SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
----------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 20, 1998
ASTA FUNDING, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-26906 22-3388607
(Commission File Number) (IRS Employer Identification No.)
210 Sylvan Avenue, Englewood Cliffs, New Jersey 07632
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 201-567-5648
Not Applicable
(Former name of former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets.
On May 20, 1998, Asta Funding, Inc. (the "Registrant") purchased 99% of the
Class A and Class B bond certificates of the ASTA Grantor Trust 1996-1 at a
discount from Greenwich Capital Markets, Inc. The net purchase price for the
certificates was $5,544,344.95 including accrued interest. Such funds were made
available to the Registrant under its credit facility with BankAmerica. The
Registrant currently owns the remaining 1% of the bonds. Simultaneously with
this transaction, the Registrant liquidated the ASTA Grantor Trust 1996-1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ASTA FUNDING, INC.
/s/ Gary Stern
Gary Stern, President
Dated: May 29, 1998