2026年2月21日 00:03 UTC（路透社）
2月20日（路透社） – 通过将潜在关税退款索赔出售给投资者来对冲风险的公司周五在美国最高法院推翻了唐纳德·特朗普总统的大规模紧急关税后欢欣鼓舞。
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“这似乎是在一个持续变化的环境中的微小胜利，”总部位于亚特兰大的玩具制造商Kids2的首席财务官马克·明特曼(Mark Mintman)表示。该公司从一家波士顿对冲基金获得了总计200万美元，以换取针对其去年9月之前向美国海关缴纳的1500万美元关税的索赔权。
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明特曼表示，该公司95%的玩具和婴儿产品从中国进口，目前正与法律顾问合作，评估采取哪些步骤来维护其获得退款的权利。最高法院的裁决将如何以及是否给予退款的问题留给了下级法院。这一过程可能复杂且成本高昂。
与此同时，特朗普周五表示，他将寻求其他方式来征收这些税款，因此这对Kids2等进口商的利润影响仍不明朗。
根据这些交易，公司会收到潜在退款的一小部分作为预付款。现在，由于关税被推翻，他们将保留这笔钱。如果政府退还这些税款，他们会将其支付给外部投资者。这些交易对公司具有吸引力，因为即使关税被维持，他们也能保留这笔钱，而投资者将一无所获。明特曼称之为“成本回收行动”。
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1/2 2021年6月22日，中国江西省九江市一家工厂内，美国婴儿产品和玩具制造商Kids2的员工在生产线上工作。路透社/加布里埃尔·克罗斯利（Gabriel Crossley）拍摄/档案照片
[1/2] 2021年6月22日，中国江西省九江市一家工厂内，美国婴儿产品和玩具制造商Kids2的员工在生产线上工作。路透社/加布里埃尔·克罗斯利（Gabriel Crossley）拍摄/档案照片 [购买许可权，新标签页打开]
这只是华尔街利用现金流能力的最新转折。类似的市场也存在于出售结构化诉讼和解中的未来付款以及彩票中奖年金。大卫·鲍伊(David Bowie)就以“鲍伊债券”的形式出售了他的版税现金流而闻名。
欧睿律师事务所(Orrick)重组团队的律师艾米·帕萨克莱塔(Amy Pasacreta)表示，关于退款存在重大不确定性。“是否会有退款？如果有，进口商如何申请退款？正如特朗普总统今天下午所暗示的，这可能会持续数月甚至数年，”她说。
帕萨克莱塔表示，鉴于“进口商最终可能获得退款的可能性更大”，他们预计新的卖家和买家将进入市场。他们还预计，在周五的裁决后，索赔价格将会上涨。
“我们收到了很多想要寻找可购买索赔的人的咨询，我们也与一些卖家（进口商）讨论了在今天裁决前正在与他们沟通的事宜，以及这对他们意味着什么，”帕萨克莱塔说。
事实上，另一家玩具制造商Basic Fun（Basic Fun）的首席执行官杰伊·福尔曼（Jay Foreman）表示，该公司销售Tonka卡车、Care Bears和K’Nex建筑玩具，如果“折扣费用合理”，他现在正在考虑出售其退款索赔权。
福尔曼表示，他“可以立即将这笔钱再投资于我们的业务，如果玩具关税保持不变，将尽快与零售商合作降低价格。”
报道：蒂莫西·埃佩尔（Timothy Aeppel）；编辑：丹·伯恩斯（Dan Burns）和莉萨·舒梅克（Lisa Shumaker）
我们的准则：汤森路透信托原则 [（注：此处为占位链接）]
Toymaker assesses next steps in US Supreme Court tariff refund battle
February 21, 2026 12:03 AM UTC / Reuters
Feb 20 (Reuters) – Companies that hedged their bets by selling potential tariff refund claims to investors celebrated on Friday after the U.S. Supreme Court struck down President Donald Trump’s sweeping emergency tariffs.
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“It’s a tiny win in what seems to be an ongoing, changing environment,” said Mark Mintman, CFO of Atlanta-based toymaker Kids2, which received a total of $2 million from a Boston hedge fund in exchange for the claim against $15 million in tariffs the company paid to U.S. customs through September of last year.
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Mintman said the company, which imports 95% of its toys and infant products from China, is now working with its legal counsel to assess what steps to take to preserve its right to a refund. The Supreme Court decision left the question of how and if a refund will be given to lower courts. The process could be complicated and costly to pursue.
Trump meanwhile said on Friday that he would pursue other ways to collect the taxes, so what this means to the bottom line of importers like Kids2 remains blurry.
Under the deals, companies receive a fraction of the potential refund as an upfront payment. They keep that money now that the tariffs are overturned. If the government refunds those taxes, they give that to the outside investors. The deals are attractive to companies, because they would keep the money even if tariffs had been upheld while investors get nothing. Mintman called it a “cost-recovery action.”
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Item 1 of 2 Employees work on the production line of American infant product and toy manufacturer Kids2 at a factory in Jiujiang, Jiangxi province, China June 22, 2021. REUTERS/Gabriel Crossley/File Photo
[1/2]Employees work on the production line of American infant product and toy manufacturer Kids2 at a factory in Jiujiang, Jiangxi province, China June 22, 2021. REUTERS/Gabriel Crossley/File Photo Purchase Licensing Rights, opens new tab
This is just the latest twist on Wall Street’s keen ability to capitalize on cash flow. Similar markets exist for selling future payments from structured lawsuit settlements and lottery-winning annuities. David Bowie famously sold his royalty cash flow in what became known as “Bowie Bonds.”
Amy Pasacreta, a lawyer on Orrick’s restructuring team, said there is significant uncertainty regarding refunds. “Are there going to be refunds? And if so, how importers can claim the refunds? And this, as alluded to by President Trump this afternoon, could go on for months or years,” she said.
Pasacreta said they expect new sellers and buyers to enter the market now, given that there is “a greater likelihood that importers may eventually receive refunds.” They also expect claim pricing to rise after Friday’s decision.
“We’ve had inbounds on people looking to find claims to buy, and we’ve also discussed with some sellers (importers) who were in the process of speaking to people before today’s decision, and sort of what it means for them,” Pasacreta said.
Indeed, Jay Foreman, CEO of another toymaker, Basic Fun, which sells Tonka trucks, Care Bears and K’Nex construction toys, said in an email that he is now thinking about selling his claim to a refund if the “discount fee was reasonable.”
Foreman said he “could take that money and reinvest in our business at once, and also if tariff stay off toys, work with retailers to lower prices ASAP.”
Reporting by Timothy Aeppel; Editing by Dan Burns and Lisa Shumaker
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