Distressed Debt Acquisition Firm Announces Investor Commitment for Its 10 Million Dollar Limited Partnership
New York, NY, August 07, 2009 --(PR.com)-- IIA First Limited Partnership announced today that it has received an investor commitment for it's 10 million dollar Limited Partnership headquartered in New York City. The investment came just one day after final completion of IIA's Investor Guide, Information Memorandum, Summary of Principal Terms and Investor Questionnaire.
The Limited Partnership is established to purchase non-performing consumer debt at steeply discounted prices. IIA's intent is to collect from the debtors using an analytical scoring system that ranks the debtors in order of collectability. The strategy is comprised of both traditional collection means on the accounts with low collectabilty scores and a litigation collection route on accounts with high collectability scores.
IIA has also announced that they have contracted with seasoned litigation attorneys and collection agencies that understand their business model and are a good fit within their strategy.
IIA intends to buy an approximate face value of $200 million worth of debt. The Limited Partnership has been filed with the Securities and Exchange Commission under Rule 506 of Regulation D and can accept investments only from "Accredited Investors" as defined by the SEC.
BankersAssistanceProgram.com is IIA's website programmed to accept portfolios from banks and other asset owners wishing to submit their charged off receivables to IIA to review for purchase offers. IIA will purchase fresh, primary and tertiary consumer debt (primarily credit cards & consumer loans).
IIA was formed as a joint effort of Mario Costanz and Robert Coppinger, two seasoned entrepreneurs. Mr. Costanz said "We know about the hard work, dedication and late nights working to make sure everything is executed perfectly. Our plan is smart, unique and timely. It sets a clear process which we already have in place. We offer a clear path to profitability and investor profits."
This press release shall not be deemed as a solicitation for any particular private offering. Offerings mentioned in this press release have not been, and will not be, registered under the Securities Act of 1933 except pursuant to a Private Offering Exemption listed in Rule 506 of SEC Regulation D. No public offering of the securities is planned to be made at this time.
Contact information for IIA First Limited Partnership can be found at www.investindebtfund.com.
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The Limited Partnership is established to purchase non-performing consumer debt at steeply discounted prices. IIA's intent is to collect from the debtors using an analytical scoring system that ranks the debtors in order of collectability. The strategy is comprised of both traditional collection means on the accounts with low collectabilty scores and a litigation collection route on accounts with high collectability scores.
IIA has also announced that they have contracted with seasoned litigation attorneys and collection agencies that understand their business model and are a good fit within their strategy.
IIA intends to buy an approximate face value of $200 million worth of debt. The Limited Partnership has been filed with the Securities and Exchange Commission under Rule 506 of Regulation D and can accept investments only from "Accredited Investors" as defined by the SEC.
BankersAssistanceProgram.com is IIA's website programmed to accept portfolios from banks and other asset owners wishing to submit their charged off receivables to IIA to review for purchase offers. IIA will purchase fresh, primary and tertiary consumer debt (primarily credit cards & consumer loans).
IIA was formed as a joint effort of Mario Costanz and Robert Coppinger, two seasoned entrepreneurs. Mr. Costanz said "We know about the hard work, dedication and late nights working to make sure everything is executed perfectly. Our plan is smart, unique and timely. It sets a clear process which we already have in place. We offer a clear path to profitability and investor profits."
This press release shall not be deemed as a solicitation for any particular private offering. Offerings mentioned in this press release have not been, and will not be, registered under the Securities Act of 1933 except pursuant to a Private Offering Exemption listed in Rule 506 of SEC Regulation D. No public offering of the securities is planned to be made at this time.
Contact information for IIA First Limited Partnership can be found at www.investindebtfund.com.
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Contact
IIA First Limited Partnership
Mario Costanz
212-561-5937
www.investindebtfund.com
Mario Costanz
212-561-5937
www.investindebtfund.com
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