Payouts of ABFS funds to noteholders are close

Jan 18, 2011 | Posted by: roboblogger | Full story: Philly.com

Certain investors in American Business Financial Services Inc. could soon receive their first payouts from the bankruptcy liquidation of the Philadelphia subprime lender, which failed six years ago.

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1 - 5 of 5 Comments Last updated Jun 25, 2013
lorie levine

Saint Petersburg, FL

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#1
Jun 27, 2012
 

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well ,its been 17 months since this article, and no payments have been made! I don't think anyone's holding their breath since they chopped every investment in1/2 just before filing for bankruptcy in 2005. Wells Fargo ,US Bank,other trustees, administers of the court, accountants,etc have since been helping themselves to over $700 million, and intend to disburse about $15 million whenever. they all got away with not so much as a slap on the wrist from the SEC or the DOJ.
Rosetta Little

Newton, NJ

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#2
Jul 2, 2012
 

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This is taking entirely too long since there must be money coming in all the time on these mortgages. Where is this money going?? Even if they would keep us up to date with status 32
Dave Licata

Jupiter, FL

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#3
Sep 19, 2012
 

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I have called several times about my distribution and have been told that they are not in a position to give me a date of my payment, nor when the entire process is expected to be completed. So I guess I remain in the dark as to when I will ever receive anything. There is surly a "real answer" that I am not being given or privilaged to know. My opinion: No legitimate company without some back room agenda would leave their customers out in the cold in this way. This is insult to injury!!!
Dan

Mount Holly, NJ

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#5
Jun 25, 2013
 
I received an offer for my bankrupt shares of ABFS, Inc.
$0.03 on the dollar of lost share value.
Has anyone else received this?
It came from Argo Partners on New York.
Anyone know anything about them or these proceedings?
lorie levine

Saint Petersburg, FL

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#6
Jun 25, 2013
 
I am one of 1000's who lost over $700 million as a result of ABFS filing for bankruptcy in January 2005. In October of 2012 one of their lawyers called me to tell me that a payout was imminent and he was checking my delivery instructions. This payout never took place

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