Sec Form 13D Filing - STERN GARY filing for ASTA FUNDING INC (ASFI) - 2019-11-22

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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SECURITIES AND EXCHANGE COMMISSION

  
 

Washington, D.C. 20549

  
     
 

SCHEDULE 13D

  

 

Under the Securities Exchange Act of 1934
(Amendment No. 11)*

 

Asta Funding, Inc.
(Name of Issuer)
 
Common Stock, par value $.01 per share
(Title of Class of Securities)
 
0462220109
(CUSIP Number)
 

Gary Stern

c/o Asta Funding, Inc.

210 Sylvan Avenue

Englewood Cliffs, New Jersey 07632

(201) 567-5648
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
November 21, 2019
(Date of Event Which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent.

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 
 

 

CUSIP No. 0462220109
 
 

1.

Names of Reporting Persons.

 

Gary Stern
 
 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)
   

(a)

 ☑
   

(b)

 ☐

 

 

3.

SEC Use Only
 
 

4.

Source of Funds (See Instructions)
PF
 
 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     ☐
 
 

6.

Citizenship or Place of Organization
United States of America
 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
700,049
 

8.

Shared Voting Power 
1,549,296 (1)
 

9.

Sole Dispositive Power 
700,049
 

10.

Shared Dispositive Power 
1,549,296 (1)
 
 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
2,249,345 (1)
 
 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)    ☐
 
 

13.

Percent of Class Represented by Amount in Row (11) 
33.2% (1)
 
 

14.

Type of Reporting Person (See Instructions)
IN

 

 

(1)

Includes 842,000 Shares held by Asta Group, Incorporated (“Asta Group”). The Reporting Person may be deemed to have shared voting and dispositive power over such Shares held by Asta Group because of his role as an officer, director and shareholder of Asta Group. The Reporting Person disclaims beneficial ownership of such Shares and neither the filing of this Statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by the Reporting Person that he is the beneficial owner of any such Shares for purposes of Section 13(d) of the Act, or for any other purpose, and such beneficial ownership is expressly disclaimed by the Reporting Person.

 

 
 

 

Explanatory Note

 

Gary Stern (the “Reporting Person”) is filing this Schedule 13D to amend certain of the information in his Schedule 13D as is set forth below. Certain terms used but not defined in this Amendment No. 11 have the meanings assigned thereto in the Schedule 13D, as previously filed and amended. Except as specifically provided herein, this Amendment No. 11 does not modify any of the information previously reported on the Schedule 13D, as previously filed and amended. The Schedule 13D is hereby amended and supplemented by this Amendment No. 11 as set forth herein:

 

Item 4.

Purpose of Transaction.

Item 4 is amended to add the following:

 

As previously reported, the Reporting Person intends to engage in discussions with family members about participation in the Reporting Person’s prior submission of a non-binding proposal (the “Proposal”) to acquire all of the outstanding Shares of the Issuer at a cash purchase price of $10.75 per Share. As a result of these discussions, Ricky Stern, the Reporting Person’s son, has agreed to participate in the Proposal. However, the terms and conditions of Ricky Stern’s participation have not yet been determined. In light of these discussions, the Reporting Person and Ricky Stern may be deemed a group for purposes of Section 13(d)(3) of the Act and Rule 13d-5(b) thereunder with respect to the Shares, and such group has beneficial ownership of 4,218,227 Shares, or 61.8% of the Issuer’s outstanding Shares of common stock in the aggregate.

 

 
 

 

SIGNATURES

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: November 22, 2019

 

 

 

 

 

 

 

 

/s/ GARY STERN

 

 

GARY STERN