Hester submits:

Despite having a market cap of nearly $ 110 million, decent trading volume (for a net-net at least) and a very high historical ROE, ASFI sells below the price of its net current assets. It is also currently profitable, and almost completely unlevered, although you wouldn’t know it by just looking at the balance sheet.

Asta Funding purchases and liquidates distressed consumer receivables. The consumer receivables are normal consumer debt, think credit card accounts, phone bills, television bills, some auto loans, some personal advances, etc., usually in bulk, buying mostly from banks and other credit grantors.

This provides a valuable service. Asta services and liquidates the accounts, takes risk off of the creditor’s balance sheets, paying cash for typically severely distressed and non-performing receivables. The creditor, typically a bank, usually tries to collect on the accounts first and is unsuccessful, and just wants to get whatever cash it can for the

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