The Sherman Acquisition Limited Partnership seems to be an enigma. Its structure is extremely complex and in addition to the several layers and cross-layers of ownership and control it is also a private company, so information on its actions and dealings is very limited.
Untangling the Web of Ownership and Control
Sherman Acquisition Limited Partnership or Sherman Financial Group as it is also known is an umbrella company for a number of smaller purchasers of resellers of low grade consumer debt.
Sherman Financial Group is the registered owner of the websites for three companies, namely;
1.  Resurgent Capital Services
2.  LVNV Funding
3.  Alegis Group
Unraveling the relationship between these three companies is where the situation can get muddled. In most instances, from information gathered from court documents, LVNV was listed as the plaintiff or the party bringing the suit. LVNV Funding would be the company used to purchase the bad debt and therefore the plaintiff in trying to extract the amount owed.
Resurgent Capital Services, however was listed as the company to contact for payment information or to make additional payments. Therefore, Resurgent Capital Services acts as the collector on behalf of LVNV clients.
Information pieced together from message boards seems to imply that the Alegis Group was responsible for both ends of the transaction. In other words, they would be both the purchaser of the bad debt and the collector. Presently, the website for the Alegis Group has been pulled down and all that remains is a broken link.
LVNV Funding has met a similar fate and now appears to be out of operation. There is no available website for the company and although a file was opened for the company with the BBB in May 2003 it failed to achieve accreditation. The only contact number listed for the company is (877) 512-2764.
On the other hand, Sherman Financial Group and Resurgent Capital Services seem to be the survivors out of all the companies involved. As stated earlier, Sherman is the registered owner of Resurgent’s website.
Sherman Financial describes itself on its website as a company “engaged in the direct origination of consumer loans, investment in performing and non-performing consumer debt originated by financial institutions, credit card companies, retailers and others, and the servicing of an array of consumer assets”.
Resurgent, its subsidiary is a BBB accredited company with a rating of B-. It operates along the same lines of business as its owner but it concentrates its attention on Greenville, SC, Cincinnati, OH and Sioux Falls, SD districts.
Overall Sherman Acquisition Limited Partnership appears to have struggled to find a suitable operating model, but through trial and error in a largely unregulated industry has been able to find a comfortable position in its established markets.