Legal-Bay Funding In Talks With International Hedge Funds, Banks To Raise More
Lawsuit Funding Capital
LONDON, March 27, 2013
-- U.S. Firm believes they will need more capital to service all of their
commercial B.P. Settlement Funding clients.
LONDON, March 27, 2013 /PRNewswire/ -- Legal-Bay, a Leading U.S. Lawsuit
Settlement Funding Firm for B.P. Gulf of Mexico Oil Spill plaintiffs,
announced today that they have been in talks with several foreign
institutional Hedge Fund investors as well as traditional banks to raise more
funding capital. Legal-Bay previously announced that they had secured up to
US $10MM, specifically for B.P. Settlement Claims, however the company now
feels that that amount of money will not be enough. British Petroleum has
projected that the economic portion of the settlement will result in about
$7Bil of exposure, but Legal-Bay believes that the number will be higher.
"We are seeing large amounts of claims coming in for pre-settlement advances
north of $1MM. Speaking to our experts across the Gulf region, they believe
BP's estimate to be rather low. We have secured funds for the smaller claims,
but we are now in talks –and actively seeking- more foreign hedge funds
throughout London and Ireland, Spain, as well as in Brazil and other South
American countries for large BP Settlement Funding in excess of US $1mm," said
CEO, Chris Janish. "We believe the B.P. settlement in the States represents a
rare and unique opportunity where investors can obtain returns north of 40%
annually with full collateralization from the B.P. lawsuit claim." The
British Oil giant's stock price on NYSE has remained in a tight range of $36
to $46 over the last year, as the three year anniversary of the spill
approaches in April.
Legal-Bay has reopened talks with La Caixa Bank in Spain, where the company
had been in discussions with a large credit facility two years ago. Legal-Bay
has also approached two well know hedge funds in London and Sao Palo about
making a large commitment to B.P. Settlement Funding in the U.S.
Lawsuit Funding in America has become very popular with Off-Shore hedge funds
that want aggressive returns, with less risk than the traditional U.S.
Equities Markets. Qualified foreign investors that are interested in
inquiring about U.S. investment opportunities can call Legal-Bay's New York
area based headquarters at +1-877-571-0405 or by emailing the CEO directly at:
Contact: Chris Janish, CEO, Legal-Bay.com
Ph. +1-973-287-6190 Email: Chrisj@legal-bay.com
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