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FILED: NEW YORK COUNTY CLERK 05/14/2024 12:10 PM INDEX NO. 154456/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 05/14/2024
EXHIBIT “C”
FILED: NEW YORK COUNTY CLERK 05/14/2024 12:10 PM INDEX NO. 154456/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 05/14/2024
LABYRINTHFUNDlNGLLC
323 Sunnylsles Blvd.,7th FL .mrgfgrrk‘ 877-877-1490
Sunny Isi es Beach, FL 33160 £31? 561-327-7483 fax
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: I .I
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Let us guide you thr ough the maze of selling futur e payments
February 26, 2024
Via USPS——9405 5036 9930 0664 0207 71
Darnell Hill
1295 Amsterdam Ave. #40
NewYork, NY 10027
Re: NY Disclosure Statement —- OPT 2
Dear Mr. Hili:
The New York Structured Settlement
Transfer statute requires that
Labyrinth Funding LLC (“Labyrinth") send you a copy of the enclosed
Disclosure Statement not less than 10 days before you sign any
agreement to receive a lump sum for transferring all or any portion of your
future structured settlement payment rights. You should carefully read
them before signing.
Labyrinth strongly advises that you obtain independent advice from a
professional, such as an attorney or financial planner about the legal, tax
and financial implications of this transaction. If you have any questions,
you shcuid call your sales representative.
LABYRINTH FUNDINGLLC
Dlsclosure Statement NY
FILED: NEW YORK COUNTY CLERK 05/14/2024 12:10 PM INDEX NO. 154456/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 05/14/2024
Structured Settlement Transfer
DISCLOSURESTATEMENT- NYSTATE
Person Receiving Payments: Darnell Hill New York
All Calculations as of: February 26, 2024
1. DESCRIPTIONOF PAYMENTS TO BE TRANSFERRED
You will be transferring (Le. selling) the following structured
settlement payments:
156 monthly payments of $1 ,497.48, with a 3%COLAea 2/8, from
2/8/30-1/8/43 (referred to as the “Assigned Payments”).
2. PURCHASE
PRICE
In exchange for the Assigned Payments, you will receive a
Purchase Price of: _
$86,000.00
3. AMOUNT
AGGREGATE PAYMENTS
OFTHE TRANSFERRED
Adding all the Assigned Payments together totals:
$280,647.96 ,
4. CALCULATIONOF CURRENTVALUE OF THE TRANSFERRED
STRUCTUREDSETTLEMENT PAYMENTSUNDER FEDERAL
STANDARDS FORVALUINGANNUITIES
The federal government publishes a discount rate to be used in
calculating the present value of annuities for tax purposes. As of
February 26, 2024, that rate is:
4.8%
Catculated as of February 26, 2024, the current value of the
transferred structured settlement payments using the federal
standard for valuing annuities is:
$154,343.65
Disclosure Statement NY
FILED: NEW YORK COUNTY CLERK 05/14/2024 12:10 PM INDEX NO. 154456/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 05/14/2024
5. PRICE QUOTESFROMANNUITYISSUERS
The insurance company now making payments to you, will not
provide a quote for the issuance of a new annuity policy that pays
the specific periodic payments you are now selling to Labyrinth.
Below are companies with comparable ratings. They each
publish rates at which they will sell long term annuities. Using the
published rates for annuities issued by those two issuers, as of
this date, the cost to buy an annuity that would payout in the same
amounts and on the same schedule as the Assigned Payments
wouid be
$137,681.041
$138,838.542
6. GROSSADVANCEAMOUNT
ANDTHEANNUALDISCOUNTRATE
The gross advance amount to be paid to you for the Assigned
Payments is:
$86,000.00
As of February 26, 2024, this gross advance amount (equal to the
Purchase Price in the agreement) has been calculated by
discounting the Assigned Payments at the following annual rate,
compounded monthly:
9.79%
g
7. FROMYOURGROSSPURCHASE
FEES TO BE DEDUCTED PRICE
Legal Fees $0.00
Broker Commission $0.00
All other Fees and Charges“ $0.00 -
$300.00
MrFees up to the amount of $300.00 may be charged to me if Labyrinth has to
obtain documents that I should have in my possession (i.e. Release and
Settlement, Annuity Contract, etc.).
'
issuer: Sentinel Security Life, Guaranteed Interest Rate: 5.75%
2
Issuer: Atlantic Coast Life, Guaranteed Interest Rate: 5.68%
Dlsclosure Statement NY
FILED: NEW YORK COUNTY CLERK 05/14/2024 12:10 PM INDEX NO. 154456/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 05/14/2024
Additionally, the Purchase Agreement, which will be sent to you
no less than ten (10) days after this Disclosure Statement
provides that you may have to satisfy any judgments or liens filed
against you. Prior to closing, Labyrinth will identify any such
claim and the amounts (if any) that will be deducted from the
purchase price to satisfy your obligations.
8. DUETO YOUAFTERALL DEDUCTIONSFROMTHE
NETAMOUNT
PURCHASE
PRICE
The net cash payment you receive in this transaction from the
buyer was determined by applying the specified discount rate to
the amount of future payments received by the buyer, less the
total amount of commissions, fees, costs, expenses and charges
payable by you.
$86,000.00
9. PENALTIES ANDDAMAGES
The amount of any penalties or liquidated damages payable by
you in the event of any breach of the transfer agreement is:
NONE
10. RIGHT TOCANCEL
You will have the right to cancel the transfer agreement, without
penalty or further obligation, not later than the third business day
after the date you sign the transfer agreement.
11. LEGAL, FINANCIAL ANDTAX ADVICE
It is strongly recommended that you consult with an attorney,
financial advisor or tax advisor regarding any federal and state
income tax consequences arising from your pending transfer of
structured settlement payments.
<32 [Q
DARNELLHILL
MA
Disclosure Statement NY
FILED: NEW YORK COUNTY CLERK 05/14/2024 12:10 PM INDEX NO. 154456/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 05/14/2024
. LABYRINTHFUNDINGLLC
323 Sunnylsles Blvd.,7lh FL .- 8776774490
Sunny Isl es Beach, FL 33160
'
» 561-327—7483 fax
{55.1%
Let us guide you thr ough the maze of sel i ing futur e payments
February 26, 2024
VIA USPS- 9405 5036 9930 0664 0207 71
Darnell Hill
1295 Amsterdam Ave. #40
NewYork, NY 10027
Re: Delaware Disclosure Statement —OPT2
Dear Mr. Hill:
The Delaware Structured Settlement Transfer statute requires that Labyrinth Funding LLC
(“Labyrinth") send you a copy of the enclosed Disclosure Statement not less than ten (10)
days before you sign any agreement to receive a lump sum for transferring
alt or any
settlement payment rights. You should read
portion of your future structured carefully
them before signing.
advice from a professional, such
Labyrinth strongly advises that you obtain independent
as an attorney or financial planner about the iegal, tax and financial implications of this
transaction. if you have any questions. you should call your sales representative.
LABYRINTH FUNDINGLLC
FILED: NEW YORK COUNTY CLERK 05/14/2024 12:10 PM INDEX NO. 154456/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 05/14/2024
DELAWAREDISCLOSURESTATEMENT
'
NAME: Darnell Hill
Residence State: NY ,
All Calculations as of: February 26, 2024
1. PAYMENTS
DESCRIPTIONOF TRANSFERRED
I am transferring the following structured settlement payments:
156 monthly payments of $1 ,497.48, with a 3%COLAea 2/8, from 2/8/30-
1/8/43
The aggregate total of these payments is $280,647.96.
2. GROSSADVANCEAMOUNT
In exchange for these payments, I will receive a gross amount of
$86,000.00. Funding will not occur until all conditions required under
the transfer agreement have occurred.
3. TRANSFEREXPENSES
fees and expenses will be deducted
'
Iunderstand that the following
from the Gross Advance Amount payable to me or my account:
Le-al Fees best estimate $0.00
$0.00
All other fees and Charo es** $0.00 - $300.00
_ $0.00
$0.00
“Fees up to the amount of $300.00 may be charged to meif Labyrinth has to obtain
documents that I should have in my possession (Le. Release and Settlement,
Annuity Contract, etc.).
4. NETADVANCEAMOUNT
I understand that the Gross Advance Amount, as described above,
shall be reduced by the Transfer Expenses described above resulting
in the Net Advance Amount below:
Net Advance Amount $86,000.00
Disclosure Statement DE
FILED: NEW YORK COUNTY CLERK 05/14/2024 12:10 PM INDEX NO. 154456/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 05/14/2024
I understand that I will receive this Net Advance Amount, less
(a) any advances made to me or on my behalf by Labyrinth; and
(b) any amounts necessary to satisfy any outstanding liens,
judgments, and credit-based obligations, pursuant to the
terms of the transfer agreement.
5. QUOTlENT
The net amount that you receive
exchange for your
wiil from us in
future structured settlement payment(s) represents 55.72% of the
estimated current value of the payments based upon the discounted
value using the applicable federal rate.
6. DISCOUNTEDPRESENTVALUE
This provides the calculation of the estimated current value of the
transferred structured settlement payments under federal standards
for valuing annuities. The Federal Rate that is used to make this
calculation is provided below in addition to the Discounted Present
Value.
Federal Rate used to calculate the Discount
Present Value
Discount Present Value _ $154,343.65
7. PENALTYIN THE EVENTOF BREACHOF CONTRACT
The amount of any penalty or liquidated damages, inclusive of
penalties, payable by me in the event | breach the transfer agreement
is $0.
8. You will not incur any obligation under a transfer agreement until the
tenth (10th) day after you receive this disclosure statement.
Disclosure Statement DE
FILED: NEW YORK COUNTY CLERK 05/14/2024 12:10 PM INDEX NO. 154456/2024
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