Key Developments For Asta Funding, Inc.
Asta Funding, Inc. (ASFI.O) (Nasdaq)
Asta Funding, Inc. Announces Appointment Of Gary Stern As Chairman-Form 8-K
Asta Funding, Inc. announced in its Form 8-K that Arthur Stern, 2009 has stepped down as an employee of the Company, although he will continue to serve on the Board, with the title Chairman Emeritus and to consult for a combined annual Directors. Gary Stern, President and Chief Executive Officer of the Company, is assuming the additional role of Chairman of the Board.
Asta Funding, Inc. Appoints Robert J. Michel As New CFO-Form 8-K
Asta Funding, Inc. announced in its Form 8-K that Mitchell Cohen, its Chief Financial Officer, will be leaving the Company to relocate and take another position. Mr. Cohen will be replaced as Chief Financial Officer (CFO) by Robert J. Michel, CPA.
Asta Funding, Inc. Announces Reduction of Quarterly Dividend
Asta Funding, Inc. announced that the Board of Directors have approved a quarterly dividend of $0.02 per share, down from $0.04 in prior quarters. The record date for this dividend is December 29, 2008 and the payable date will be February 1, 2009. The Board will continue to monitor its dividend policy on a quarterly basis.
Stern Family Establishes $8.2 Million Subordinated Loan To Asta Funding, Inc
Asta Group Inc., a shareholder of Asta Funding, Inc., beneficially owned and controlled by Arthur Stern, the Chairman of the Board of Asta Funding, Gary Stern, the Chief Executive Officer of the Company, and members of their families, announced that they have agreed, on an unsecured basis, to advance approximately $8.2 million to the Company. Proceeds of the loan will further collateralize or pay down the Company's revolving line of credit with its consortium of banks. The loan would pay interest-only at the rate of 6.25% per annum and repaid in full at the maturity date of January 9, 2010.
Asta Funding, Inc. Completes Purchase of $6.9 Billion Portfolio
Asta Funding, Inc. announced that Palisades Acquisition XVI, LLC, its indirect wholly owned subsidiary, has closed on its definitive agreement to purchase a portfolio of approximately $6.9 billion in face value receivables for a purchase price of $300.
