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Asta Funding Inc (ASFI): Mangrove Partners Ups Its Stake and Demands Representation on the Board

According to a newly-amended 13D filing with the US SEC, Nathaniel August‘s Mangrove Partners  Ltd. is trying to engage Asta Funding Inc (NASDAQ:ASFI) in discussions with respect to board representation for Mangrove Partners and if the board continues to ignore their demands, the fund may have to use their right to replace any or all of the current directors. Mangrove Partners continues to invest in Asta Funding Inc (NASDAQ:ASFI) and currently owns 4.00 million shares that represent 33.3% of the company’s outstanding stock, which is significantly more compared to 2.10 million shares or 17.4% of the total amount of shares Mangrove Partners held at the end of April, as disclosed in a previous filing.

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Asta Funding operates in the field of acquiring, managing and servicing its own account, distressed consumer receivables, including semi-performing and charged off receivables, working in four sectors: personal injury claims, GAR disability advocates, consumer receivables and structured settlements. Over the past 12 months, the company’s shares have increased by 21.9%. For the second quarter of fiscal 2016, Asta Funding Inc (NASDAQ:ASFI) reported a loss per share $0.15 and revenue of $10.95 million, versus earnings per share of $0.03 and revenue of $10.79 million for the same quarter in the previous fiscal year.

Among the hedge funds tracked by Insider Monkey, at the end of December Mangrove Partners held the most valuable position, worth around 11.64 million, and the second-biggest position was disclosed by Brian Gaines’ Springhouse Capital Management, valued at 5.15 million. Jim Simons’ Renaissance Technologies also established a valuable position in Asta Funding Inc (NASDAQ:ASFI), worth around $1.00 million.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
THE MANGROVE PARTNERS MASTER FUND, LTD 4,005,701 4,005,701 4,005,701 33.3%
THE MANGROVE PARTNERS FUND 4,005,701 4,005,701 4,005,701 33.3%
MANGROVE PARTNERS FUND (CAYMAN), LTD 4,005,701 4,005,701 4,005,701 33.3%
MANGROVE PARTNERS 4,005,701 4,005,701 4,005,701 33.3%
MANGROVE CAPITAL 4,005,701 4,005,701 4,005,701 33.3%
NATHANIEL AUGUST 4,005,701 4,005,701 4,005,701 33.3%

Page 1 of 14 – SEC Filing

Washington, D.C. 20549
(Rule 13d-101)
§ 240.13d-2(a)
(Amendment No. 6)1
Asta Funding, Inc.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
(CUSIP Number)
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
May 11, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box x.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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