Toronto-based GreenCoinX has formed an Advisory Board to assist in the further development of GreenCoinX, the world’s first identifiable crypto currency. GreenCoinX identifies users and facilitates the collection of user defined optional taxes by worldwide governments.
Asta Funding, Inc. today announced the acquisition of an 80% ownership interest in CBC Settlement Funding, LLC (“CBC”) On December 31, 2013, the Company, through a subsidiary acquired 100% of the ownership of CBC and its affiliate, CBC Management Services, LLC, for approximately $5.9 million. At the closing, the operating principals of CBC, namely William J. Skyrm, Esq. and James Goodman, were issued a 20% interest in CBC (10% to Mr. Skyrm, and 10% to Mr. Goodman). William J. Skyrm, Esq. and James Goodman, have over 30 years combined experience in the structured settlement industry. CBC purchases periodic payments under a structured settlement and annuity from individuals in exchange for a lump sum payment. In addition, the Company, through another subsidiary has agreed to provide financing to CBC of up to $5 million.
NJ-based debt collection Asta Funding reported a third quarter net loss of $79.2 million, compared to net income of $782,000 for the same period in 2008. Third quarter revenues were $16.5 million, compared
to $23.8 million for the year ago quarter. Asta says it recorded $137 million in significant non-cash impairments in the quarter. The Company completed $3.1 million of portfolio acquisitions with a face value of
$149.9 million during the quarter. This compares to $1.0 million of acquisitions with a face value of $47.5 million during the fourth
quarter of last year. The Company expects to generate positive cash flow of approximately $35.0 million to $40 million from its existing portfolio during fiscal year 2010, excluding the Great Seneca portfolio purchased in March 2007. For complete details on Asta Funding’s latest performance visit CardData (www.carddata.com).
Asta Funding reported second calendar quarter revenues of $17.3 million, a 27% decline over the same period in 2008. However, the Company returned to profitability after two quarters of reported losses.
Net income for the quarter was $1.5 million, compared to net income of $2.4 million for the year ago period. The profitability was attributed to prudent actions in cost management and debt reduction. The Company completed $13.8 million of portfolio acquisitions with a face value of $335.6 million during the quarter, compared to $2.7 million of acquisitions during the first six months of fiscal year 2009. Net cash collections of consumer receivables acquired for liquidation, including
net cash collections represented by account sales decreased 23% to $37.6 million for the quarter, but increased slightly over the prior quarter’s
$36.9 million. For complete details on Asta Funding’s latest performance visit CardData (www.carddata.com).
Travel agents are flying off the handle over a pilot program launched by United Airlines to require them to process their own credit card payments. United Airlines informed a limited number of travel agencies that, effective July 20th, they would “no longer have continued access to United’s credit card merchant agreements.” If the agent continues to use United’s merchant facilities then a $75 fee would be assessed for each transaction. ASTA listed off six reasons why the new policy is headed for a mid-air collision: 1. About two thirds of travel agentsâ access to merchant services is limited to the “ARC TASF” program, which is designed to process service fees, not airline tickets; 2. United is requiring these agents to absorb Unitedâs cost of doing business; 3. United will save no credit costs if the result of the policy is that consumers, or agents on behalf of consumers, book on credit cards at United.com; 4. travel agents have been given insufficient time to prepare their systems and procedures to accommodate a process change of this magnitude; 5. Travel agentsâ cost of doing business will increase well beyond the agent absorbing the credit card merchant fees that United will avoid; 6. Consumers will be disadvantaged as costs shifted from United to travel agents will ultimately be borne by consumers in the form of higher service fees on top of the existing fare level.
Asta Funding reported a net loss of $7.8 million for the fourth
quarter, compared to net income of $13.3 million for the year ago
quarter. Finance income was $18.4 million for the quarter, down 46% from
the prior year. The Company noted that collections have slowed and the
environment for collections remains challenging. Asta says it has taken
the necessary steps to lower its debt levels as well as maintaining the
ability to purchase new portfolios as the opportunities arise and also pricing has recently become more attractive. For more details on Asta Funding’s fourth quarter performance visit CardData ([www.carddata.com](http://www.carddata.com)).
Asset recovery manager Asta Funding has reached an agreement with its
lenders and amended terms of their banking arrangements and will close
its PA-based call center. The Company expects to file its Annual Report
on Form 10-K for the fiscal year ended September 30, 2008 on February
with the Report on Form 10-Q for the quarter ended December 31, 2008 to
follow shortly thereafter. Upon filing the Report on Form 10-Q the
Company will be up to date with its filing requirements with the
Securities & Exchange Commission. Total debt levels as of February 18,
2009 were approximately $170
million consisting of approximately $54 million due to its consortium of
banks under its revolving line of credit, and
approximately $116 million due to the Bank of Montreal for its facility
to finance Palisades XVI. This compares to debt at September 30, 2008 of
$213 million consisting of $84 million due on the Credit Agreement and
$129 million due to the Bank of Montreal. Total debt on December 31,
2007 was approximately $325 million. With the impending call center
closing, Asta has begun the process of moving
all accounts to its headquarters in New Jersey and could realize an
annual savings of approximately $1.5 million. The Company will recognize
a one-time charge of approximately $250,000 in the fiscal second quarter
relating to this closure. In addition, we anticipate, impairments of
approximately $21.4 million offsetting income in the first quarter of
fiscal year 2009.
NJ-based consumer debt collector Asta Funding confirms it has received a delisting warning from Nasdaq due to non-filing of its “10-K Annual Report” for the year ending September 30th. The Nasdaq letter indicated that Asta has until March 6th to submit a plan to regain compliance. The Company says it expects to resolve the issues with its lenders and to file its Form 10-K within the next two weeks. Last month the firm announced it was cutting its dividend in half. Asta Funding’s last earnings report, covering the second quarter, showed a decrease of 39% in quarterly finance income compared to the year ago quarter. Net income also fell from $15.3 million for 2Q/07 to $2.4 million. Earlier this week, VeriFone confirmed it has delayed the release of its “10-K Annual Report” for the fiscal year ended October 31st. The Company expects the report to be out by January 14th. Also, Hypercom confirmed it received a notice of non-compliance from the NYSE after its stock fell to an average closing price of less than $1.00 per share during a consecutive 30-trading-day period. (CF Library 8/12/08; 1/5/09; 1/6/09)
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NJ-based consumer receivable asset management and liquidation
specialist Asta Funding posted a decrease of 39% in quarterly finance
income compared to the year ago quarter. Net income also fell from $15.3
million for 2Q/07 to $2.4 million. The Company also noted that it has
been very conservative with regards to new purchases, investing only
$7.6 million for $289.2 million of face value of charged-off consumer
receivables during the quarter. Net cash collections from consumer
receivables acquired for liquidation and net cash collections
represented by account sales, totaled $49.0 million for the quarter,
versus $73.0 million for the same period a year ago. For complete
details on Asta Funding’s latest results visit CardData ([www.carddata.com](http://www.carddata.com)).
NJ-based collection specialist Asta Funding reported that revenues for the first quarter were up 4% to $33.9 million. The Company reported a net loss for the quarter of $7.7 million, compared to net income of $12.6 million for 1Q/07. Asta says with regard to its large portfolio purchase, consummated a little over a year ago, its actual collections were slower than its original expectations and it incurred a significant impairment of approximately $30.3 million. This is a result of a variety of factors, including the effects of the economic downturn. Net cash collections from collection of consumer receivables acquired for liquidation was $44.9 million for the second quarter, versus $62.2 million in the prior year’s quarter. Net cash collections from collection of consumer receivables acquired for liquidation was $95.0 million for the six months ended March 31st, compared to $104.1 million in the prior year’s period. Net cash collections represented by account sales of consumer receivables acquired for liquidation was $4.9 million or 9.8% of net cash collections in the quarter, compared to 18.3% in the second quarter of fiscal 2007. For complete details on Asta’s latest results visit CardData (www.carddata.com).
NJ-based Asta Funding reported fourth quarter revenues of $34.2 million, a 33.4% increase compared to 4Q/06. The Company says its cash collections slowed during the quarter due to a challenging economic environment. Net cash collections from consumer receivables acquired for liquidation was $50.1 million for the first quarter, up 19.6% from $41.9 million in the prior year’s quarter. Cash collections represented by account sales were $7.8 million for the first quarter, or 13.5% of net cash collections in the quarter, down from $17.1 million (or 29.0% of net cash collections) in the first quarter of fiscal 2007. Total collections were $57.9 million for the first quarter, down from $59.0 million in the first quarter of fiscal 2007. For complete details on Asta Fundings’ latest results visit CardData (www.carddata.com).