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SENATE ON STIMULUS
Members of the Senate Finance Committee on Wednesday will start debating legislation intended to curb further downturns in the economy.
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ALLIANCE DATA COMMENCES LITIGATION AGAINST BLACKSTONE ENTITIES
DALLAS, Jan. 30 /PRNewswire-FirstCall/ -- Alliance Data Systems Corporation (NYSE: ADS), a leading provider of loyalty and marketing solutions derived from transaction-rich data, today announced that it has filed a lawsuit against Aladdin Solutions, Inc. (f/k/a Aladdin Holdco, Inc.) and Aladdin Merger Sub, Inc. (together, "Blackstone"), the acquisition entities formed by affiliates of The Blackstone Group to acquire Alliance Data pursuant to the terms of a May 17, 2007 merger agreement. The lawsuit, filed in the Delaware Court of Chancery, seeks specific performance to compel Blackstone to comply with its obligations under the merger agreement, including its covenants to use reasonable best efforts to obtain required regulatory approvals and to consummate the merger, and such other relief as the Chancery Court may deem just and proper.
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CONVERGYS DELIVERS RECORD REVENUE OF $2.8 BILLION AND RECORD EPS OF $1.23 IN 2007
(Cincinnati; January 29, 2008) - - - Convergys Corporation (NYSE: CVG), a global leader in Relationship Management, today announced its financial results for the fourth quarter and full year of 2007.
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SMALL BUSINESS OWNERS' CONCERN: NOT ENOUGH MONEY FOR RETIREMENT
Nearly half of small business owners are concerned they will not have enough money to retire (43 percent) and many say they are worried about not being able to pay for medical costs of a serious illness or accident (47 percent) according to the latest Wells Fargo/Gallup Small Business Index survey.
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AMERICAN EXPRESS 4Q NET DOWN 9.9%; CREDIT COSTS UP
NEW YORK -(Dow Jones)- American Express Co.'s (AXP) fourth-quarter net income dropped 9.9%, as the company set aside more money to cover loan losses amid what it called clear signs of a weakening economy and business environment.
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BIG BANK CHIEF STANDS BY COUNTRYWIDE DEAL
NEW YORK (CNNMoney.com) -- Bank of America Chairman and CEO Kenneth Lewis said Tuesday his company planned to forge ahead with deal to acquire embattled mortgage lender Countrywide Financial, which had just reported a steep quarterly loss.
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FORECLOSURES UP 75% IN 2007
NEW YORK (CNNMoney.com) -- The number of foreclosures soared in 2007, with 405,000 households losing their home, according to a report released Tuesday. That's up 51 percent from the 268,532 homes that were repossessed in 2006.
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SYNERGETIC COMMUNICATION, INC., ANNOUNCES THE PROMOTION OF LANCE DORSHER TO COLLATERAL RECOVERY MANAGER IN THE HOPKINS, MN COLLATERAL RECOVERY OFFICE OF SYNCOM
Nancy Napoli, Senior Vice President of Operations for Synergetic Communication, Inc., today announced the promotion of Lance Dorsher to Collateral Recovery Manager in the Hopkins, MN Collateral Recovery Office of Syncom.
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ALLIANCE DATA RECEIVES NOTICE FROM THE BLACKSTONE GROUP REGARDING MERGER AGREEMENT CONDITION
DALLAS, Jan. 28 /PRNewswire-FirstCall/ -- Alliance Data Systems Corporation (NYSE: ADS) today announced that, in connection with the May 17, 2007 agreement providing for the acquisition of Alliance Data by affiliates of The Blackstone Group, Aladdin Solutions, Inc. (f/k/a Aladdin Holdco, Inc.) has informed Alliance Data that it does not anticipate the condition to closing the merger relating to obtaining approvals from the Office of the Comptroller of the Currency (OCC) will be satisfied. The notice was given pursuant to the terms of the May 17, 2007 Agreement and Plan of Merger among Alliance Data Systems Corporation, Aladdin Holdco, Inc. and Aladdin Merger Sub, Inc.
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SYNERGETIC COMMUNICATION, INC., ANNOUNCED TODAY THE PROMOTION OF TWO KEY PEOPLE IN SYNCOM’S POST FALLS, IDAHO OFFICE
Michael Orlando, President and CEO of Synergetic Communication, Inc., announced today the promotion of two key people in Syncom’s Post Falls, Idaho office. Tracy Staley has been promoted to Director of Operations/Idaho Division and Steve Yost has earned the title of Senior Operations Manager.
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PRIVATE COLLECTION COMPANIES FACE GOVERNMENT DATA SECURITY AUDITS
The publication InsideARM recently reported the Office of the Inspector General (OIG) will be conducting information security audits of private collection agencies which have been contracted by the Department of Education to provide collection services.
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FDIC APPROVES THE ASSUMPTION OF ALL THE DEPOSITS OF DOUGLASS NATIONAL BANK, KANSAS CITY, MISSOURI
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved the assumption of all the deposits of Douglass National Bank, Kansas City, Missouri, by Liberty Bank and Trust Company, New Orleans, Louisiana.
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FTC ISSUES ANNUAL FINANCIAL ACTS ENFORCEMENT REPORT TO FEDERAL RESERVE
The Federal Trade Commission has issued its annual report to the Federal Reserve Board on FTC enforcement activities in 2007 related to the Truth in Lending Act, Consumer Leasing Act, Equal Credit Opportunity Act, and Electronic Fund Transfer Act. The report is now available on the FTC’s Web site and as a link to this press release. The Commission vote approving issuance of the report was 5-0. (FTC File No. P064808; the staff contacts are Quisaira Whitney, 202-326-2351, and Carole L. Reynolds, 202-326-3230, Bureau of Consumer Protection.)
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CREDIT ACCEPTANCE ANNOUNCES MODIFICATION OF LINE OF CREDIT AGREEMENT
SOUTHFIELD, Mich., Jan 25, 2008 (PrimeNewswire via COMTEX News Network) -- Credit Acceptance Corporation (Nasdaq:CACC) (the "Company") announced today that it has increased the amount of its line of credit facility with a commercial bank syndicate from $75.0 million to $133.5 million. In addition, the maturity of the line of credit facility will extend from June 20, 2009 to June 22, 2010, provided that the Company reports net income of at least $5.0 million for both the fourth quarter of 2007 and the first quarter of 2008.
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SOUNDBITE AND ONLINE RESOURCES PARTNER FOR AGENTLESS PAYMENTS
Chantilly, VA and Bedford, MA, January 28, 2008 – Online Resources Corporation (Nasdaq: ORCC), a leading provider of web-based financial services, and SoundBite Communications Inc., (Nasdaq: SDBT) a leading provider of on-demand automated voice messaging solutions, today announced a referral agreement to provide creditors and billers with an integrated agentless payment solution. This agreement expands upon a referral arrangement between SoundBite Communications and Internet Transaction Solutions, which was acquired by Online Resources in August 2007.
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WAMU TO STRESS RETAIL BANKING
When it comes to Washington Mutual Inc., most of the attention has been focused on the headache-generating home-loan side of the business.
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SALLIE MAE GETS $31BN IN NEW FINANCING
Sallie Mae, the largest US student loan company, said on Monday it had received $31bn of financing from a consortium of banks to replace an expiring line of credit offered during a takeover attempt by private equity group JC Flowers that collapsed last year amid the fallout from the credit squeeze.
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EBUREAU AND LATITUDE SOFTWARE PARTNER TO DELIVER POWERFUL JOINT SOLUTION
ST. CLOUD, Minn. and JACKSONVILLE, Fla. — January 28, 2008 — eBureau, an innovative
provider of custom predictive scoring and information solutions, today announced a business and
technology partnership with Latitude Software, a leading provider of collection software for credit
grantors and debt recovery firms. Under the agreement, the firms have integrated eBureau’s powerful
eScore and eLink services into Latitude Software products, in order to provide these capabilities to
Latitude’s customer base of over 160 collection agencies, debt buyers, credit grantors, and legal firms
throughout North America.
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BANK OF AMERICA CORPORATION PRICES $12 BILLION IN DEPOSITARY SHARES AND CONVERTIBLE PREFERRED STOCK
CHARLOTTE, N.C., Jan. 24 /PRNewswire/ -- Bank of America Corporation today announced the pricing of its recent public offerings, raising $12 billion in capital, which was well above the original $6 billion offering due to strong investor interest.
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STIMULUS PLAN ALSO SPARKS HOUSING MARKET
NEW YORK (CNNMoney.com) -- The economic stimulus plan announced Thursday by Congress and the Bush administration includes provisions that specifically address the mortgage crisis. It aims to make getting a mortgage easier and cheaper in high-cost markets, to facilitate refinancing and to prevent foreclosures.
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LAWMAKERS WORK TO OVERHAUL LENDING INDUSTRY
Lawmakers on Thursday continued moving toward an overhaul of the subprime mortgage lending industry as foreclosures continue to oust Californians from their homes at an unprecedented pace.
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STIMULUS DEAL SEEKS $150 BIL IN REBATES, INVESTMENT CREDITS
The White House and House Democrats struck a deal Thursday on a $150 billion stimulus plan that will provide tax rebates to most U.S. households, but analysts say it likely won't lift consumer spending until late this year.
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DEBT RESOLVE APPOINTS KENNETH MONTGOMERY CHIEF EXECUTIVE OFFICER
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Jan. 25, 2008--Debt Resolve, Inc. (AMEX: DRV) announced today that Kenneth Montgomery has been appointed Chief Executive Officer, effective February 16, 2008, and that its Co-Chairman and Chief Executive Officer, James D. Burchetta, has elected to step down as CEO, as planned after the one-year anniversary of the initial public offering (IPO). Mr. Burchetta will remain an active member of the senior management team and has been appointed Chairman of the Board & Founder. He will continue to oversee investor relations, corporate strategy and product development. Debt Resolve also announced today that its Chief Financial Officer, David M. Rainey, has been named President.
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EX-CFS CO-FOUNDER FACES TAX COLLECTION EFFORT
A collection agency working on behalf of the Oklahoma Tax Commission has initiated garnishment proceedings against Jay Jones, co-founder of Commercial Financial Ser vices Inc., to collect $2.3 million in back taxes and related penalties and fees.
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GRANITE CITY MAN SUES LAW FIRM FOR UNFAIR DEBT COLLECTION PRACTICES
A Granite City man filed a federal lawsuit against a Chicago law firm alleging it violated the Fair Debt Collection Practices Act (FDCPA) when the firm sued him in Cook County rather than Madison County.
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ONLINE MARKETERS OF PREPAID DEBIT CARDS TO SUBPRIME CONSUMERS WILL PAY MORE THAN $2.2 MILLION TO SETTLE FTC CHARGES
An operation marketing Visa- and MasterCard-branded prepaid debit cards to subprime consumers has agreed to settle Federal Trade Commission charges that it made unauthorized debits from consumers’ bank accounts and engaged in deceptive marketing practices. The settlement requires the defendants to pay $2,258,258 for consumer redress, plus the proceeds from the sale of an automobile. In addition, one of the defendants, Dale Paul Cleveland, must pay taxing authorities an additional $667,288.
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COMMERCE BANK REPORTS DROP IN PROFITS
CHERRY HILL, N.J. – Commerce Bancorp Inc. today reported fourth-quarter profits were down 47 percent, as credit losses leaped in the wake of bad real estate and commercial loans.
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PUBLIC SERVICE CREDIT UNION WINS NORLARCO'S ASSETS
Public Service Credit Union of Denver will take over Norlarco Credit Union’s $233.2 million in shares and deposits, the National Credit Union Administration board of directors voted this morning.
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WACHOVIA ECONOMIST AGAIN PREDICTS NO RECESSION
The chief economist for Wachovia Corp. believes key market indicators are showing some positive signs for the economy -- and, in a Florida speech Wednesday, reaffirmed his belief that the nation will avoid a recession.
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AMERICREDIT REPORTS $19.1M QUARTERLY LOSS
AmeriCredit Corp., a vehicle finance company known for lending to customers with less-than-perfect credit, has substantially cut its 2008 outlook after reporting a $19.1 million loss for the final three months of 2007. The company's adjusted outlook for its fiscal year, which ends June 30, went from predicted earnings of up to $320 million down to about $170 million.
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CAPITAL ONE REPORTS FOURTH QUARTER EARNINGS
MCLEAN, Va., Jan. 23 /PRNewswire-FirstCall/ -- Capital One Financial Corporation (NYSE: COF) today announced earnings for 2007 of $1.6 billion, or $3.97 per share (diluted). Earnings from continuing operations for the full year were $2.6 billion or $6.55 per share (diluted), versus the prior year's $2.4 billion, or $7.65 earnings per share (diluted). Net income for the fourth quarter of 2007 was $226.6 million, or $0.60 earnings per share (diluted). Fourth quarter 2007 earnings from continuing operations were $321.6 million, or $0.85 earnings per share (diluted) compared to $402.6 million, or $1.17 earnings per share (diluted) in the fourth quarter of 2006. These results are consistent with those reported by the company on January 10, 2008 and provide additional information regarding segment performance.
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CITIGROUP TO CUT 4,200 JOBS
Citigroup is cutting 4,200 jobs worldwide.
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STATE DATA PRIVACY LAWS REQUIRE INDUSTRY TO PROTECT PERSONAL IDENTITY INFORMATION.
39 states have passed consumer identity privacy and notification legislation requiring 1) protection of personal identity information and 2) notification where there is the possibility of compromised data. Failure to comply with these state regulations may result in fines, penalties and civil litigation costs in excess of $1 million.
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ONTARIO SYSTEMS RELEASES GUARANTEED CONTACTS IP
Ontario Systems has announced that the next generation of the Guaranteed Contacts telephony platform will be built on the voice over Internet protocol (VoIP) technology that is rapidly becoming a business standard.
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DebtConnection.com is a searchable database of collection products and services.

Portfolios For Sale

$2,662,992.00     Medical
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?468
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690

$10,000,653.00     Other
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?467
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690

$3,127,674.00     Consumer Loans
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?466
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690

$1,166,890.00     Auto Deficiencies, Consumer Loans, Credit Cards, Judgments
WorldWide Debt Exchange
http://www.debtconnection.com/portfolio.asp?465
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?1690

$2,144,000.00     Consumer Loans
MATTIA & ASSOCIATES
http://www.debtconnection.com/portfolio.asp?464
More information about this company can be found here:
http://www.debtconnection.com/moreinfo.asp?2999

$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

GLACIAL STAR GROUP INC.
631-231-0028

OPTIO SOLUTIONS LLC
800-360-2827

Attorney

BIDNA & KEYS, APLC
949-752-7030

Consultants

CANUEL CONSULTING LLC
305-304-4917

IBM GLOBAL BUSINESS SERVICES
817-881-5744

CAPITAL FINANCE
562-505-0668

Debt Buyers

CAPIO PARTNERS
Doug Sawyer
770-329-8187
More Information

PROFESSIONAL RECOVERY SYSTEMS, LLC
Craig Manseth
877-596-2633
More Information

BAYVIEW FINANCIAL SOLUTIONS
727-823-4500

SUSSEX GROUP, INC.
888-708-7108

H. JOSHUA CHAET
847-436-0008

Debt Sellers

ARGONAUT FINANCIAL, LLC
Lee Dalby
760-746-6186
More Information

PROFESSIONAL RECOVERY SYSTEMS, LLC
Craig Manseth
877-596-2633
More Information

Industry Associations

RECOVERY MANAGEMENT NETWORK (RMN)
Jon Marie Galvan
909-597-1127
More Information

Industry Events

Profitable Debt Buying Using Predictive Analytics
PredictiveMetrics
January 31, 2008
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 Archive 2007 20062005

At A Glance - Wednesday, May 07, 2008

At A Glance - Friday, May 02, 2008

At A Glance - Wednesday, April 30, 2008

At A Glance - Friday, April 25, 2008

At A Glance - Wednesday, April 23, 2008

At A Glance - Friday, April 18, 2008

At A Glance - Wednesday, April 16, 2008

At A Glance - Friday, April 11, 2008

At A Glance - Wednesday, April 09, 2008

At A Glance - Friday, April 04, 2008