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.
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% |
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(Name, Address and Telephone Number of Person
