Key Developments: Asta Funding Inc (ASFI.O)
9.24USD
12:54pm EDT
$-0.03 (-0.32%)
$9.27
$9.25
$9.26
$9.11
4,673
24,554
$10.49
$7.95
Latest Key Developments (Source: Significant Developments)
The Law Firm of Levi & Korsinsky, LLP Launches An Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Directors Of Asta Funding Inc
Levi & Korsinsky, LLP announced that it is investigating Asta Funding Inc and its Board of Directors, in connection with possible claims of breaches of fiduciary duty. Full Article
Asta Funding Inc Approves Dividend
Asta Funding Inc Announced that the Board of Directors has approved the payment of the 2013 annual dividend totaling $0.08 per share, payable to shareholders of record on December 24, 2012 and payable on December 31, 2012. Full Article
Asta Funding Inc Announces Quarterly Cash Dividend of $0.02 Per Share
Asta Funding Inc announced that consistent with previous quarters, declared a quarterly cash dividend of $0.02 per share. The dividend is payable November 1, 2012 to stockholders of record at the close of business September 21, 2012. Full Article
Asta Funding Inc Adopts Shareholder Rights Plan
Asta Funding Inc announced that pursuant to its shareholder rights plan the Company has issued one preferred share purchase right for each of the Company's common stock held by shareholders of record as of the close of business on September 3, 2012. Each Right will entitle the holder to purchase one one-thousandth of a share of Series A Preferred Stock that will be established by the Company, at an exercise price of $45.00 for one-thousandth of a preferred share. The preferred shares will be structured so that the value of one one-thousandth of a preferred share will approximate the value of one share of the Company's common stock. Full Article
Asta Funding, Inc. Announces Quarterly Cash Dividend Of $0.02 Per Share
Asta Funding, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.02 per share. The dividend is payable August 1, 2012 to stockholders of record at the close of business June 22, 2012. Full Article
Asta Funding, Inc. Forms New Joint Venture Company With Point Divorce Funding, LLC
Asta Funding, Inc. announced the formation of BP Case Management, LLC a joint venture with California-based Balance Point Divorce Funding, LLC. The Venture will provide non-recourse funding to a spouse in a matrimonial action. Such funds can be used for legal fees, costs and necessary living expenses. The Venture receives an agreed percentage of the proceeds received by such spouse upon final resolution of the case. Balance Point's profits and losses will be distributed 60% to the Company and 40% to Balance Point Management, after the return of the Company's investment on a case by case basis, and after a 15% preferred return to the Company. The Company's initial investment in the Venture consists of up to a $15 million to fund divorce claims to be fulfilled in three tranches of $5 million. Each investment tranche is contingent upon a minimum 15% cash-on-cash return to the Company. At the Company's option, there could be an additional $35 million investment in divorce claims in tranches of $10 million, $10 million, and $15 million, also with a 15% preferred return and such investments may even exceed a total of $50 million, at the Company's sole option. Should the preferred return be less than 15% on any $5 million tranche, the 60%/40% profit and loss split would be adjusted to reflect the Company's priority to a 15% preferred return. Full Article
Asta Funding, Inc. Announces Quarterly Cash Dividend Of $0.02 Per Share
Asta Funding, Inc. announced that Board of Directors declared a quarterly cash dividend of $0.02 per share. The dividend is payable May 1, 2012 to stockholders of record at the close of business on March 23, 2012. Full Article
Asta Funding, Inc. Announces New Joint Venture In Personal Injury Financing
Asta Funding, Inc. announced the formation of Pegasus Funding, LLC (Pegasus), a joint venture with Manhattan-based Pegasus Legal Funding, LLC (PLF), an established personal injury financing provider. On December 28, 2011, the Company, through a newly-formed subsidiary, ASFI Pegasus Holdings, LLC (APH), executed the Pegasus Operating Agreement with PLF, in which a subsidiary of the Company, Fund Pegasus, LLC, (Fund Pegasus), will loan up to $21.8 million per year to PLF for a term of five years all of which is secured by the assets of Pegasus. These loans will provide financing for the personal injury litigation claims and operating expenses of Pegasus. Pegasus's profits and losses will be distributed at 80% to APH and 20% to PLF. These distributions will be made only after the repayment of Fund Pegasus' principal amount loaned, plus an amount equal to overhead advances calculated at 9% of principal for each case settled. Full Article
Asta Funding, Inc. Announces New $20,000,000 Discretionary Credit Facility
Asta Funding, Inc. announced that it has obtained a new discretionary credit facility of $20 million with Bank Leumi, USA. Full Article
Asta Funding, Inc. Announces Share Repurchase Program
Asta Funding, Inc. announced that its Board of Directors has authorized a share repurchase program for up to $20,000,000 of the Company's common stock. The program calls for the repurchases to be made in open market or in privately negotiated transactions from time to time in compliance with applicable laws, rules, and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to cash requirements for other purposes, and other relevant factors, such as trading price, trading volume and general market and business conditions. All of the repurchases will be funded by the Company's available working capital and the duration of the repurchase program is 12 months, although it may be extended, suspended or discontinued without prior notice. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
