“We’re excited about the continued interest from our investor base in our structured settlement and annuity receivables,” stated CBC Settlement Funding, LLC President, Michael Aiello. “The strong demand and interest for the offering is evidence of rising confidence in the credit quality of annuity issuers and the strength of CBC’s strict underwriting criteria.”
CBC, through its subsidiary BBRVII, LLC, issued $$18,340,275 of fixed rate asset backed notes with a yield of 5.00%. Chief Financial Officer Craig Millman noted: “We are very pleased with the execution of this placement, especially given the rising interest rate environment that we are experiencing today. The investor community was very receptive to our offering and this placement continues to demonstrate the fact that our financial platform is consistent and solid and investors continue to have an appetite for the structured settlement asset class.”
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 $180 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
Asta Funding, Inc. (NASDAQ:ASFI), headquartered in Englewood Cliffs, New Jersey, is a diversified financial services company that assists consumers and serves investors through the strategic management of four complementary business segments: Personal Injury Claims, Structured Settlements, Consumer Debt and Disability Advocacy.
Founded in 1994 as a sub-prime auto lender, Asta now manages business units that include funding of personal injury claims through its 80 percent owned subsidiary, Pegasus Funding LLC, and starting on January 2, 2017, through its wholly owned subsidiary, Simia Capital, LLC; structured settlements through its wholly owned subsidiary, CBC Settlement Funding LLC; acquiring and managing international distressed consumer receivables through its wholly owned subsidiary, Palisades Acquisitions LLC; and benefits advocacy through its wholly owned subsidiary, GAR Disability Advocates, LLC. 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 our future financial position, business strategy, budgets, projected revenues, projected costs, and plans and objectives 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 us that may cause our 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 our results and our future performance include, without limitation, our ability to purchase defaulted consumer receivables at appropriate prices, changes in government regulations that affect our ability to collect sufficient amounts on our defaulted consumer receivables, our 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 our Annual Report on Form 10-K for the year ended September 30, 2016 and other filings with the Securities and Exchange Commission . 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.
Contact:
Michael Aiello, President
CBC Settlement Funding, LLC
215-542-2132
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