Asset Acceptance Changes Auditor, Updates Exec Bonus Plan

Debt purchaser and collector Asset Acceptance Capital Corp. (Nasdaq: AACC) made several SEC filings last week, wrapping up end-of-year business for 2007.

On Thursday, the company said that it was changing its independent registered public accounting firm, from Ernst & Young to Grant Thornton.

Warren, Mich.-based Asset Acceptance said that it had no disagreements with Ernst & Young, a member of the “Big Four” accounting firms. The accounting firm audited Asset’s books for the years ended 2003 through 2007. In the SEC filing, Asset noted that as of filing, Grant Thornton had not formally accepted the engagement with the company.

On Friday, Asset Acceptance in a separate SEC filing updated the terms of its executive compensation plan, specifically the structure of yearly bonus plan. Under the terms of the plan, executive officers are eligible for a target bonus between 35 percent and 80 percent of their annual salaries, depending on personal and company performance. The company has laid out tiers for company performance – measured by EBITDA – that allows for 25 percent, 50 percent and 100 percent of the target bonus to be paid out.

The bonus plan applies to executive officers of the company. In the company’s annual report, also filed last week, the named executives were: Nathaniel F. Bradley IV, chairman, president and CEO; Deborah L. Everly, senior vice president and chief acquisitions officer, Rion B. Needs, senior vice president and COO; Mark A. Redman, senior vice president, CFO, secretary and treasurer; Phillip L. Allen, vice president-operations; Deanna S. Hatmaker, vice president-human resources; Edwin L. Herbert, vice president-general counsel and assistant secretary; Diane M. Kondrat, vice president-legal collections; James Christopher Lee, vice president-strategy & analysis; and Ambrish Sundaram, vice president-information services.

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