Subprime lender American Business Financial Services, Philadelphia, which is operating under bankruptcy protection, has promoted Milton Riseman to president and chief operating officer.Mr. Riseman's promotion came late in the day Tuesday, on the eve of a hearing regarding debtor-in-possession financing for the struggling company. Prior to the promotion, Mr. Riseman had been serving as chairman of ABFS' Consumer Mortgage Group, responsible for sales, marketing and day-to-day operations of the company's affiliate, Upland Mortgage. During his career Mr. Riseman also served as president of Advanta Mortgage. The DIP hearing is scheduled for Wednesday morning, said a spokesman for the company.
Processing Content
