Consumer Portfolio Services Reports Discussions With Black Diamond Capital Management, L.L.C.
April 01 2022 - 4:30PM
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (the
“Company”) today reported on discussions between its executive
officers and representatives of Black Diamond Capital Management
L.L.C. (“Black Diamond”). In those discussions, Black Diamond
proposed that the Company should nominate Stephen H. Deckoff and
James E. Walker III (together, the “Nominees”) for election to the
Company’s Board of Directors (the “Board”). The Company’s chief
executive officer, Charles E. Bradley, Jr., announced his
endorsement of the Nominees for election at the Company’s 2022
annual meeting of shareholders.
Mr. Deckoff is the Managing Principal of Black Diamond and Mr.
Walker is the Managing Partner of Vinson Ventures, LLC.
“It is my pleasure to recommend to my Board’s nominating
committee that these gentlemen be elected as directors,” said
Charles E. Bradley, Jr., the Company’s CEO. “I’ve been acquainted
with each of them for over 25 years, and I consider it a vote of
confidence that they would like to serve our shareholders.”
Further details regarding the annual meeting will be included in
the Company’s definitive proxy materials, which will be filed with
the SEC and sent to all Company shareholders. The Company noted
that it anticipates that the annual meeting will be held in July of
this year, and that it will provide appropriate disclosure of the
exact date within the next few days.
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. is an independent specialty
finance company that provides indirect automobile financing to
individuals with past credit problems or limited credit histories.
We purchase retail installment sales contracts primarily from
franchised automobile dealerships secured by late model used
vehicles and, to a lesser extent, new vehicles. We fund these
contract purchases on a long-term basis primarily through the
securitization markets and service the contracts over their
lives.
About Black Diamond
Black Diamond is an SEC-registered investment adviser. Together
with affiliated entities, and based on its statement on Schedule
13D as most recently amended and on file with the SEC, Black
Diamond owns some 22% of the Company’s outstanding shares.
Investor Relations Contact
Jeffrey P. Fritz, Chief Financial Officer844 878-2777
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