Junk debt buyer news again – NCO not buying Axiant / Mann Bracken – fact or fiction?
Filed Under: Collections
Filed Under: Collections
Gobs of news! First, read here about the bk for Axiant / Mann Bracken (article from Bud Hibbs site) Bold emphasis ours.
“AXIANT Bankruptcy Filing No Surprise to Those Taken in Scam!
The bk filing of Axiant, which was the formation of Mann Bracken, Wolpoff & Abramson and Eskanos & Adler should not come as a major surprise, given the circumstances and the players.
Axiant, best known for their massive scam of consumers through direct ownership of the National Arbitration Forum will stand as the largest fraud ever perpetrated upon the public, by a debt collector.
There are (were) several lawsuits against Axiant claiming violations of The Racketeer Influenced and Corrupt Organizations Act (RICO) which could have potentially led to the possibility of loss of law licenses and even criminal charges against those involved.
The bankruptcy filed today in DE is available for review at Bud Hibbs site.
No surprise that the first creditor listed is Mann Bracken for $10 million, followed by Irwin Eskanos for more than $720,000. (Any bets on who will collect the most $?)
Among those who may not get paid are debt collection lawyers: Blatt, Hasenmiller, $161,638, Zarzaur & Schwartz, $158,257, Howard Lee Schiff, $97,000, Buffaloe &Associates, $92,846, and many more.
Axiant’s orchestrated purchase by NCO apparently may give new life to debts that were obtained by fraud through the NAF, which started this downhill snowball that has led to the bankruptcy filing. No one will be surprised when NCO decides to use the Mann Bracken network as their ‘lawyers of choice’ to collect on these same debts. It’s a ready-made cash infusion that would make Bernie Madoff proud, and MB even more money.
Just think, MB is off the legal hook, they get paid millions by NCO, who then manufactures their own documents that give validity to the grabage that put Axiant into bankruptcy for their fraud. (AIG…what were you thinking …no bail out, it’s legal and you get to screw the public for years to come with no one to pay back or account to.)
NCO can expect massive consumer resistance to Mann Bracken accounts and consumer lawyers may find a highly lucrative practice in taking on these claims as NCO attempts to untangle the mess of Axiant.
Will Mann Bracken stay alive? Our sources tell us that their game plan is to wait for the heat to die down, then back to business as usual. It is doubtful, given their past, that Mann Bracken, Wolpoff &Abramson and Eskanos & Adler will ever again enjoy the credibility they once had. Their reputation in the collection industry is as bad as it gets, so attorneys, judges and consumers will take on a whole different attitude in dealing with these collectors and the havoc they have created.
Does a bankruptcy wipe out the criminal conspiracy used to steal untold millions from consumers? Does the fact that the National Arbitration lied and misled consumers equate to a profit for NCO just because they have the deep pockets to buy the bogus assets of Axiant? Time will tell and the American consumer will dictate who gets their money, not the scan artists posing as lawyers or bottom feeders.
Here is a real opportunity for America to rise against this massive rip off of our money based soley on lies, misinformation, extortion and perjury. The NAF, Axiant, Mann Bracken and associated entities should not be allowed to use the courts for self enrichment at the expense of the American consumer.”
JUST when you (consumers) thought life goes on with NCO exploding with business…
NOW read this…hot news: the shocker and what does this mean for Axiant and Mann Bracken ?
HORSHAM, Pa., Dec. 8 /PRNewswire-FirstCall/ — NCO Group, Inc. (”NCO”), a leading provider of business process outsourcing services, announced today that it has notified Axiant LLC (”Axiant”) that it is terminating its proposal to purchase Axiant.
On November 20, 2009, NCO entered into an agreement to acquire Axiant, a provider of legal collection services, subject to satisfactory completion of due diligence, the execution of a definitive agreement and other conditions.
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