ASTA FUNDING, INC. (NASDAQ:ASFI) Files An 8-K Entry into a Material Definitive Agreement
Item1.01 Entry into a Material Definitive Agreement.
On April 28, 2017, CBC Settlement Funding, LLC (CBC Settlement
Funding), a 100% owned subsidiary of Asta Funding, Inc. (Asta),
entered into the Assignment Agreement (the Assignment Agreement)
by and among CBC Settlement Funding and an unrelated third party
(Assignee). The Assignment Agreement provided for the sale to the
Assignee of rights to ownership of certain receivables payments
and the right to direct payment of future receivables payments,
for a purchase price of $7,722,404.83. Asta expects to incur a
realized loss from the sale in the range of $5 million to $6
million.
The foregoing is a summary description of certain items of the
Assignment Agreement. It is qualified in its entirety by the text
of the Assignment Agreement attached as Exhibit 10.1 to this
current report on Form 8-K and incorporated herein by reference.
Item9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
10.1 |
|
Assignment Agreementdated April 28, 2017 |
About ASTA FUNDING, INC. (NASDAQ:ASFI)
Asta Funding, Inc. is primarily engaged in the businesses of acquiring, managing, servicing and recovering on portfolios of consumer receivables. The Company operates through four segments: Consumer Receivables, Personal Injury Claims, Structured Settlements and GAR Disability Advocates. The Consumer receivables segment is engaged in purchasing, managing for its own account and servicing distressed consumer receivables, including charged off receivables, semi-performing receivables and performing receivables. The Personal injury claims segment includes the operations of its subsidiary, Pegasus Funding, LLC. The Structured settlements segment includes the operations of CBC Settlement Funding, LLC (CBC). The GAR Disability Advocates segment includes the operations of GAR Disability Advocates, LLC (GAR Disability Advocates). GAR Disability Advocates is a social security benefit and disability advocacy group. ASTA FUNDING, INC. (NASDAQ:ASFI) Recent Trading Information
ASTA FUNDING, INC. (NASDAQ:ASFI) closed its last trading session up +0.05 at 6.80 with 41,204 shares trading hands.
