WARREN, Mich. -- (Business Wire)
Asset Acceptance Capital Corp. (NASDAQ: AACC),
a leading purchaser and collector of charged-off consumer debt, is
deeply saddened by the passing of Rufus ‘Bud’ Reitzel, Jr., founder and
former chairmen of the Company. He was 78.
Mr. Reitzel founded the organization that would eventually become Asset
Acceptance Capital Corp., in 1962. Over the course of several decades,
Mr. Reitzel developed the Company into one of the largest, most highly
regarded accounts receivable management operations in the industry. This
year, marks the Company’s 50th Anniversary. His disciplined
yet opportunistic approach to the acquisition of both traditional and
non-traditional debt portfolios helped to pave the way for widespread
validation of debt collection as a respected and rewarding growth
As Chairman and former CEO of Asset Acceptance, Mr. Reitzel took the
Company public in 2004. He retired from his position as chairman and as
a member of the board of directors in February 2006. A pioneer of the
debt purchasing industry, Mr. Reitzel’s recognitions include Ernst &
Young Entrepreneur of the Year, founding member and first president of
the Asset Buyers Association and an ACA International Honorary
“The passing of Bud is a somber moment for all of us at Asset
Acceptance,” said Rion Needs, President & CEO of Asset Acceptance
Capital Corp. “As one of the most respected pioneers in the industry and
as the founder of our Company, he set the standard for the ARM industry.
As we continue to grow as a Company, the values and ethics instilled by
Bud during his tenure will continue to live on. He will be missed.”
Visitation and services will be held at Blount & Curry Funeral Home, 605
S. MacDill Ave., Tampa, Florida.
Friday, October 19, 2012, 4 p.m. to 8 p.m.
Saturday, October 20, 2012, 9:30 a.m. to 11:30 a.m.
Saturday, October 20, 2012, 11:30 a.m.
The family requests that in lieu of flowers, contributions be made in
Mr. Reitzel’s memory to Tampa General Hospital Foundation, Palliative
Care Program, P.O. Box 1289, Tampa, FL 33601.
About Asset Acceptance Capital Corp.
For 50 years Asset Acceptance has provided credit originators, such as
credit card issuers, consumer finance companies, retail merchants,
utilities and others an efficient alternative in recovering defaulted
consumer debt. For more information, please visit www.AssetAcceptance.com.
Asset Acceptance Capital Corp.
Mary Arraf, 586-983-7087
Source: Asset Acceptance Capital Corp.