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This profile was last updated on 12/24/11  and contains information from public web pages and contributions from the ZoomInfo community.

William S. Weinstein

Wrong William S. Weinstein?

Employment History

  • Chief Executive Officer
  • Chief Executive Officer
    Weinstein & Riley
  • Founding Director
    Weinstein & Riley

Board Memberships and Affiliations

  • Founder
  • Member
    Weinstein & Riley
29 Total References
Web References
Leavengood & Nash, P.A. | Bankruptcy Florida, Bankruptcy Florida Lawyer, Florida Criminal Defense, Criminal Defense Attorney Florida, Florida Criminal Defense Lawyer, Attorney Tampa, Florida Divorce, Lawyer Tampa, Debt Consolidation Florida, Florida Forec, 24 Dec 2011 [cached]
"What you are highlighting is a significant abuse in the industry," acknowledges William Weinstein, a former chief executive of B-Line and a pioneer in the debt-buying business.
Speaking generally and not about his former company, he confirms that some lenders and debt buyers simply hound consumers to pay debts that have been canceled, while others refrain from informing consumer credit bureaus when debts are eliminated. "The failure to accurately update credit reporting has allowed unscrupulous activity to prosper," says Weinstein. He left B-Line last year after it was purchased by Lone Star for an undisclosed sum, a departure marked by now-settled litigation between Weinstein and his former company. B-Line's current president, Rui Pinto-Cardoso, says the firm doesn't engage in the practices Weinstein describes.
B-Line's former CEO, Weinstein, who started the company in 1997, takes credit for helping build the market for Chapter 7 debt. Even debt initially designated as discharged can bring legitimate returns, he says. In some cases, bankruptcy courts discover that Chapter 7 debtors have additional assets, which are then divided among creditors. Other Chapter 7 cases are moved to Chapter 13 or dismissed altogether, making debts potentially collectible. In a tiny fraction of cases, people repay discharged debts out of a sense of moral duty.
Increased competition recently in the bankruptcy-paper market has driven up the price of discharged debt—from 1/20th of a cent on the dollar to 3/20ths, or higher—and that has helped spur more aggressive collection tactics, Weinstein says. He says he hasn't participated in any improper conduct.
B-Line Acquired by Lone Star Funds: Financial News - Yahoo! Finance, 20 Sept 2006 [cached]
Lone Star acquired 100 percent of B-Line's equity from Golden Gate Capital, which acquired its stake in the company in 2003, B-Line's founder Bill Weinstein, who will be leaving the company, and other minority investors.
In the News - Frederick Schulman & Associates, 22 April 2012 [cached]
The cards, born a decade ago, are gaining new momentum as debt-collection firms look for new ways to collect, said William Weinstein, chief executive of Weinstein & Riley, a Seattle debt collector.
William Weinstein, chief executive of Weinstein & Riley, a debt-collection company in Seattle, said he proceeds carefully when buying bankruptcy-related debt because some firms "aggressively pursue payments in violation of the law."
Law Seminars International conference on Commercial Real Estate Leases, 6 Dec 2006 [cached]
William S. Weinstein, Esq.Weinstein & Riley, P.S. / Seattle, WA
William S. Weinstein, founding director of Weinstein & Riley, P.S., one of the largest national law firms focusing on the representation of creditors in bankruptcy, has lectured extensively on creditors rights and bankruptcy.
William Weinstein, former ..., 22 May 2007 [cached]
William Weinstein, former president of bankrupt debt buyer B-Line LLC. which he sold to a hedge fund last year, has launched a new debt-purchasing business.
Ophyrs LLC. - ophyrs is a kind of orchid - is based in Seattle, and it purchases and services most asset classes of debt, including medical.
"Our business concept is to emphasize asset classes that are not easy to access," says Weinstein."Our emphasis is on asset classes that require more legal intervention, not less."
Weinstein says the still-young medical debt market is beginning to mature.
"The trend we're seeing in both the medical [debt market], and, more generally, is much more sophisticated parties, who are better financed and much more sophisticated in their operations, and, most importantly, have a legal understanding of credit and collections," he says.
There's more activity in the medical market in the last year, he notes."There's more paper available, and more parties are selling and more parties are buying."
But increased activity hasn't yet translated into increased prices."It's still very much a developing market," he says."The market at this point so nascent, we haven't seen any significant increase in pricing."
Weinstein is also a member in Weinstein & Riley P.S., a law firm that can collect debt in all 50 states, he says.
"Sellers of medical debt have concerns about legal issues; a legal understanding is very significant," he says.
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