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Stocks A / Asset Acceptance Capital
|Subject: Re: Anyone else in this stock?||Date: 11/18/2005 11:36 PM|
|Author: arbles||Number: 8 of 23|
I, too, have a few shares of this stock, but 'lucky' me, I purchased before the slide (e.g. >$31).
Have you checked out the Yahoo message board on this stock?
While there are certainly some wackos over there, I find that it is still a good place to troll for info.
One post that I found over there was from a guy that was a former employee at AACC who was supposedly fired after he went public with illegal practices. I didn't put a lot of stock in it. All companies have disgruntled employees that screw up and don't want to take responsibility for their actions.
But a few days later I found another posting with a web site of a guy in Dallas that is a debt adviser. This guy had all kinds of 'testimonials' from people (credit card holders that had not paid their debt) that claimed to have been screwed by AACC.
I truly do not know if there was merit in what they said. Some of them certainly had brought their grief on themselves with the way they had handled notices from AACC. But if even half were true, then I fear for a class action suit being brought against them. The other thing that bothered me in what I found was that many of the same things that these people claimed to have happen to them, the ex-employee claimed that AACC had done while he worked for them.
Like I said, I don't know if AACC is guilty of any of the charges these people were making, but what I have concluded is that this is probably not a good stock for the long term. My plan is to hope that it stays above $20 till January and then unload it so that the loss will show up in 2006 and not 2005. Right now I am thinking I will take the money and shift it to PRAA because I like the idea of having a stock that should perform well in an economic downturn.
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