What if the contracts were really just loans to the pensioners (which SICO denies)?

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As for SICO, a phone call to U.S. Pension Funding, a Structured Finance unit in Huntington Beach, Calif.

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Moreover, through clever structuring of contracts and aggressive lawyering, SICO was able to keep most pensioners handing over their checks--until recently.

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The SICO contracts feature other clauses that are likely unenforceable--such as one that prohibits the pensioner from challenging the contract as unenforceable.

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And when pensioners have stopped paying or have sought to have their debt to SICO discharged in bankruptcy, the company has mounted an aggressive legal response.

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