Spinnaker Receivables Finance provides working capital to small and mid-sized law firms so they can re-deploy resources into growth areas focusing on new business and new case generation. The current program is solely focused on acquiring law firm receivables generated from Asbestos cases filed with one or many of the Asbestos Settlement Trusts.
Spinnaker will only acquire the legal fee portion of the Payments made to the law firm. All Payments are fully approved for payment by the Trusts before Spinnaker acquires them. The Company considers these assets to be amongst the most creditworthy accounts receivable available in the private marketplace today for credit investors.
Spinnaker has recently entered into an exclusive partnership with a Fortune 500 insurance company as a committed funding partner to acquire receivables. Having a committed funding source means that the best prices in the market can be paid for receivables.
Our funding partner is a multinational P&C insurer with nearly 8000 employees in over 125 offices serving 70 countries around the globe. With close to $8-billion in annual premiums written and over $4-billion in surplus capital, our partner has an “A” (Excellent) rating from A.M. Best. Both Spinnaker and our partner are committed to serving underserved niche markets through operating excellence.
Spinnaker buys receivables
Chart from "Asbestos Bankruptcy Trusts, An Overview of Trust Structure and Activity with Detailed Reports on the Largest Trusts"; Lloyd Dixon, Geoffrey McGovern, Amy Coombe. 2010 RAND Institute for Civil Justice, a unit of the RAND Corporation. ISBN 978-0-8330-5037-3