-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DWI+FKPQ7eCTvlL/nrAQS8rh9HAdiL3OdjTQNpCHWzEeae25v3T7XNqtTlGoakdz QuyMIryGfdip8H7yPoDBow== 0001064015-08-000042.txt : 20081030 0001064015-08-000042.hdr.sgml : 20081030 20081030093135 ACCESSION NUMBER: 0001064015-08-000042 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081029 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets FILED AS OF DATE: 20081030 DATE AS OF CHANGE: 20081030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERITRANS CAPITAL CORP CENTRAL INDEX KEY: 0001064015 IRS NUMBER: 522102424 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 814-00193 FILM NUMBER: 081149465 BUSINESS ADDRESS: STREET 1: 747 THIRD AVENUE STREET 2: 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2123552449 MAIL ADDRESS: STREET 1: 747 THIRD AVENUE STREET 2: 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 8-K 1 october302008closingofassets.htm FORM 8-K U

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 8-K


Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934



October 30, 2008

------------

Date of Report

(Date of Earliest Event Reported)



AMERITRANS CAPITAL CORPORATION



(Exact name of Registrant as specified in its charter)



Delaware                   333-63951             52-2102424

-------------------------------      -----------         ----------------

(State or other jurisdiction of      (Commission         (I.R.S. Employee

incorporation or organization)        File No.)            I.D. Number)


747 Third Avenue, 4th Floor

New York, New York                         10017

---------------------------------------           ----------

(Address of principal executive offices           (Zip Code)


(800) 214-1047

------------------------

(Registrant's telephone number, including area code)


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


[ ]   Written communications pursuant to Rule 425 under the  Securities Act (17 CFR 230.425)


[ ]   Soliciting material pursuant to Rule 14a-12 under  the Exchange Act(17CFR240.14a-12)


[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))


[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))

  --------------------------------------------------------------------------------





Items to be Included in this Report


Items 2.01  Completion of Disposition of Assets

  

Ameritrans Capital Corporation (the "Company") and its wholly owned subsidiary, Elk Associates Funding Corporation (“Elk”) announced today that it closed on the sale of the Company’s taxicab medallion portfolio to Medallion Financial Corp. and Medallion Bank, pursuant to that certain loan portfolio sale and purchase agreement dated as of July 16, 2008, as amended October 17, 2008 and October 20, 2008.


The information furnished is not deemed "filed" for  purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.


A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by reference.  


 

  

                                    SIGNATURES


 Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly authorized and caused the undersigned to sign this Report on the Registrant's behalf.


                                           AMERITRANS CAPITAL CORPORATION



                                           By:  /s/ Michael R. Feinsod

                                              ----------------------------------


                                                Name:  Michael R. Feinsod

                                                Title: Chief Executive Officer


Dated:  October 30, 2008



Exhibit Index



Exhibit

Number                   Description

 

99                 Press Release dated October 30, 2008




 EX-99 2 final2october302008pressrele.htm EXHIBIT 99 PRESS RELEASE Converted by EDGARwiz

For Immediate Release

From:

Ameritrans Capital Corporation

For more information Contact:

Michael Feinsod

(212) 355-2449


Ameritrans Capital Corporation Announces Closing of Sale of Taxicab Medallion Portfolio


New York, NY, October 30, 2008 – Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP) today announced that it closed on the sale of substantially all of the Company’s taxicab medallion loans to Medallion Financial Corp. and its wholly-owned subsidiary Medallion Bank.


Ameritrans utilized substantially all of the net proceeds from this transaction to fully pay down its existing bank indebtedness.  Subsequent to the sale, the Company has no short term indebtedness and assets of approximately $31 million or $9.10 per common share.  As of June 30, 2008, Ameritrans’ net asset value per share was $5.06.  The Company’s portfolio is currently funded through a combination of shareholders’ equity and SBA guaranteed debentures. The Company intends to pursue its strategy of repositioning and growing its portfolio by further building its portfolio of corporate loans.


“We are delighted to close the sale of our medallion portfolio,” said Michael Feinsod, Chief Executive Officer and President of Ameritrans.  “This transaction simplifies our operating model and allows the Company to continue to expand our senior-secured, middle market corporate loan portfolio.  The retirement of our existing bank debt allows the Company to actively pursue our corporate loan strategy.  Given the continued dislocation in the credit markets, we continue to see excellent opportunities to grow the portfolio and generate attractive risk adjusted returns for our shareholders.”


Ameritrans Capital Corporation is an internally managed, closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended.  Ameritrans originates, structures and manages a portfolio of secured business loans and selected equity investments. Ameritrans' wholly owned subsidiary Elk Associates Funding Corporation is licensed by the United States Small Business Administration as a Small Business Investment Company (SBIC).  The Company maintains its offices at 747 Third Avenue, 4th Floor, New York, NY 10017.

# # #

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those presently anticipated or projected.  Ameritrans Capital Corporation cautions investors not to place undue reliance on forward-looking statements, which speak only as to management's expectations on this date.

 



 


 -----END PRIVACY-ENHANCED MESSAGE-----