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No postst in a while and this one is not a happy one.

Asset Acceptance reported that it would incur net impairments on its purchased receivables in the range of $13.0 to $15.0 million, or $0.27 to $0.31 per share net of taxes, in the third quarter of 2007 after a review of the Company's models for projecting future collections on its purchased receivables portfolios. The net impairments will reduce purchased receivable revenues by $13.0 to $15.0 million

The company said it expected a net loss of 1 cent to 5 cents a share in the quarter, compared with a profit of 29 cents a share it posted a year ago.

On top of that the cash collections went up due to an increase in legal costs. I am looking for the long term, but reports like this one make me wonder if I may be betting on the wrong horse here. Any opinions?

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