Asta Funding Inc  (ASFI)
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Asta Funding Inc

Business Description

Asta Funding, Inc., together with its wholly owned significant operating subsidiaries Palisades Collection LLC, Palisades Acquisition XVI, LLC (“Palisades XVI”), VATIV Recovery Solutions LLC (“VATIV”), ASFI Pegasus Holdings, LLC (“APH”), Fund Pegasus, LLC (“Fund Pegasus”), GAR Disability Advocates, LLC (“GAR Disability Advocates”) and other subsidiaries, not all wholly owned, is engaged in several business segments in the financial services industry including structured settlements through our 80% owned subsidiary CBC Settlement Funding, LLC, funding of personal injury claims, through our 80% owned subsidiary Pegasus Funding, LLC social security and disability advocates through our wholly owned subsidiary GAR Disability Advocates , LCC and the business of purchasing, servicing and managing for its own account, distressed consumer receivables, including charged off receivables, and semi-performing receivables. The Company started out in the consumer receivable business in 1994 as a subprime auto lender. The primary charged-off receivables are accounts that have been written-off by the originators and may have been previously serviced by collection agencies. Semi-performing receivables are accounts where the debtor is currently making partial or irregular monthly payments, but the accounts may have been written-off by the originators. Our efforts in this area have been in the international arena as we have discontinued our active purchasing of consumer receivables in the United States. We acquire these and other consumer receivable portfolios at substantial discounts to their face values. The discounts are based on the characteristics (issuer, account size, debtor location and age of debt) of the underlying accounts of each portfolio.

GAR Disability Advocates is a social security disability advocacy firm. GAR Disability Advocates assists claimants in obtaining long term disability benefits from the Social Security Administration.

We own 80% of Pegasus Funding, LLC (“Pegasus”), which invests in funding personal injury claims and 80% of CBC Settlement Funding, LLC (“CBC”), which invests in structured settlements.

Pegasus provides funding for individuals in need of short term funds pending insurance settlements of their personal injury claims. The funds will be recouped when the underlying insurance settlements are paid. The long periods of time taken by insurance companies to settle and pay such claims resulting from lengthy litigation and the court process is fueling the demand for such funding.

CBC provides liquidity to consumers by purchasing certain deferred payment streams including, but not limited to, structured settlements and annuities. CBC generates business from direct marketing as well as through wholesale purchases from brokers or other third parties. CBC has its principal office in Conshohocken, Pennsylvania. CBC primarily warehouses the receivables it originates and periodically resells or securitizes those assets on a pooled basis. The structured settlement marketplace is regulated by federal and state law, requiring that each transaction is reviewed and approved by court order.
We operate principally in the United States in four reportable business segments.

Consumer Receivables
The Operations Servicing Division of consumer receivables consists of the Collection Department, which handles disputes and correspondence, and the Accounting and Finance Department.
Collection Department

The Collection Department is responsible for making contact with and receiving calls from consumers for the purpose of collecting upon the accounts contained in our consumer receivables portfolios. Collection efforts are specific to accounts that are not yet being serviced by our network of external agencies and attorneys. The Collection Department uses a friendly, customer service approach to collect receivables and utilizes collection software, a dialer and telephone system to accomplish this goal. Each collector is responsible for:

Initiating outbound collection calls and handling incoming calls from the consumer;
Identifying the debt and iterating the benefits of paying the obligation;

Working with the customer to develop acceptable means of satisfying the obligation; and
Offering (if necessary, and based upon the individual situation) an obligor a discount on the overall obligation.

Accounting and Finance Department
In addition to the customary accounting activities, the Accounting and Finance Department is responsible for:
Making daily deposits of customer payments;

Posting payments to customers accounts; and
Providing senior management with daily, weekly and monthly receivable activity and performance reports.
Accounting and finance employees assist collection department employees in handling customer disputes relating to payment and balance information and handling the repurchase requests from companies to whom we have sold receivables.
Additionally, the Accounting Department reviews the results of the collection of consumer receivable portfolios that are being serviced by third party collection agencies and attorneys. The Accounting and Finance Department also participates in the internal auditing of all business segments.

Personal Injury Claims
The operations structure of the personal injury claims unit of Pegasus Funding, LLC includes:
Sales — the sales group is responsible for business development and generating leads for possible funding of personal injury cases.
Underwriting — The underwriting group is responsible for analyzing the merits of the personal injury claims presented for possible funding.
Accounting — The accounting group is responsible for the reporting of all the financial operations of the personal injury claims unit.

Structured Settlements
The operations structure of the structured settlements unit of CBC Settlement, LLC includes:
Operations — Underwriting/Collections — The Operations Department is responsible for underwriting, processing and collecting structured settlement and annuity transactions.

Social security benefit advocacy
GAR Disability Advocates utilizes search engine optimization (“SEO”) to bring more awareness to prospective clients. In particular, through substantial use of the internet, it intends to increase consumer awareness of its existence on various government websites.
Marketing — The Marketing Group is responsible for researching various court records to secure information to follow up for possible structured settlement cases.
Sales — The Sales Group is responsible for the sales strategy and advertising campaigns of CBC.
Accounting — The accounting group is responsible for the reporting of all the financial operations of the structured settlement unit.

Social security benefit advocacy
GAR Disability Advocates consists of the following departments:
Intake — The Intake Department is responsible for client development, including screening leads and developing information on individual cases.
Case Management — The Case Management Department processes approved cases through the Social Security Disability process.

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