ACS Holdings Inc. (fka ACSH)

[Logickle]

Some thoughts about this company - tell me what you think.

What I like is the idea of banking the many unbanked (and possibly unbankable) people out there. If it is a good idea, though, and since it sounds easy enough to implement, what prevents any bigger and better-known financial company from simply moving into this market? Or for that matter, even better-run small competitors (although I know of none right now)?

In particular I'm concerned about the dearth of distributors, especially in states with large immigrant hispanic populations. Since immigrant hispanics is a group the company explicitly intends to market to, why are there no distributors in AZ?? Even in CA, almost all distribs are in the San Diego area - there need to be lots more further north, near LA, as well, at the very least. The situation has not changed in the last few months I've been watching this company, either.

These observations are consistent with what Becker said in his parting note, about bad mgmt.

Any thoughts?