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
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