Consumer troubles
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MASTERCARD
Started by
.Blizzard
, Feb 09 2007 04:04 PM
2 replies to this topic
#3
dasein
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- Traders-Talk User
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Posted 10 February 2007 - 05:28 PM
related - looks like less than 5 cents on the dollar for credit card debt:
Asta Funding Inc. (ASFI :ASFI30.33, -1.12, -3.6% )ENGLEWOOD CLIFFS, N.J., Feb. 9 /PRNewswire-FirstCall/ -- Asta Funding, Inc, a leading consumer receivable asset management and liquidation company, today announced that it has signed a definitive agreement to purchase a sizeable portfolio of approximately $6.9 billion in face value for a purchase price of $300 million. The portfolio is made up of predominantly credit card accounts and includes accounts in collection litigation and accounts as to which the sellers have been awarded judgments and other traditional charge-offs. The Company has given the seller, Great Seneca Financial Corp. and related entities, a $60 million deposit and will fund an additional deposit of $15 million on February 16, 2007. The Company also anticipates closing this major portfolio acquisition in 4-6 weeks, at which time management will be prepared to conduct a conference call to discuss the details of this purchase along with its first quarter results for the period ended December 31, 2006. The portfolio is being purchased from several sellers under common ownership with whom Asta enjoys a 20 plus year relationship.
klh
Asta Funding Inc. (ASFI :ASFI30.33, -1.12, -3.6% )ENGLEWOOD CLIFFS, N.J., Feb. 9 /PRNewswire-FirstCall/ -- Asta Funding, Inc, a leading consumer receivable asset management and liquidation company, today announced that it has signed a definitive agreement to purchase a sizeable portfolio of approximately $6.9 billion in face value for a purchase price of $300 million. The portfolio is made up of predominantly credit card accounts and includes accounts in collection litigation and accounts as to which the sellers have been awarded judgments and other traditional charge-offs. The Company has given the seller, Great Seneca Financial Corp. and related entities, a $60 million deposit and will fund an additional deposit of $15 million on February 16, 2007. The Company also anticipates closing this major portfolio acquisition in 4-6 weeks, at which time management will be prepared to conduct a conference call to discuss the details of this purchase along with its first quarter results for the period ended December 31, 2006. The portfolio is being purchased from several sellers under common ownership with whom Asta enjoys a 20 plus year relationship.
klh
best,
klh
klh
