SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 30, 1999
ASTA FUNDING, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-26906 22-3388607
(Commission File Number) (IRS Employer Identification No.)
210 Sylvan Avenue, Englewood Cliffs, New Jersey 07632
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 201-567-5648
Not Applicable
(Former name of former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
On March 30, 1999, three wholly owned subsidiaries of Asta Funding,
Inc. (the "Registrant") purchased approximately $1.35 billion of charged-off
credit card receivables from the following four banks: First USA Bank, Chevy
Chase Bank, Bank One Corporation and FCC National Bank. The purchase price for
the receivalbes was made available to the Registrant's subsidiaries from four
lenders: Greenwich Capital Financial Products, Inc., Rosenthal & Rosenthal,
Inc., Sterling Financial Services Company and Asta Group, Incorporated. Asta
Group, Incorporated is an affiliate of the Registrant.
Item 7. Financial Statements and Exhibits.
Exhibit 99.1 Press Release dated March 31, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ASTA FUNDING, INC.
/s/ Gary Stern
Gary Stern, President
Dated: April 2, 1999
<PAGE>
EXHIBIT INDEX
Exhibit No. 99.1 Press Release dated March 31, 1999.
Exhibit 99.1
Wednesday March 31, 10:45 am Eastern Time
Company Press Release
Asta Funding Purchases $1.35 Billion in Charged-Off Credit Card Receivables
Representing One of the Larger Bulk Purchases in Recent History
ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--March 31, 1999-- ASTA FUNDING, INC.
(NASDAQ:ASFI), an emerging leader in the distressed consumer receivables market,
today announced the purchase of approximately $1.35 billion of charged-off
credit card receivables from a major financial institution. The purchase was
made through the newly formed subsidiaries: Asta Funding Acquisition I, II and
III LLC. Details of the purchase price were not disclosed.
Gary Stern, President and CEO of Asta Funding, stated, "I am extremely
enthused about this significant acquisition of receivables, which represents one
of the larger bulk purchases of charged-off credit card receivables in recent
history. Asta will continue its aggressive expansion into the billion dollar
distressed receivable market which, we believe, will ultimately garner long-term
shareholder value."
Englewood Cliffs-based Asta Funding, Inc. and subsidiaries own and
manage distressed consumer receivables and originate sub-prime automobile loans.
Except for historical information contained herein, the matters set
forth in this news release are forward-looking statements. Although, Asta
Funding, Inc. believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, there can be no assurance that
expectations can be realized. Forward-looking statements involve certain risks
and uncertainties that could cause actual results to differ materially from Asta
Funding Inc.'s expectations. Factors that could contribute to such differences
include those identified in Asta Funding, Inc.'s most recent Registration
Statement on From S-1, its form 10KSB for the year ended September 30, 1998 and
the 10-Q for the quarter ended December 31, 1998, and those described from time
to time in Asta Funding Inc.'s other filings with the Securities and Exchange
Commission, news releases and other communications.
Contact:
ASTA Funding, Inc., Englewood Cliffs
Mitchell Herman, 201/567-5648
[email protected]