NCO Financial Group Inc to Buy Axiant (aka Mann Bracken)
November 21st, 2009. Published under Fraud, Scams. No Comments.
Accretive is a big hedge fund that “owned” Axiant and Mann Bracken (which I believe is actually one and the same, Axiant being a shell company in my opinion). NCO Financial (part of NCO Group) has had it share of Federal lawsuits against them for FDCPA, FCRA and other violations . Now that they own even more of the debt collection industry I am betting the consumer abuse will only get worse. In that respect maybe the Federal Trade Commission (FTC) will finally wake up and take more notice of the debt collection industry. —- The NCO – Axiant official press release Axiant LLC, a leading provider of integrated legal collections services, announced today that it has signed a binding agreement to be acquired by NCO Group, Inc. (“NCO”), a leading provider of accounts receivable outsourcing services. Kevin Keleghan, CEO of Axiant, stated that, “Combining our resources with the litigation services already offered by NCO will create a dominant force in the legal collections market. Axiant’s unique working relationship with Mann Bracken, the largest collection law firm in the United States, in conjunction with NCO’s technology driven Attorney Network platform should maximize our clients’ performance and create opportunities for many of our associates.” Michael Barrist, Chairman and CEO of NCO, stated, “Combining Axiant, which has a strategic relationship with Mann Bracken, to our company enhances our suite of service offerings and furthers our strategy of expanding our litigation capabilities. This combination, in conjunction with our recently announced purchase of Total Debt Management, clearly defines NCO as a leader in the consumer litigation arena.” To facilitate this transaction, Axiant has today commenced chapter 11 bankruptcy proceedings in Delaware, in which the sale of Axiant’s assets to NCO will be subject to higher and better offers at an auction and to the approval of the Bankruptcy Court. Closing is expected in the first quarter of 2010 and is subject to satisfactory completion of due diligence, the execution of a definitive agreement and other conditions.
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NCO Financial Group Inc to Buy Axiant (aka Mann Bracken)