We have followed cases where the National Arbitration Forum claim form for MBNA America Bank is claimed "c/o Wolpoff & Abramson, LLP'. That same case is then shifted to Patenaude & Felix, for filing in your county Courthouse as a Petition to Confirm Arbitration --- once the award is made. (If this is happening to you in Orange County or Los Angeles County, or anywhere in Southern California,
contact us now.)
Wolpoff and Abramson is a routine replacement for Patenaude & Felix, when the court goings get 'tough' (like when things get contested!)
I wonder if
Wolpoff is selling arbitration awards to Patenaude & Felix for filing? The reason I ask that is as soon as rough waters are encountered, Patenaude throws the case back to Wolpoff & Abramson, who does the showing up at court.
Wolpoff and Abramson must definitely be really well heeled, or connected. I've always wondered where they got their seed money.
As far as Patenaude and Felix are concerned, it appears they may have gotten some of their seed money from the Federal Government. According to
OMB Watch at FedSpending.Org, the SBA gave Patenaude & Felix nearly a million dollars
TO ASSIST SMALL BUSINESS CONCERNS BY PROVIDING LONG TERM FINANCING THROUGH THE SALE OF DEBENTURES TO THE PRIVATE SECTOR.
What does that mean? According to InvestorWords.com, "DEBENTURE"
Unsecured debt backed only by the integrity of the borrower, not by collateral, and documented by an agreement called an indenture. One example is an unsecured bond.
We wrote regarding the conversion of unsecured debt to secured debt
here. So this disclosure made us wonder just what high finance machinations are going on.
Anyway, Patenaude got the money back in 2002. They are to
assist small business concerns (well they can't mean MBNA) by providing long term financing
Small business concerns, huh? Long term financing?
THROUGH THE SALE OF DEBENTURES TO THE PRIVATE SECTOR
This we'd interpret to mean doing exactly what Bud Hibbs claims MBNA does, selling their unsecured debt.
That one million dollars could go a long way -- why if you took just 2/3 of it and bought debt at 3 cents on the dollar, well you could go out and get $17 million in Confirmed Arbitration Awards, in other words Judgments. This of course means $17 million in SECURED DEBTS, SECURED BY ANYTHING you have including your home, real estate, cash, and savings.
We are sure Patenaude and Felix are learning from Wolpoff & Abramson, who doubtless learned a lot from MBNA!
CALIFORNIA 1281.96 REPORTING ANALYSIS