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Portfolio Recovery's stock took a beating today
Portfolio Recovery's stock took a beating today. Read the article here.
But this is what gets me:
Quote:
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Portfolio Recovery also said it spent in the quarter $63.4 million on $2.5 billion in face-value debt, acquiring it in 58 pools from 27 different sellers. The company said it is the second-largest amount it has spent in a quarter on portfolio purchases.
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They paid $ 0.0267 on the dollar. They make money by only collecting on 2.5% of the accounts bought.
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It is better to keep your mouth shut and appear stupid than to open it and remove all doubt. - Mark Twain
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