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Bank Notes: Advance America, Bank of America

Adam Rust's picture

Posted April 3, 2012

Advance America takes next step with sale to Grupo Elektra, SA: Advance America reported that the 45-day "go-shop" period, a regulatory procedure whereby a company offers to hear alternative purchase proposals, had passed without the reception of other bids.

Bank of America may be selling invalid debts to collectors: American Banker reports

that Bank of America sold  as much as $65 million in outstanding credit card debt to CACH LLC every month. Bank of America acknowledged that claims to some of the debts may have been extinguished in bankruptcy court. In other instances, B of A said that they might have already collected. According to one of documents, B of A says:

"it is possible that the figure provided as the Current Balance for any loan may not reflect payments made by or on behalf of any Obligor which have been made prior to the cut-off date."

"The existence of an evidence of indebtedness shall evidence an unpaid and outstanding claim against an obligor but shall not be deemed to imply that the debt evidenced thereby is enforceable. The evidence of indebtedness may be subject to bankruptcy or other enforcement or collection restrictions."