As many of us know, Allstate has always been the industry leader in Non-Qualified annuity work and has pioneered over the years the use of non-qualifed assignments on environmental cases, wrongful termination, defamation, sexual discrimination and other taxable damage cases. A lot of that work took place under the watchful eye and guidance of then Allstate employee John McColluch, who created a lot of the concepts and programs on taxable cases that many people take for granted. It is no surprise then that IFS getting this private letter ruling occurred a year or so after John left Allstate and went to work for IFS. John now holds the position of Vice President of Market development for EPS, one of the IFS companies, and he co-authored the private letter ruling on structuring taxable damage cases and using a non-qualified assignment to transfer liability for future payments. 

As I've been saying on this blog and my various talks around the country, the single biggest area of opportunity for the structured settlement industry is taxable damage cases. We have done a multitude of podcasts on this issue, largely on molestation cases, which are taxable, environmental cases, wrongful termination and age discrimination and other work place torts and in each case we have extolled the virtue of structuring these awards. Now with this PLR maybe some of the timid sheep of the structured settlement markets who refuse to develop non-qualified annuity contracts and assignments for use in taxable cases will get off the fence and start offering these to broker and attorneys. Really, other then Allstate, Prudential and to a lesser degree Aviva have been working to grow this area and the life markets now need to get off their hands and go after this area of business. I really wish the life markets would stop sitting on their wallets and spend the money to develop products, ideas and markets, or spring for the cost of the PLR's, necessary to grow new annuity concepts and markets. It's one of the ironies of our business that brokers like IFS, or in my case Wahlstrom & Associates and The Settlement Channel, are the companies spending large sums of money to grow the business when we have billion dollar life companies sitting nervously on the side line and wondering why the business doesn't grow.

We will be having John McColluch on Speaking of Settlements later this month to discuss this in greater detail. In the mean time you can read the IFS press release by clicking here to get a little more back ground. 

 In this two part podcast Jim joins LBN host Scott Drake to discuss the Medicare Extension Act and it's looming impact on not only the structured settlement business, but the practice of law for trial lawyers and the issues it will raise for claims organizations and defense firms. Many different firms are shaping up marketing and educational plans to deal with the issues that this major law change is going to bring to the settlement industry, but if you are wondering what this law is, how it works and how to prepare for it, these two podcasts will get you up to speed quickly.

You can access the first podcast with Jim Logan by clicking here.

You can access the second podcast on Medicare law changes by clicking here. 

Or, you can go over to Speaking of Settlements and click on Audio Podcasts and you'll find Jim's two part podcast there. Also, while your at it, be sure to register and create a media or professional profile at Speaking of Settlements so that you can start to promote your professional practice and network with other legal and settlement professionals. 

So you might ask, what exactly have you been doing and what is going on with LBN, Speaking of Settlements, Wahlstrom & Associates, etc?

1. The Legal Broadcast Network, aka, LBN, has now been fully funded by our venture capital firm and other investors with the final papers and official documents signed just last week. As you can imagine, the process of reorganizing LBN, bringing in top level managements, building a team of advisors and ramping up our staffing and production is quite a project. Scroll down a few items to read our press release, learn about LBN's new CEO, Tim Butler and the team we have built over the last 5 months. You are going to see a major expansion in our shows, channels, commentators and offerings, not the least of which is going to be a substantial build out of The Settlement Channel and it's content and sponsors. I can tell you that we will be back on a daily blogging and weekly podcasting format starting in July with options and opportunities for you to join our professional network and be part of our shows. To say that LBN is going to be making major changes and moving quickly is an understatement, but in my role as chairman and director of channel sales I will actually be doing a lot less of the administration and day to day, which is going to be a welcome change for me.

 2. Speaking of Settlements: If you haven't been over to our beta test page for Speaking of Settlements, click on the link and head over to take a look and sign up. As I mentioned, LBN is going to be expanding it's options and opportunities for our members and one of the biggest innovations doesn't cost you, the settlement professional, anything to be part of it.Speaking of Settlements is a complete professional network in which any settlement professional, lawyer or legal professional can fill out a profile for free, start a blog, post video or audio content or create discussion boards and rooms. I've been running the beta test for about 90 days now and we are ready to really ramp it up. If you aren't yet a member, it takes about five minutes, costs you nothing and gives you the ability to promote your firm, your practice and have a voice in our industry on the internet at no cost to you. This is going to also be the location of all of our audio, video and written material which is being made available to you at no cost as well, so head over, check it out and start being part of the discussion!

3. Wahlstrom & Associates. As my various GA's over the years can attest, I tend to be a big game hunter who spends a lot of time developing new markets and areas that fit my particular business style and interests. As anyone who is even a casual reader of this blog knows, I specialize in structured sales, structured legal fees and particularly in mass tort and multi-litigant cases involving 468b settlement trusts. In the last year I have successfully developed a methodology for utilizing these trusts in both large and small cases, primarily through effective education of our trial lawyers, judges and the life markets who are interested in working with my firm. I'm happy to say we have taken two cases from beginning to end now with this new process, and have about 8 more in process, all of which allow my firm to work cooperatively with other professionals, protect the interests of my clients and the plaintiffs and bring order to what has been a typically chaotic process. I will be doing a lot more joint work with settlement experts from around the country as we continue to develop expertise in 468b trusts and if you want to learn more be sure to go over to my page at Wahlstrom & Associates as I start posting case studies and methods over there. 

Ok, so thats the brief version. I'm back in the saddle, i'll be blogging daily and podcasting weekly. Again, if you have a show, topic or guest you want interviewed, let me know and I'll put them in the rotation. It's good to be back and i'm excited about moving forward. I hope you will join me and come along for the ride. 

 For those of you who have been wondering why I haven't been blogging and why I have been impossible to get on the phone lately, please note the following announcement by The Legal Broadcast Network regarding our funding, expansion and new CEO. As my readers are aware, LBN has been my minor obsession for the last three years and to see it reach this next step is exceptionally gratifying. As both the host of The Settlement Channel, President of Wahlstrom & Associates and now Chairman of The Legal Broadcast Network I have a full plate, but the expansion of the management team at LBN is going to allow me more time to start blogging and writing again.Be watching your in box and this page to keep up with what is going to be a major expansion of channels, services and shows.

THE LEGAL BROADCAST NETWORK NAMES TIM BUTLER CHIEF EXECUTIVE OFFICER and ANNOUNCES FINANCING FROM VENTURE GROUP LED BY MILLER CAPITAL CORPORATION PHOENIX, ARIZONA, June 19, 2008 – The Legal Broadcast Network (LBN) – an internet media company designed to leverage the powerful broadcasting medium of the internet to reach a very specific, high value audience of trial lawyers and other legal professionals announced today that Tim Butler, a seasoned executive with 20+ years experience in fostering the growth of emerging growth companies, has been named its President and Chief Executive Officer.

As President of LBN, Mr. Butler will be responsible for overall operations and the implementation of related strategies associated with the growth plans for the company. Mr. Butler most recently served as Executive Vice President and Chief Operating Officer for DBL Distributing, a large private company with sales of nearly $300 million with approximately 350 employees. DBL, one of the nation’s top distributors of consumer electronics accessories and related products, was sold to Ingram Micro in 2007. Mr. Butler was formerly Vice President of Finance and Administration for the training division of Platinum Technology that was acquired in 1999 by Computer Associates for $3.5 billion, which at the time was the largest software acquisition in history. Mr. Butler holds a degree in Business from North Adams State College and has a Masters degree in Accounting from the University of Massachusetts Amherst. “We are extremely pleased to have Tim Butler join the LBN team as Chief Executive Officer and President. To attract a person with his experience and track record to help guide the company’s growth from its current successful platform is a major milestone for LBN,” Mark Wahlstrom, chairman of Legal Broadcast Network said.

“And, having The Miller Group as our financial advisor and now an equity owner confirms our belief in the relationship we are building with them.” Tim Butler, ( Pictured below) chief executive officer and president commented, “My past experience is centered in the development of a number of growth oriented technology related companies utilizing my business and financial skill sets. The tremendous opportunity for growth in LBN’s technology and specialized internet media content was a major part of my decision to accept this position. As an LBN executive who was able to participate in the venture capital round of financing for the company, I am excited to be an integral part of building our team and contributing to LBN’s goal to be an industry leader.”

Rudy R. Miller, chairman of Miller Capital Corporation, Scottsdale-based venture capital and financial services firm stated, “Our firm was lead investor regarding the first round of venture equity investment, and Miller Capital Markets, LLC our affiliate FINRA investment banking firm, acted as placement agent for the balance of funding provided to LBN for its next stage growth plan. We have invested in and represented a number of media companies over the years, including JACOR Communications, REGENT Communications, Bowlin Outdoor Advertising and publishers of the Ritz Carlton magazine, as well as being the majority investor in a syndicated television/cable business show – “Wall Street Awareness Network” and numerous other public and private companies. Our firm is pleased to assist LBN in what we consider its excellent opportunities for growth and look forward to advising the company as a meaningful equity holder.”

About The Miller Group The Miller Group, headquartered in Scottsdale, is comprised of several affiliate companies including Miller Capital Corporation (MCC), which offers a broad spectrum of financial advisory and related services to both public and private middle-market companies located throughout the United States. MCC provides services in venture capital and private equity investing, management consulting and business valuations. Miller Capital Markets, a FINRA member firm, is a boutique investment bank that handles merger and acquisition transactions, private placement of equity and debt, and public market advisory services. Miller Investments, Inc. and Miller Management Corporation are also a part of The Miller Group of affiliated companies. A select group of past and present Miller clients include: America West Airlines, Inc., USAir Express, Capital Title Group, Inc., Global Entertainment Corporation, McMurry, Inc., REGENT Communications, Ritz Carlton magazine, Four Rivers Broadcasting, JACOR Communications and ALTA Broadcasting. Visit: www.themillergroup.net

About Legal Broadcast Network The Legal Broadcast Network provides 24/7 access for lawyers, paralegals, law schools, trial lawyer associations and others to draw on the expertise, knowledge and resources of professionals that have been successful in fighting for plaintiffs’ rights by utilizing the power of blogging, video and audio podcasting through the company’s state-of-the-art production studio located in Phoenix, Arizona. The company’s podcasts provide fresh, provocative commentary for lawyers of all areas of practice or specialty with interests in protecting access to the courts for all citizens. With the creation of a low cost but incredibly powerful broadcast medium, LBN makes it possible for the legal community and others to share their expertise, knowledge and resources with other like minded professionals on a national basis. Advocates who struggled to be heard, published or viewed in the past can now partner with LBN studios to create commentary, videoblogs, podcasts and other digital media. LBN has created an open platform to those who are fighting for justice. Visit: www.legalbroadcastnetwork.com

One of the nations leading experts on the taxation of damages is Attorney Robert Wood of the firm, Wood Porter of San Francisco, CA and he joins Mark Wahlstrom and Scott Drake on Speaking of Settlements this week to discuss his recent article in the Journal of Tax practices and Procedure on the use of 468b trusts. 

As regular readers and listeners to The Legal Broadcast Network and The Settlement Channel know, 468b trusts, also know as qualified settlement funds, are one of the single most useful and powerful tools for the management of multi-claimant/multi-defendant litigation. They provide a safe harbor during the management and prosecution of a case into which funds can be received by defendants at various times and amounts, with out taxable receipt by the attorney or the plaintiffs in the case. This allows for a rational, transparent process by which legal fees are paid, expenses are paid, government benefits or liens calculated and accounted for, structured annuities purchased and funded along with other substantial benefits. 

However, as these gain in popularity and awareness in the trial practices of leading attorneys, the potential for mistakes or over reaching as to their use looms large and that is the focus of these articles and this two part podcast. Rob and Mark discuss how lawyers can avoid mistakes in the creation of these trusts in the first place, but in the article and podcast they also review the process by which a code sec. 468b trust for a lawyers trust account can potentially be established even after receiving settlement proceeds. This is a very technical area and one that attorneys or settlement professionals should tread carefully in, and only with top quality tax counsel that knows exactly what they are doing.

If you or your firm are considering the use of a 468b trust, or possibly have received funds in a recent case that you think might have been better served by the process of electing status of a 468b trust, then you should listen to these two podcasts or go to Rob Wood's site where you can access the complete articles.

You can listen to the first podcast on 468b trusts by clicking here.

You can listen to the second follow up podcast on 468b trusts by clicking here. 

This is a deal that makes a great deal of sense in that Liberty is primarily focused on East coast markets and Safeco is a major player in the Rocky Mountain region and Pacific Northwest. Safeco has languished with a low stock market valuation for some time now and this is on it's face a very good deal both for Liberty and for Safeco stockholders.

In the settlement world it consolidates one more casualty market under the Liberty umbrella and there will be some re-ordering of the settlement firms who handle the account for Safeco i'm sure once this is done.

This deal does not impact Symetra, the spin off from Safeco that is an independent operating entity and life market that has it's own structured settlement operation. I'm always amazed by the number of people who still think Symetra is a Safeco subsidiary when in fact that relationship ended some time ago.

You can read more about the deal by clicking this link to the Wall Street Journal. 

Joe Jamail, famous for his multi-billion dollar verdict in the Pennzoil vs Texaco case, is a passionate advocate for the use of structured settlements in protecting the money awarded injured plaintiffs. This first video podcast, in which he is interviewed by Attorney Rick Kuykendall, is of vital importance to trial lawyers as Jamail focuses on the lawyers responsibility to educate and inform their client about the right to structure their award. In some of the companion video Attorney Jamail will even go to the point of telling other trial lawyers that failure to recommend and educate a client about the option to structure is tantamount to legal malpractice.

Make sure you view this video and give me your feed back on it. There will be a companion consumer piece coming out shortly as well as the ability for NSSTA members to access the entire Jamail speeches to the NSSTA membership and his full interview with LBN.

This is an important first step by the structured settlement industry to combat the million dollar advertising machines employed by other firms to minimize the value of a structured settlement. As more video's and material are put online we as a profession can begin to reclaim the term "structured settlements" from the factoring and financial community that often don't have our clients best interests at heart.  

View the entire video of Joe Jamail discussing structured settlements by clicking the TV box or this link. Joe Jamail personifies Texas Trial Lawyer but more then that he personifies what a trial lawyer should be in advocating the right solutions to protect his clients.  

In today's Speaking of Justice, the daily legal broadcast and interview segment featured exclusively on The Legal Broadcast Network, one of the most acclaimed and widely read authors in the world, John Grisham,  joins Scott Drake for a conversation that is somewhat of a departure from his standard "book tour" interview. 

John Grisham spends a good part of his time with us talking about his support for Hillary Clinton's run for the Presidency, his long friendship with the Clinton's and his views as to why he feels she is the strongest candidate to lead the Democratic Party to victory in November. As most of his fan's know, and even others who might not have read his books but who have seen the movie adaptations, Grisham is a former trial lawyer himself, a man who ran for political office back before his writing career took off, and his thoughts on exactly why he believes so strongly in her candidacy should be of interest to his fans, and to political types who are fascinated with the epic electoral battle between Hillary Clinton and Barrack Obama.

John Grisham doesn't grant a lot of interviews and we are pleased he took the time to join The Legal Broadcast Network for this enjoyable and revealing conversation where fan's of the author of such best sellers as The Appeal,  The Innocent Man, The Broker, The Last Juror, The King of Torts and The Client, can get a glimpse into the political beliefs and theories of this intriguing author.

While LBN doesn't cover politics on a regular basis, we definitely discuss political issues, the views of trial lawyers and opinion makers in the law, and this is a really enjoyable, insightful podcast that will appeal to Democrats who are looking at the choice between Hillary Clinton and Barrack Obama and are interested why John Grisham is convinced that Hillary Clinton is the best choice for her party. He also discusses why the idea of a Clinton/Obama ticket doesn't look like a winner in his eyes and the importance of a candidate having been in the arena and tested the way Hillary Clinton has so they are fully able to compete in a national campaign in November. Just a really solid podcast.

You can listen to the entire podcast with John Grisham by clicking here.

Or you can go to the audio player at the bottom of this post which links to the Speaking of Justice video archive and listen to the entire John Grisham interview by clicking the player.  

Also, if you want to know more about John Grisham, you can click this link and go to his official page at Random House which has all of his books, his bio and other information you might want on this author.

These interviews and the expanded coverage you are seeing from The Legal Broadcast Network are just the "toe in the water" of what is going to be a dramatic expansion over the next few months to a full video, daily broadcast platform with radio podcasts, video news and interviews ,as well as in depth writing and discussion for attorney's , law students, judges and others intrigued by the law. Also, don't forget to check out our beta test page for Speaking of Justice, the new social/professional network for attorneys that will feature all of our video, audio, blog posts, discussion boards and social networks. Just one more tool for you to use being brought to you by The Legal Broadcast Network.