Financial Recovery Services Blog

Cost-Saving Programs & Refund Filing Services

Thursday, March 26, 2009

The programs Financial Recovery Services (FRS) offers and the relationships established with our clients, are focussed on keeping them informed about opportunities that save time, money and increase cash flow to their bottom line. We notify our clients and assist them to file for refunds from the telephone excise tax refund (TETR) to antitrust class action settlements. We monitor these opportunities on an ongoing basis from inception to settlement disbursement, with our research department and General Counsel from Merck & Co. overseeing the process throughout.

In addition to notifying businesses about refund opportunities, we offer cost-saving programs that are often overlooked, with partners that are the best in their industry. Our free consultation to discuss and identify these opportunities is what we call our “Partnership for Success” philosophy. Telecom as well as energy management and procurement services are just a few of the programs we offer through our strategic partners. There is no up-front charge for our service as we usually work on a contingent fee basis with these programs or get paid directly from our partner so it makes the decision to work with FRS easy. Please visit our website at, www.frsvs.com and call your FRS representative today, at 201-853-0300 to discuss these programs and services.

“Time is Money” Benjamin Franklin

Endosurgical Settlement

Tuesday, March 17, 2009

Endosurgical Settlement Immediate Notice: We are actively assisting the health care industry with another antitrust settlement refund. If you are not already aware of it, it’s called the “Endosurgical Settlement”. It is a settlement fund with 13 Million dollars for facilities that purchased either directly or indirectly, Endosurgical Products from J&J or Ethicon, between December 19th, 2001 and October 20th, 2008. The filing deadline is quickly approaching and needs to be submitted on or before April 20th, 2009. Please speak to your FRS representative by calling 201-853-0300 to move forward, get filed, and obtain your refund. Thank you in advance for your business.

TAQ Settlement Update

Now that you have made your decision to partner with Financial Recovery Services, we want to say “Thank you,” and let you know how much we appreciate your business.

TAQ Update: We know the most important way to do that is through constant communication, keeping you up-to-date throughout the process and informed with the latest information about your case. Regarding the TAQ (Thermus aquaticus) settlement, we have done our due-diligence and filed the necessary documentation to obtain your company’s refund. As soon as we have more information we will be in touch with you immediately. If you have any questions please visit our website at, www.frsvs.com for updates or call your FRS representative.

Thank you again for your business and we look forward to a prosperous future together.

All our best!

7 vs. 30 Days From Settlement Disbursement

Wednesday, March 4, 2009

It is Financial Recovery Services policy, that the class action settlement refunds we obtain on behalf of our clients, will be delivered to them within thirty days or less from settlement disbursement. We know this is the only way to do business, so that is why we built this into our agreement from the beginning. We call it our "Partnership for Success" philosophy. This means our clients will never have to call and ask for their refunds after it has been disbursed. We appreciate the business, understand that it is the client who has been affected, and therefore deserve this respect and should receive the refund within thirty days of disbursement.

We recently heard a story about a customer being lured by a competitor who was saying, "They will get the refund to the client within seven days of settlement disbursement," after they heard about our thirty day policy. It was a good attempt but unrealistic and anyone in business knows that it is going to take longer than that.

If you have been around the block at least once, we all know when a check is sent regular mail, it takes usually three to five days to get just about anywhere in the United States. Then it needs to be processed by the company who is handling the claim which will take at least one or two more days. Then it gets deposited and needs another few days to clear the bank. That is at least seven to ten business days right there not including the weekend. Then the check is sent out again, usually regular mail, not priority overnight, and received by the customer. In any case this process is going to take at least ten to fifteen business days or approximately three weeks.

The reality is that it takes time to do things right and make sure that all the i's are dotted and the t's are crossed. I am not saying it is impossible to do this in seven days, but all the stars would have to align and in mass it would be an unrealistic expectation. I doubt anyone out there who, as I said earlier, been around the block at least once, would make a decision about which company will handle the refund filing process for their company based upon receiving their refund with seven days of disbursement. Fast usually doesn't mean everything is going to get done right.

Thank you all for working with FRS and we look forward to obtaining your refunds and sending them to you within thirty days or less from settlement disbursement. All our best!

Pave The Way Foundation

Monday, March 2, 2009

We recently added a link on our website to Pave The Way Foundation (PTWF). Gary Krupp who is the President and founder of PTWF is the uncle of Financial Recovery Services, managing partner, Michael Epstein. It must run in the family that Gary Krupp and nephew Michael Epstein both strive to make a difference in the world.

Gary started his foundation after being knighted July 29, 2000 by Pope John Paul II for saving a Vatican hospital in Italy millions of dollars over a 20 year period. He took his new title and now uses it to change the way the world views each others religious beliefs. Their slogan is, "Embrace the Similarities Savor the Difference." Gary constantly bridges the gaps between the major religions in the world, striving for religious acceptance and peaceful coexistance. Recently Gary Krupp and his brother-in-law Harry Epstein, through a friend of Harry's, Frank Hanna III, bought and donated to the Vatican the Bodmer Papyrus, which is the oldest written version of the Gospels of St. John and St. Luke and contains the oldest written version of the Lord's Prayer which was written sometime between 175 and 225 AD.

Michael in a different stage of his life, and career, strives to make a difference and helps businesses get refunds back from the IRS for the telephone excise tax refund. It is a 5 billion dollar fund set aside for companies that only 6 percent of businesses took advantage of. He also tries to help businesses obtain thier refunds from antitrust class action settlements. Then Michael, and his partners at FRS, introduce new services that save their clients even more money. In todays world and economy, Michael is trying to make a difference and help his clients by obtianing their refunds and getting it to their bottom line as quickly as possible.

Although Pave The Way Foundation and Gary Krupp's impact on the world is on a larger scale, he and nephew Michael are both doing what they love and trying to make a difference.

Telephone Excise Tax Refund (TETR)

The flurry of activity must be a sign of the times for the long forgotten about telephone excise tax refund (TETR). It seems that before the New Year, Financial Recovery Services (FRS) was pursuing businesses to convince them to file for their federal excise tax refund. Now they seem convinced and are reaching out to us for assistance.

We have to say "Thank You," because even our clients are referring other businesses and C level relationships to us. We are being asked how we can help them get their refund. The FRS streamlined processes make it an easy decision to work with us because it saves our clients valuable time and recovers a substantial refund. With all the layoffs, everyone wearing multiple hats and internal department resources being spread as thin as they are, we help facilitate and manage the refund process.

Our partner and CPA Michael Mallon, who is a seasoned ex-Ernst & Young auditor, is now busier than ever keeping up with the flow of amended returns he is preparing. It's a good thing in today’s economy to be helping our clients obtain their refunds for a modest amount of time invested on their part. We are happy they are prepared to take the necessary steps and work with us. Even some of our clients who have already filed using the estimated method are now re-visiting the TETR opportunity and re-filing with us via the actual method.

There has definitely been a paradigm shift and the mindset of businesses today is now saying, "We can't afford to leave any money on the table."

Taq Settlement

Sunday, March 1, 2009

Financial Recovery Services was successful and helped many businesses file for their refunds from the Taq (Thermus Aquaticus) antitrust settlement. The claim filing deadline was Friday, February 27th, 2009. It has now come and gone and unfortunately some eligible class members missed out and didn't get filed at all.

In the economy today, you would think that every eligible class member that could file for a refund from a class action settlement would jump on getting money back for free. Believe it or not they don’t and we still had a lot of convincing to do. We tried to help as many businesses as we could, and usually prevailed but unfortunately some just refused to file for their refund. It doesn’t make sense, and no one will know how many class members filed until the end, but typically only 20-30% file on time and obtain their refunds. The rest leave their money in the settlement fund to be distributed pro rata.

We will keep you all up-to-date throughout the coming weeks as the process continues and will be reaching out to some of you again about more additional settlements and refunds.

We made some new friends along the way, and want to thank a great laboratory director that educated us about Taq when we first got started, and a very special procurement specialist in NY State for being a FRS advocate. We also want to say, "thank you" to everyone who signed our agreements and to the purchasing departments who worked with us. Your business, confidence, loyalty and trust are greatly appreciated. It's a "partnership for success" which is why we are in the recovery field and what keeps us going everyday. We look forward to obtaining your refunds and working with you again soon.

All our best!