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BETHESDA, Md. -- Stone Street Capital Inc. has developed a Class-Action Advance Program for plaintiffs in the Allapattah Services Incorporated, et al. vs. Exxon Corp. suit which will allow the specialty finance company to purchase a significant portion of a dealer's claim in exchange for an up-front cash payment.
The Class-Action Advance Program is not a loan -- it is a non-recourse advance. This means that the plaintiff does not have to pay back the advance if the judgment is overturned.
All current or former Exxon dealers who operated a station between March 1, 1983 and August 28, 1994 and anyone who purchased, inherited or otherwise acquired the rights of an Exxon dealer during this time may be eligible to receive an advance payment for a substantial portion of their monetary award.
For example, for a dealer with a damage claim of $100,000, and a claim for pre-judgment interest of $100,000 (total claim of $200,000), Stone Street Capital will offer the dealer up to $67,000 in return for the first $89,000 paid (after deduction of class action litigation costs) with respect to the dealer's claim. If the payout occurs more than one year from the date of the transaction with the dealer, the amount received by Stone Street will increase. In any event, all amounts paid with respect to a dealer's claims in excess of the amounts due Stone Street will be paid to the dealer.
A dealer can receive an advance within two weeks after sending in a completed application and contract. There is no cost or obligation to submit an application.