Author Topic: ASFI - Asta Funding  (Read 17514 times)

writser

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Re: ASFI - Asta Funding
« Reply #20 on: October 03, 2018, 01:28:06 AM »
78.6m of the liabilities in the June 30, 2017 quarterly were listed as 'related to discontinued operations' (as were 93.7m of assets). These assets and liabilities (structured settlements funded with non-recourse notes) were part of CBC settlement funding which ASFI sold in December 2017 for ~$10.5m, making the balance sheet effectively debt-free.

Because their filings are not up to date it's a bit of a mess to try to get a picture of current financials but the numbers in the press release mentioned above are in line with what I'd expect.
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aceskc

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Re: ASFI - Asta Funding
« Reply #21 on: October 03, 2018, 09:33:01 AM »
Thank you so much, very helpful. Will now have to investigate if the call option of the free business attached at less than cash value is overpriced or not :).

Foreign Tuffett

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Re: ASFI - Asta Funding
« Reply #22 on: October 15, 2018, 03:15:12 PM »
On Friday ASFI released its 10-K for the FY ended 9/30/17. Obviously it's usefulness is somewhat limited due to it being a year out-of-date, but I skimmed it anyway. Some (obviously not at all comprehensive) quotes and notes:

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The Company filed a lawsuit in Delaware state court against a third party servicer arising from the third party servicer’s failure to pay the Company certain amounts that are due the Company under a servicing agreement.  The third party servicer filed a counterclaim in the Delaware action alleging that the Company owes certain amounts to the third party servicer for court costs pursuant to an alleged arrangement between the companies.  On or about July 12, 2018, the parties agreed to settle the action pursuant to a settlement agreement and release, which provides for, among other things, the payment by the third party servicer of $4.4 million to the Company pursuant to an agreed upon schedule.

Material given the company's ~$26M market cap

Quote
Since April 2017 Pegasus has not funded new cases, but remains in business to collect on its portfolio of personal injury claim advances.

So Pegasus, which ASFI now owns 100% of, is in liquidation mode. This leaves consumer receivables and disability fee income as their only material operating segments.





writser

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Re: ASFI - Asta Funding
« Reply #23 on: November 15, 2018, 01:32:48 PM »
Filings appear to be up-to-date again. Today the past few 10Q's were filed up to June 2018. 10K should come next month. Market cap ~23.5m. 39m in cash and investments, 5m in notes receivable, 14m in personal injury claim investments. 2m in total liabilities. 6m of pretax earnings the past 9 months. Cheap but bad management with a majority position. Annual meeting in two weeks. Then (hopefully) the company is compliant with Nasdaq listing rules again.
« Last Edit: November 15, 2018, 01:34:57 PM by writser »
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Foreign Tuffett

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Re: ASFI - Asta Funding
« Reply #24 on: November 16, 2018, 06:40:12 AM »
Filings appear to be up-to-date again. Today the past few 10Q's were filed up to June 2018. 10K should come next month. Market cap ~23.5m. 39m in cash and investments, 5m in notes receivable, 14m in personal injury claim investments. 2m in total liabilities. 6m of pretax earnings the past 9 months. Cheap but bad management with a majority position. Annual meeting in two weeks. Then (hopefully) the company is compliant with Nasdaq listing rules again.

My thoughts are very similar. Balance sheet looks even better than I expected it to. I would also note the (previously disclosed, so not new info) 7/18 $4.4M settlement in their favor. 

One thing they still need to do is finish remediating their internal controls, but that shouldn't be a bridge too far.

writser

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Re: ASFI - Asta Funding
« Reply #25 on: December 06, 2018, 03:46:00 PM »
ASFI is completely NASDAQ-compliant again.

Quote
Asta Funding, Inc. (ASFI) (“Asta” or the “Company”) announced today that on December 6, 2018, it received a letter from the Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company has regained compliance with Nasdaq’s continued listing requirements set forth in Listing Rule 5250(c)(1) and Listing Rule 5620(a) and that the Company is in compliance with other applicable requirements for listing on the Nasdaq Stock Market. The letter also confirms that Nasdaq is closing the non-compliance matter.
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writser

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Re: ASFI - Asta Funding
« Reply #26 on: December 27, 2018, 12:47:42 PM »
And a 10K has been filed. ~$42m in net cash, treasuries and mutual funds. Market cap ~$27m. Free company attached.
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valuedontlie

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Re: ASFI - Asta Funding
« Reply #27 on: December 28, 2018, 06:00:07 AM »
will you stop providing free updates on this thing!

Foreign Tuffett

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Re: ASFI - Asta Funding
« Reply #28 on: December 28, 2018, 06:01:52 AM »
And a 10K has been filed. ~$42m in net cash, treasuries and mutual funds. Market cap ~$27m. Free company attached.

Any thoughts on what their plan is moving forward? Their three remaining segments have, insofar as I can tell, been in de facto liquidation mode for at least the past six months. Maybe another special dividend?

writser

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Re: ASFI - Asta Funding
« Reply #29 on: January 10, 2019, 01:26:47 AM »
Not sure. Whatever it is, it will probably not be executed smoothly and swiftly.

Filing from yesterday:

Quote
On January 4, 2019, the Board of Directors (the “Board”) of Asta Funding, Inc. (the “Company”) appointed Mr. Michael Monteleone as a director of the Company, effective January 4, 2019, to fill the vacancy created by the resignation of Mr. Mark Levenfus, which occurred on January 3, 2019. Mr. Levenfus’ resignation was not the result of any disagreement on any matter relating to the Company’s operations, policies or practices.

Mr. Monteleone will serve as Chairman of the Board’s Audit Committee.

Mr. Monteleone is a retired audit partner, formerly with KPMG LLP.  He has extensive experience serving large multinational publicly traded companies.  His experience includes SEC reporting, mergers and acquisitions, reorganizations and restructurings, as well as other technical financial reporting matters.

Maybe a sign of things to come? If so, the big question is will they try to acquire yet another shady business or will they try to take the company private? Don't get your hopes up .. But it's very cheap.
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.