SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE l3D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
ASTA FUNDING, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
0462220109
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(CUSIP Number)
with a copy to:
Mitchell Herman John D. Schupper
Asta Funding, Inc. Lowenstein Sandler PC
Englewood Cliffs, New Jersey 07632 65 Livingston Avenue
(201) 567-5648 Roseland, New Jersey 07068
(973) 597-2500
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(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
December 31, 1998
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule l3G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), (f) or (g), check the following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule l3d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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<PAGE>
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CUSIP NO. 0462220109
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1) Names of Reporting Persons I.R.S. Identification Nos. of Above Persons
(entities only):
Gary Stern
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2) Check the Appropriate Box if a Member of a Group (See Instructions):
(a)
(b)
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3) SEC Use Only
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4) Source of Funds (See Instructions):PF
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e):
Not Applicable
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6) Citizenship or Place of Organization: USA
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Number of 7) Sole Voting Power: 1,340,916*
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Shares Beneficially 8) Shared Voting Power: 0
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Owned by
Each Reporting 9) Sole Dispositive Power: 1,340,916*
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Person With: 10) Shared Dispositive Power: 0
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11) Aggregate Amount Beneficially Owned by Each Reporting Person:
1,340,916*
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions):
Not Applicable
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13) Percent of Class Represented by Amount in Row (11):
34.0%
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14) Type of Reporting Person (See Instructions): IN
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* Includes: (i) 20,000 shares issuable upon exercise of options; (ii) 133,606
shares owned by Asta Group, Incorporated, which represents Mr. Stern's
proportionate equity interest in the shares owned by Asta Group,
Incorporated; and (iii) 173,720 shares beneficially owned by Mr. Stern's
two minor children over which Mr. Stern has voting and dispositive power.
<PAGE>
Item 1. Security and Issuer.
This statement relates to the Common Stock, par value $.01 per share,
of Asta Funding, Inc. ("Shares"). The issuer has its principal executive offices
located at 210 Sylvan Avenue, Englewood Cliffs, New Jersey 07632.
Item 2. Identity and Background.
(a) Gary Stern
(b) 210 Sylvan Avenue, Englewood Cliffs, New Jersey 07632
(c) Chief Executive Officer, Asta Funding, Inc., 210 Sylvan
Avenue, Englewood Cliffs, New Jersey 07632
(d) Criminal convictions: None
(e) Civil proceedings: None
(f) USA
Item 3. Source and Amount of Funds or Other Consideration.
All funds used by Gary Stern to purchase Shares were derived from his
personal funds.
Item 4. Purpose of Transaction.
The acquisition of the Shares by the reporting person is for
investment purposes. The reporting person has no present plans or intentions
which would result in any of the transactions required to be described in Item 4
of Schedule 13D. See Item 6 for further details.
<PAGE>
Item 5. Interest in Securities of the Issuer.
Based upon the information contained in the Annual Report on Form
10KSB for the period ending September 30, 1998, there are issued and outstanding
3,945,000 Shares. The reporting person beneficially owns 1,340,916 Shares or
34.0% of the Shares. The reporting person has sole power to vote or direct the
vote and sole power to dispose or direct the disposition of the 1,340,916
Shares. The following table details the transactions by the reporting persons or
entities controlled by the reporting person in the Shares in the past sixty (60)
days:
Asta Group, Incorporated
Date Quantity Price Transaction Type
12/27/98 30,000 $1.06 Open Mkt. Purchase
12/29/98 65,000 $1.00 Open Mkt. Purchase
1/6/99 34,000 $0.90 Open Mkt. Purchase
Neither the reporting person nor any entity controlled by the
reporting person has traded Shares in the past sixty (60) days.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Mr. Gary Stern is a director and the chief executive officer and
president of Asta Funding, Inc.
Item 7. Material to be filed as Exhibits.
Not Applicable.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the undersigned's
knowledge and belief, the undersigned hereby certifies that the information set
forth in this statement is true, complete and correct.
January 20, 1999
/s/ Gary Stern
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Gary Stern
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C.1001).
