WEST LINN, Ore., Feb. 25, 2003 (PRIMEZONE) -- Jack Meligan, President of the Society of Settlement Planners (SSP), announced today first year results for this non-profit structured settlement trade association in an online news conference. In addition to introducing the initial team of SSP officers and directors, Meligan announced the appointment of Patrick Hindert as Executive Director. Meligan identified SSP's new National Headquarters at 1500 Chiquita Center, 250 East Fifth Street, Cincinnati, Ohio 45202.
Comprised of structured settlement specialists who represent plaintiffs and their attorneys, SSP believes structured settlement plaintiffs should and do have the right to determine whether, how, and with whom to structure their own personal injury settlements.
Meligan stated: "Structured settlements are integrated solutions for personal injury plaintiffs that combine products and services from the private business sector with governmental benefits." Governmental benefits include tax preferences under the Internal Revenue Code as well as payments from federal and state programs. In addition, many states have adopted periodic payment of judgment statutes that permit personal injury judgments to be paid using tax-preferenced installment payments.
The "Victim's of Terrorism Tax Relief Act of 2001" included Internal Revenue Code section 5891 which clarifies, strengthens and expands the rights of structured settlement plaintiffs. "The critical issue today," according to Meligan, "is who among defendants, judges and plaintiffs controls, and should control, key structured settlement and periodic payment of judgment decisions."
SSP is dedicated to promoting structured settlement laws and regulations that are favorable to plaintiffs. Meligan added, "Structured settlement defendants receive a full and final release, while structured settlement plaintiffs and product providers assume all of the risks. Defendants and their insurers should not be able to restrict the rights of plaintiffs to make their own structured settlement decisions." SSP believes defendants exercise unfair control over plaintiffs' rights to structured settlements by using illegal business practices. These illegal business practices include licensing violations, rebating and unfair claim practices as well as various forms of discrimination against individual plaintiffs and categories of plaintiffs.
Meligan also identified officers and directors for SSP, including the appointment of Mr. Patrick Hindert as SSP's Executive Director. "Patrick Hindert brings 25 years of structured settlement experience to SSP; he has been a leader in this industry since its inception," Meligan stated. "His business and legislative experience and his outstanding reputation as one of the original participants in this industry are extremely valuable to SSP." Hindert, co-author of "Structured Settlements and Periodic Payment Judgments," a respected industry textbook, has been a strong proponent of using Internet technology and knowledge management to grow the structured settlement marketplace. While serving as Executive Director, Hindert will retain his position as Managing Director of S2KM Limited.
In addition to Messrs. Meligan and Hindert, the SSP Board of Directors includes:
-- Richard L. Bishop, Vice President, Director -- Michele A. Whitmore, Secretary, Director -- Stan K. Harlan, Treasurer, Director -- Paul J. Lesti, Director -- Charles J. Derenne, Director -- Gary K. McMickle, Director
About the Society of Settlement Planners (SSP)
SSP is a non-profit organization whose members include structured settlement planners, attorneys and product providers. SSP's mission is to promote and preserve the rights of personal injury victims to select a structured settlement or periodic payment judgment including their own advisors and product providers. In addition, SSP seeks to elevate the profession of Settlement Planning through education, certification and knowledge transfer among its members. SSP headquarters are located at 1500 Chiquita Center, 250 East Fifth Street, Cincinnati, Ohio 45202.
About S2KM, Limited and Patrick Hindert
S2KM's Mission is to improve performance in the structured settlement industry using knowledge management and Internet technology. Patrick Hindert, S2KM's Managing Director, has been a leader within the structured settlement industry since its inception. Hindert founded Benefit Designs, Inc. in 1977 and developed it into a successful United States structured settlement broker before selling the company in 1998. He has provided structured settlement consultative advice to many private and governmental organizations in the United States and Australia. With Daniel Hindert and Joseph Dehner, Hindert is co-author of "Structured Settlement and Periodic Payment Judgments," a leading textbook for structured settlement professionals. During the past four years, Hindert has also worked, studied and written about the developing profession of knowledge management (KM).