factors’” in our Annual Report on Form 10-K for the year ended December 31, 2016, as updated by “Part II, Item 1A. ‘Risk Factors’” in our Quarterly Reports on Form 10-Q for the quarters ending since that date as previously filed with the SEC and Quarterly Report on Form 10-Q for the quarter ended September 30, 2017. These risks and uncertainties include, among other things: our ability to execute on our business strategy; our ability to successfully compete in the industries in which we operate; our dependence on the effectiveness of direct response marketing; our ability to retain and attract qualified senior management; any improper use of or failure to protect the personally identifiable information of past, current and prospective customers to which we have access; our ability to upgrade and integrate our operational and financial information systems, maintain uninterrupted access to such systems
and adapt to technological changes in the industries in which we operate; our dependence on third parties, including our ability to maintain relationships with such third parties and our potential exposure to liability for the actions of such third parties; damage to our reputation and increased regulation of our industries which could result from unfavorable press reports about our business model; infringement of our trademarks or service marks; changes in, and our ability to comply with, any applicable federal, state and local laws and regulations governing us, including any applicable federal consumer financial laws enforced by the Consumer Financial Protection Bureau; our ability to maintain our state licenses or obtain new licenses in new markets; our ability to continue to purchase structured settlement payments and other financial assets; our business model being susceptible to litigation; our ability to remain in compliance with the terms of our substantial indebtedness and to refinance our term debt; our ability to obtain sufficient working capital at attractive rates or obtain sufficient capital to meet the financing requirements of our business; our ability to renew or modify our warehouse lines of credit; the accuracy of the estimates and assumptions of our financial models; changes in prevailing interest rates and our ability to mitigate interest rate risk through hedging strategies; the public disclosure of the identities and information of structured settlement holders maintained in our proprietary database; our dependence on the opinions of certain credit rating agencies of the credit quality of our securitizations; our ability to complete future securitizations, other financings or sales on favorable terms; the insolvency of a material number of structured settlement issuers; adverse changes in the residential mortgage lending and real estate markets, including any increases in defaults or delinquencies, especially in geographic areas where our loans are concentrated; our ability to grow our loan origination volume, acquire mortgage servicing rights and recapture loans that are refinanced; changes in the guidelines of the applicable government-sponsored enterprises, or any discontinuation of, or significant reduction in, the operation of the applicable government-sponsored enterprises; our entry into the Restructuring Support Agreement to restructure our long-term debt and equity under chapter 11 of the United States Bankruptcy Code; the risks and uncertainties associated with the bankruptcy process; the Plan contemplated by the Restructuring Support Agreement provides for all existing equity interests of our common stockholders to be cancelled and for our common stockholders to lose the full amount of their investment; our ability to satisfy the conditions and milestones contained in the Restructuring Support Agreement; our ability to obtain confirmation of the Plan; the ability of our management to focus on the operation of our business during the pendency of the Chapter 11 Cases; and potential misrepresentations by borrowers, counterparties and other third parties.
Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to publicly revise any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.
The above factors, risks and uncertainties are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond the Company’s control. New factors, risks and uncertainties emerge from time to time, and it is not possible for management to predict all such factors, risks and uncertainties.
Item 9.01. Financial Statements and Exhibits.
Exhibits
Exhibit No.
Description
99.1
Disclosure Statement for Joint Pre-Packaged Plan of Reorganization of Orchard Acquisition Company, LLC and its Debtor Affiliates, dated December 1, 2017 (incorporated by reference to Exhibit 99.1 of PubCo’s Current Report on Form 8-K, filed with the SEC on December 1, 2017).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE J.G. WENTWORTH COMPANY
By:
/s/ Stephen A. Kirkwood
Name:
Stephen A. Kirkwood
Title:
Executive Vice President, Chief Legal & Compliance Officer
Dated: December 12, 2017
EXHIBIT INDEX
Exhibit No.
Description
99.1
Disclosure Statement for Joint Pre-Packaged Plan of Reorganization of Orchard Acquisition Company, LLC and its Debtor Affiliates, dated December 1, 2017 (incorporated by reference to Exhibit 99.1 of PubCo’s Current Report on Form 8-K, filed with the SEC on December 1, 2017).
did not see any reference to the common shares-- only the notes are listed.
$JGWE PR: "Moody's assigns provisional ratings to J.G. Wentworth structured settlement securitization"
Global Credit Research - 11 Dec 2017
(Approximately $57.8 million securities rated)
New York, December 11, 2017 -- Moody's Investors Service, ("Moody's") has assigned provisional ratings to two classes of notes to be issued by J.G. Wentworth XL LLC (the issuer), an indirect wholly owned subsidiary of J.G. Wentworth Originations LLC (the sponsor; unrated), which will be collateralized by a pool of structured settlement payments and assignable annuity streams.
The complete rating actions are as follows:
Issuer: J.G. Wentworth XL LLC, Series 2017-3
***$51,867,000 Class A Fixed Rate Asset Backed Notes, Assigned (P)Aaa (sf)
***$5,966,000 Class B Fixed Rate Asset Backed Notes, Assigned (P)Baa2 (sf)
RATINGS RATIONALE
The ratings on the notes are based on Moody's assessment of the strength of the court-ordered structured settlement payment streams and annuity receivables; the credit quality of the obligors; the servicing arrangement; and the structural and legal aspects of the transaction. The structure of this securitization will be very similar to that of the sponsor's previous transactions.
The main driver of credit risk in this transaction is the obligor base. As in the sponsor's previous securitizations, the pool will contain obligors that are primarily highly rated life insurance companies, of which around 74.1% (based on the present value of the securitized receivables) have a Moody's insurance financial strength rating of A3 or higher.
The issuer's assets will include (1) court-ordered structured settlement payments (around 95.6% of the present value of the receivables), annuity receivables (around 4.4% of the present value of the receivables); (2) a reserve account in the amount of $611,420; and (3) a capitalized interest account in the amount of $709,288.
The servicing arrangement reduces the risk of a servicing disruption. J.G. Wentworth Management Company, LLC (JGW Management, unrated) will act as the master servicer. In addition, Portfolio Financial Servicing Company (PFSC, unrated) will act as the back-up servicer. We believe that servicing disruption risk is adequately mitigated by US Bank National Association (U.S. Bank; Aa1 stable, P-1, aa3), as the trustee, assuming responsibility for finding a successor servicer. If US Bank is unable to find a successor servicer, then it will act as the master servicer.
The transaction will have a turbo structure in which the trustee acting as paying agent distributes all collections, net of certain fees and expenses, to, first, pay interest payments on the notes and, second, pay down the notes' outstanding principal balance until repaid in full.
The Class A notes will benefit from 15.25% subordination (as a percentage of the assets) provided by the Class B notes (10.50%) and issuer interest (5.50%). The subordination is expected to increase over time as the Class B notes will not receive any principal payments in the first 48 months after the closing date and the issuer interest will not receive any principal until the notes are repaid in full. The 15.25% credit enhancement supporting the Class A notes in this transaction is higher than the 15.75% supporting the Class A notes in the 2017-2 transaction, and higher than the 17.25% in the 2017-1 transaction, and a one-notch downgrade to a Genworth entity.
The Class B notes will benefit from 5.50% subordination provided by the issuer interest. In addition, the ratings of the Class B notes take into account that Class B noteholders will not receive principal payments in the first four years of the transaction, as well as the possibility that payments to the Class B noteholders could cease until the Class A notes are repaid in full if the transaction breaches certain collateral performance triggers.
Finally, the notes benefit from a non-declining reserve account equal to 1.00% of the initial present value of the receivables.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was "Moody's Approach to Rating Transactions Backed by Structured Settlements" published in May 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Factors that would lead to an upgrade or downgrade of the ratings:
Up
An upgrade of the Class B notes is unlikely in the near term due to the fact that the Class B noteholders will not receive principal payments in the first four years of the transaction, and the possibility that, due to structural features, the Class B noteholders may cease to receive any payments until the Class A interest and principal are repaid in full.
Down
Moody's could downgrade the ratings of the notes if the credit risk profile of the obligors (primarily life insurance companies) were to deteriorate significantly, as reflected by a downgrade of one or more of the obligors' credit ratings.
REGULATORY DISCLOSURES
For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.
Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1104049
The analysis relies on a Monte Carlo simulation that generates a large number of collateral loss or cash flow scenarios, which on average meet key metrics Moody's determines based on its assessment of the collateral characteristics. Moody's then evaluates each simulated scenario using model that replicates the relevant structural features and payment allocation rules of the transaction, to derive losses or payments for each rated instrument. The average loss a rated instrument incurs in all of the simulated collateral loss or cash flow scenarios, which Moody's weights based on its assumptions about the likelihood of events in such scenarios actually occurring, results in the expected loss of the rated instrument.
Moody's did not use any stress scenario simulations in its analysis.
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
Gideon Lubin
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Tracy Rice
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Good morning people with an eye on jgwe....
Been seeing more commercials on TV -
Friday sell off- wonder whats NEXT?? Slide or pop!
Ch 11 is getting nearer.
sup penny flip
Have a great weekend. This will bounce nicely.
Fking. Yeah. Right. Lol.
It means it will vanish shares.
Tomorrow is Friday. Anything is Possible. I can see this dipping below .01 and then making a major run to the upside.
Whoopty Doo !! This will still pop
Ratings that fall under "BBB" are considered to be speculative or junk. Thus for Moody's, a Ba2
would be a speculative-grade rating, while for S&P's, a "D" denotes default of junk bond status.
The following chart gives an overview of the different ratings symbols that Moody's and Standard &
Poor's issue:
Understood. I know you'll be playing the game when the good stuff comes rolling in. .02 - .03
watching-- not playing!
Will be moving higher soon. GLTA my friend
Where's the drama ? That's fantastic news
Moody's Downgrades J.G. Wentworth's Ratings To C
The following is a press release from Moody's :
Moody's Downgrades J.G. Wentworth's Ratings To C
http://www.moodys.com/page/viewresearchdoc.aspx?docid=PR_376158&WT.mc_id=
AMRG93X0pvbmVzX05ld3NSb29tX1NCX1JhdGluZyBOZXdzX0FsbF9Fbmc=20171205_PR_376158
(END) Dow Jones Newswires
12-05-17 19:49ET
Yup! Load for January
Nice to see it early in the week as well
Nice action. Tightening up :)
JGWE $$$$$
Looking much better today brother
Just need some volume
Looking much better today brother
Isn’t our shares worthless now?
Isn’t out Charles currently worthless in this company now?
If there's Flatout good news I can't say that's bad. But the way things have been lately no news is good news. If we can get to the end of this week without any news and a little bit more volume. .05 will not be far off
Why you think its good?
Well my friend no news is good news. All we need is some volume
Nothing so far.....
Wonder if they'll be news after the Bell.
Volume before price so they say .
On a positive note the volume is higher than any day last week!
only positive thoughts my friend
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