2007 M&A IN THE ARM INDUSTRY STILL ACTIVE: KAULKIN GINSBERG ANALYSIS OF ECONOMIC FORCES PORTENDS MARKET TURN AHEAD
Rockville, MD - Merger and acquisition activity remained high in the accounts receivable management (ARM) industry in 2007, but economic forces and market conditions may slow down activity in 2008, according to Kaulkin Ginsberg, the leading strategic advisor to the industry.
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JPMORGAN SUFFERS EARNINGS SLIDE
NEW YORK (CNNMoney.com) -- JPMorgan Chase & Co. reported a decline in quarterly earnings Wednesday after suffering a $1.3 billion subprime-related hit, becoming the second bank this week to post dismal results.
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CHOICEPOINT EXPANDS DEBT CAPACITY TO $1.025 BILLION
ALPHARETTA, Ga. - January 15, 2008 - ChoicePoint (NYSE: CPS) today announced it has entered into a $300 million unsecured term loan credit facility to pay down outstanding loans under its existing revolving credit facility and fund general corporate purposes including share repurchases. As a result of this transaction, ChoicePoint's debt capacity increased from $725 million to $1.025 billion. Wachovia Capital Markets, LLC acted as lead arranger for the transaction, which included fifteen banks.
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INDYMAC CUTTING WORK FORCE: 'PAINFUL' 24%
LOS ANGELES (AP) -- Mortgage lender IndyMac Bancorp said Tuesday it will slash its work force by 24 percent, laying off 2,403 employees in a bid to cut costs as it tries to weather the worsening housing slump and sagging demand for home loans.
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BANKRUPTCIES ROCK VALLEY, ARIZONA
A rising number of Valley residents and businesses threw in the towel last month, filing nearly twice as many bankruptcy petitions in December compared with the previous year.
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M&T'S QUARTERLY EARNINGS DROP 70%
M&T Bank Corp.'s fourth-quarter net income dropped 70 percent as the bank wrote off all but $4.4 million of its exposure to collateralized debt obligations backed by residential mortgages.
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THE CHARMING SHOPPES FULL VALUE COMMITTEE DISCLOSES NOMINATION OF THREE HIGHLY QUALIFIED DIRECTOR CANDIDATES
NEW YORK, Jan. 15 - The Charming Shoppes Full Value Committee (the "Committee") announced today that it has nominated a slate of three director nominees for election to the Board of Directors of Charming Shoppes, Inc. ("Charming Shoppes" or the "Company") (Nasdaq: CHRS) at the Company's 2008 Annual Meeting of Shareholders. The members of the Committee beneficially own an aggregate of 9,276,805 shares, or approximately 7.9% of the outstanding shares, of common stock of the Company. Crescendo Partners II, L.P., Series Q delivered the written notice to the Corporate Secretary of Charming Shoppes on January 14, 2008, in accordance with the Company's Bylaws.
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FAIR ISAAC ANNOUNCES PRELIMINARY FIRST QUARTER 2008 RESULTS AND REVISED SECOND QUARTER AND FULL YEAR FISCAL 2008 GUIDANCE
January 14, 2008 - (Minneapolis, Minnesota, USA) Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology today announced the preliminary financial results for its first fiscal quarter ended December 31, 2007 and revised guidance for the second fiscal quarter ending March 31, 2008 and full fiscal year 2008, both of which are lower than the company's previously announced guidance. First quarter results are preliminary, subject to the company's management and independent auditor completing their customary quarterly closing and review procedures.
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UNITED BANCORPORATION OF WYOMING, WELLS FARGO ANNOUNCE DEFINITIVE AGREEMENT
Wells Fargo & Company (NYSE:WFC) and United Bancorporation of Wyoming Inc. said today they have signed a definitive agreement for Wells Fargo to acquire United Bancorporation of Wyoming's five banking operations in Wyoming and eastern Idaho. After the transaction, Wells Fargo will be #1 in both deposits and assets among banks in Wyoming, the nation's ninth fastest-growing state according to census data (7/2006-7/2007). Terms of the cash transaction agreement were not disclosed.
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FAIR ISAAC ANNOUNCES PRELIMINARY FIRST QUARTER 2008 RESULTS AND REVISED SECOND QUARTER AND FULL YEAR FISCAL 2008 GUIDANCE
January 14, 2008 - (Minneapolis, Minnesota, USA) Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology today announced the preliminary financial results for its first fiscal quarter ended December 31, 2007 and revised guidance for the second fiscal quarter ending March 31, 2008 and full fiscal year 2008, both of which are lower than the company's previously announced guidance. First quarter results are preliminary, subject to the company's management and independent auditor completing their customary quarterly closing and review procedures.
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NORTHERN ROCK RESCUE PLAN REJECTED
NEWCASTLE-UPON-TYNE, England (AP) -- Northern Rock shareholders dealt a partial blow to the board of the embattled mortgage lender Tuesday, voting in favor of a proposal to take away some of its power to negotiate a rescue deal.
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BERNANKE COULD BE CAUGHT IN TUG OF WAR OVER STIMULUS PLAN
WASHINGTON - Federal Reserve Chairman Ben Bernanke is the man in the middle as Congress and the White House eye a possible package of tax cuts and spending increases to stimulate the economy.
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FEARS GROW AS CONSUMERS PULL BACK FURTHER
NEW YORK (CNNMoney.com) -- A new round of economic data released Tuesday show that holiday sales were even worse than many experts had expected - adding to fears that 2008 could be an even more challenging year for retailers.
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CITIGROUP SUFFERS $9.8 BILLION LOSS
NEW YORK (CNNMoney.com) -- Citigroup Inc. delivered some of the worst quarterly results in its history Tuesday, reporting a nearly $10 billion loss that was much worse than Wall Street had anticipated.
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ONTARIO SYSTEMS TECHNOLOGY LEADERSHIP RECOGNIZED
Ontario Systems technology leadership and commitment to the accounts receivable management industry was recognized again with seven products in Collection Advisor's Top 100 Collection Technology Products for 2007.
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PCA PRE-SOLICITATION CONFERENCE
This conference is for private collection agencies (PCAs) that currently hold GSA schedule 520-4 contracts. Other interested parties, such as potential subcontractors or firms that have recently applied to GSA to obtain Schedule 520-4 contracts, may wish to attend.
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DEBT RESOLVE RECEIVES AMEX DEFICIENCY LETTER AND SUBSEQUENT PLAN ACCEPTED; THE RESOLUTION GROUP TO FUND $4.5 MILLION AND LAUNCH JOINT VENTURE
WHITE PLAINS, N.Y. - Debt Resolve, Inc. (AMEX: DRV) announced today that the American Stock Exchange (AMEX) has accepted the plan submitted by the Company. Debt Resolve and The Resolution Group (TRG) will implement the agreement dated December 12, 2007, which provides for $4.5 million in funding, a joint venture to institute a note-modification program and referral of clients in the banking and healthcare industries.
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EQUIFAX EXPECTS TO REPORT 2007 REVENUE GROWTH AND ADJUSTED EPS CONSISTENT WITH GUIDANCE
ATLANTA, Jan. 14 /PRNewswire-FirstCall/ -- Equifax Inc. today announced that it expects to report 2007 revenue growth and adjusted earnings per share (EPS) consistent with the company's most recent management guidance issued on October 22, 2007. Equifax estimates full year revenue growth will be approximately 19 percent compared to the prior year and adjusted EPS to be in the range of $2.29 to $2.31, excluding the benefit of a lower than anticipated fourth quarter tax rate. These expectations are based on a preliminary review of the company's unaudited full year and fourth quarter 2007 results which are scheduled to be reported on February 4, 2008, and are subject to adjustments arising in the normal course of completing the fourth quarter and year end financial close process.
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TRANSUNION JOINS FORCES WITH D&B PSAPL, CREATING ANALYTIC AND DECISIONING POWERHOUSE IN ASIA-PACIFIC
CHICAGO and CHENNAI, India, Jan. 14 - TransUnion announced that it has acquired an equity stake in D&B Predictive Sciences and Analytics Private Limited (D&B PSAPL). The company, whose shareholders are D&B SAME and D&B International, will be renamed D&B TransUnion Analytic and Decision Centre. The venture will provide advanced analytics, decisioning and IT services throughout the Asia-Pacific region and will contribute to TransUnion's global generic and custom model development. Terms of the deal were not disclosed.
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GM: NO SPIKE IN CAR LOAN DEFAULTS
General Motors Corp.'s top finance executive said Sunday he doesn't see the subprime mortgage mess spreading into auto loans at the company's former credit arm, GMAC financial services.
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NO IMMEDIATE RESCUE FOR CUSTOMERS OF COUNTRYWIDE
Bank of America's (BAC) planned purchase of Countrywide Financial (CFC) would transform the nation's largest retail bank into the largest mortgage lender. But in the short term, it would have no impact on people with Countrywide home loans, including the hundreds of thousands of customers who are struggling to make their payments.
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SOVEREIGN BANCORP SHARES FALL AFTER WARNING
NEW YORK (MarketWatch) - Sovereign Bancorp on Monday said that it's taking more than $1.5 billion in credit-related charges but that its regulatory-capital levels and cash flow will not be hurt.
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PROCESSING DEPOSIT ACCOUNTS IN A BANK FAILURE;
The FDIC is proposing the attached two-part rulemaking relating to the potential failure of an FDIC-insured depository institution: The first part of the proposal would govern how and at what point deposit account balances would be determined in the event of a failure, and applies to all FDIC- insured depository institutions. The second part proposes requirements to facilitate the process for determining the insurance status of depositors of large insured depository institutions in the event of failure. Comments on the Notice of Proposed Rulemaking are due by April 14, 2008.
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| DebtConnection.com is a searchable database of collection products and services.
The following Updates and New Entries occured since the last At A Glance was sent: | | | Portfolios For Sale | $1,848,594.00 Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?458
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826
$2,896,787.00 Credit Cards
Argonaut Financial, LLC
http://www.debtconnection.com/portfolio.asp?455
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1826
| | Agency | ABC-AMEGA INC.
800-732-0206
PROFESSIONAL RECOVERY CONSULTANTS
866-907-8025
NATIONAL CREDIT ADJUSTERS
620-664-5567
| | Attorney | UNDERWOOD LAW FIRM
314-621-4940
HOUSLANGER & ASSOCIATES, PLLC
631-427-1140
| | Brokers | WRIGHT, SCOTT & ASSOCIATES, LLC
888-581-0202
| | Consultants | MAPES LLC
407-901-4077
DEBT SERVICES GROUP
609-387-4280
| | Credit Bureaus | TELETRACK, INC.
800-729-6981
| | Debt Buyers | KONDAUR CAPITAL CORPORATION
714-352-2034
P & B ACQUISITIONS LLC
716-891-5826
| | Debt Sellers | WRIGHT, SCOTT & ASSOCIATES, LLC
888-581-0202
| | Mail Services | PCI GROUP INC
Anthony Faldetta
631-582-2650
More Information
| | Risk Management/Metrics | MAPES LLC
407-901-4077
| | Skip Tracing | TELETRACK
Julie Thiel
800-729-6981
More Information
INTERACTIVE DATA, LLC
678-584-5252
| | Training | MAPES LLC
407-901-4077
|
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Industry Events
|
7th National Symposium on Privacy & Security of Consumer and Employee Information
American Conference Institute
The Union League of Philadelphia
Philadelphia, Pennsylvania
January 23 - 24, 2008
(888) 224-2480
More Information
Consumer Bankruptcy in Practice: A Webinar Series
American Bankruptcy Institute
Nashville, Tennessee
January 28, 2008
(703) 739-0800
More Information
DBA International 11th Annual Conference
DBA International
Mirage Hotel and Casino
Las Vegas, Nevada
February 5 - 7, 2008
(703) 610-0224
More Information
13th Rocky Mountain Bankruptcy Conference
American Bankruptcy Institute
Denver, Colorado
February 14 - 15, 2008
(703) 739-0800
More Information
16th Annual Bankruptcy Battleground West
American Bankruptcy Institute
Santa Monica, California
February 22, 2008
(703) 739-0800
More Information
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| At A Glance - Wednesday, May 07, 2008 |
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| At A Glance - Wednesday, April 09, 2008 |
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| At A Glance - Wednesday, March 12, 2008 |
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| At A Glance - Friday, February 29, 2008 |
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| At A Glance - Wednesday, January 30, 2008 |
| At A Glance - Friday, January 25, 2008 |
| At A Glance - Tuesday, January 22, 2008 |
| At A Glance - Friday, January 18, 2008 |
| At A Glance - Wednesday, January 16, 2008 |
| At A Glance - Friday, January 11, 2008 |
| At A Glance - Wednesday, January 09, 2008 |
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