Oliphant Financial Corporation, Inc., Ironwood
Capital Ltd. and WorldWide Debt Exchange, LLC
announce the successful disposition of $383
Million in Consumer Receivables
Sarasota, FL, August 31, 2001
– Oliphant Financial Corporation (OFC), Inc.,
WorldWide Debt Exchange (WDX), LLC, both of
Sarasota, FL, and Ironwood Capital Ltd., of
Avon, CT, announced today that it advised in the
successful sale of approximately $383 million
(face value) of accounts receivable from
Gateway, Inc. to EMCC, Inc. of Pembroke, MA and
Asta Funding, Inc. (NASDAQ: ASFI) of Englewood
Cliffs, NJ. This joint acquisition consisted
primarily of non-conforming consumer
receivables.
“We are excited to have participated in this
sale. Having worked so closely with EMCC, Asta
Funding and Gateway, gave us the ability to
function well as a team and in the best interest
of all involved”, said president and founder of
OFC and WDX, Robert Morris.
“Helping to manage the tremendous information
warehouse associated with deals of this
significance could only have been achieved with
sophisticated software and techniques that are
at the heart of what we’re building into our WDX
Trading System. The sale of this portfolio
establishes Oliphant’s position as a leading
provider of advisory services for the
procurement of performing receivables by using
state-of-the-art technology through its close
alliance with WDX" Morris said.
“We are excited about this opportunity and
equally pleased with the final outcome after
having worked closely with Gateway executives to
reach mutually agreeable terms to acquire these
receivables”, said EMCC’s vice president
corporate development Robert Russo. “The level
of involvement and initiative that Bob Morris
and his team contributed to this project truly
gave us an advanced technological edge that we
otherwise would not have had access to, which
helped make this transaction a success.” Russo
said.
About:
Oliphant Financial Corporation
has played a significant role in the evolution
of the debt trading markets as both a buyer and
a seller since 1992. In the mid-1990s, its
marketing efforts evolved into divisional effort
to handle the sale of distressed debt portfolios
internally to other debt buyers.
About:
Ironwood Capital Ltd.
Ironwood Capital is an independent
investment-banking firm with a fifteen-year
history of specializing in the private placement
of debt and equity securities. Ironwood
maintains a particular focus on highly
structured financings, asset securitization and
the monetization of performing and
non-performing assets. Ironwood has raised over
$5 billion in capital for its clients, in
transactions ranging from $2 million to $250
million.
About:
WorldWide Debt Exchange and the WDX Trading
System
are a significant evolution to the 1st
and 2nd -Tier debt trading markets
that have evolved over the last ten years.
Using patent-pending technologies developed
specifically for the purpose of trading these
receivables, it has begun to impact the market
as debt buyers around the US have embraced its
unique and intuitive design.
About:
EMCC, Inc.
For nearly 25 years, EMCC has been providing
world-class receivable management solutions to
the credit granting community. Their products,
technology, services and corporate capacity
gives them the unique ability to provide
innovative solutions for a broad range of
clients and as an affiliate of Schottenstein
Stores Corporation – one of the nation’s largest
retailers with annual revenues in excess of $2
billion and over 22,000 employees, they possess
the financial resources necessary to purchase
receivables quickly and at a fair and
competitive price.
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