It appears our friends over at Asset Acceptance, one of the worst collection agencies in the industry, are trying to go public with an IPO. On 10/24/03, they filed for an IPO and it was priced on 12/29. If you go to: http://www.alert-ipo.com/cgi-bin/ai.exe?cobrand=ostman&company_template=company_&company=6522 and then click on the various links at the top of the page which include: Intro, Biz, Financials, Mgmt, Shareholders, Competition, Underwriters/Experts, and Risk, you can read about some interesting info. I really enjoyed reading the "Biz" section which states "we have established a methodology of converting debtors into paying customers" which is repeatedly breaking the FDCPA and FCRA . By law, they have to disclose all their financials so I was checking those out. I have to admit, they are doing pretty good though. They have bought $13.2 billion dollars in debt for $245.4 million....not bad. I don't know about you but when the stock goes public I will be shorting it.
