SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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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): April 15, 1998
ASTA FUNDING, INC.
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(Exact name of registrant as a specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-26906 22-3388607
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(Commission File Number) (IRS Employer Identification No.)
210 Sylvan Avenue, Englewood Cliffs, New Jersey 07632
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(Address of Principal Executive Offices) Zip Code
Registrant's telephone number, including area code: 201-567-5648
Not Applicable
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(Former name of former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets.
On April 15, 1998, E.R. Receivables Corp., L.L.C. ("ER"), a Delaware
limited liability company owned by Asta Funding, Inc. (the "Registrant"),
purchased a $6.2 million loan portfolio of consumer receivables (the
"Receivables") at a discount from Greenwich Capital Financial Products, Inc. and
Hibernia National Bank. The consumer receivables are performing and
non-performing in nature. Pursuant to the agreement, ER will service and collect
amounts owned under the Receivables.
This acquisition was financed by both a note payable to Greenwich
Financial Products, Inc. and a note payable to Asta Group, Incorporated, an
affiliate of ER.
On April 30, 1998, ER sold $2.5 million worth of the Receivables to
Sterling Financial Services Company for $2.0 million, or a premium to the
original purchase price.
The Registrant may purchase additional consumer receivables in the
future.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibits
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1. Accounts Purchase and Sale Agreement, dated as of April
15,1998, by and between ER and Greenwich Financial Products, Inc. and Hibernia
National Bank.
2. Participation Agreement, date as of April 30, 1998, by
and between ER and Sterling Financial Services Company.
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
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Gary Stern, President
Dated: May 12, 1998