CBC Settlement Funding Completes BBRVI 2016-A Private Placement Note Offering
July 11 2016 - 5:12PM
CBC Settlement Funding, LLC (“CBC”), a diversified consumer
financial services company, is pleased to announce the completion
of its sixth private placement note offering on July 8, 2016. These
notes are collateralized by payments stemming from rights arising
under court ordered structured settlements, court ordered lottery
payments, and single premium investment annuities originated by CBC
Settlement Funding, LLC.
CBC Settlement Funding, LLC CEO and Co-founder, William Skyrm
noted that, “This placement demonstrates the predictability and
strength of our financial platform and we are happy to see the
continued interest from our investor base in our deferred payment
receivables.” Mr. Skyrm concluded, “We are extremely pleased
with the execution of this transaction offering an attractive
consistent yield relative to the risk profile of the asset
class.”
CBC, through its subsidiary BBRVI, LLC, issued $14,823,925 of
fixed rate asset backed notes with a yield of 4.85%. “This
placement continues to highlight our ability to access the
financial markets with an offering size and product performance
that is highly valued by our investors,” said James Goodman,
President and Co-founder of CBC Settlement Funding, LLC.
ABOUT STRUCTURED SETTLEMENTS
Structured settlements are commonly used in the settlement of
personal injury lawsuits to spread payouts over 10, 20 or 30 years.
The secondary market for structured settlement annuity transfers is
a highly regulated marketplace offering clients liquidity options
for otherwise inflexible assets. In 2002, Congress passed IRC 5891
affirming the tax benefits of structured settlements but requiring
compliance with all applicable state or federal laws. Today, 49
states have enacted structured settlement protection acts requiring
court review and approval of each structured settlement
transfer.
ABOUT CBC SETTLEMENT FUNDING, LLC.
CBC Settlement Funding, LLC is a Conshohocken, PA based
purchaser of illiquid assets such as periodic structured
settlement, annuity and other deferred payments. CBC is a wholly
owned subsidiary of Englewood Cliffs, New Jersey based Asta
Funding, Inc. (NASDAQ:ASFI) (Asta). CBC has purchased over $140
million in future payments from consumers, providing them with
liquidity from their annuity backed assets. For more information,
visit their website at http://www.cbcsettlementfunding.com
ABOUT ASTA
Based in Englewood Cliffs, NJ, Asta Funding, Inc., is engaged in
several business segments in the financial services industry
including structured settlements through our 100% owned subsidiary
CBC Settlement Funding, LLC (www.cbcsettlementfunding.com.),
funding of personal injury claims, through our 80% owned subsidiary
Pegasus Funding, LLC, social security and disability benefit
advocates through our wholly owned subsidiary GAR Disability
Advocates, LLC and the business of managing for its own account the
servicing of distressed consumer receivables with the concentration
of acquiring consumer receivables in the international sector. For
additional information, please visit our website at
http://www.astafunding.com.
Forward-Looking Statements
All statements in this news release other than statements of
historical facts, including without limitation, statements
regarding Asta’s and CBC’s future financial position, business
strategy, budgets, projected revenues, projected costs, and plans
and objective of management for future operations, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as “may,” “will,” “expects,”
“intends,” “plans,” “projects,” “estimates,” “anticipates,” or
“believes” or the negative thereof, or any variation thereon, or
similar terminology or expressions. We have based these
forward-looking statements on our current expectations and
projections about future events. These forward-looking statements
are not guarantees and are subject to known and unknown risks,
uncertainties and assumptions about CBC or Asta that may cause
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. Important factors which could
materially affect results and future performance include, without
limitation, the ability to purchase defaulted consumer receivables
at appropriate prices, changes in government regulations that
affect the collection of sufficient amounts on defaulted consumer
receivables, the ability to employ and retain qualified employees,
changes in the credit or capital markets, changes in interest
rates, deterioration in economic conditions, negative press
regarding the debt collection industry which may have a negative
impact on a debtor’s willingness to pay the debt we acquire, and
statements of assumption underlying any of the foregoing, as well
as other factors set forth under “Item 1A. Risk Factors” in Asta’s
annual report on Form 10-K for the year ended September 30, 2015
and Asta’s other filings with the SEC. All subsequent written and
oral forward-looking statements attributable to us, or persons
acting on our behalf, are expressly qualified in their entirety by
the foregoing. Except as required by law, we assume no duty to
update or revise any forward-looking statements.
181 Washington Ave., Suite 375 –
Conshohocken, PA 19428 Phone: 877.386.3377 –
Fax
215-434-6222 www.cbcsettlementfunding.com
Contact:
James Goodman, President and Co-founder
CBC Settlement Funding, LLC
215-542-2132
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