Secondary Market/Investors

C-BASS Completes Fieldstone Acquisition

By: PAUL JACKSON
July 17, 2007

Advertisements

Credit-Based Asset Servicing and Securitization LLC (C-BASS to most us) said this morning that it has completed its acquisition of Fieldstone Investment Corporation, announced in mid-February. The final purchase amount was $4.00 per share in cash, meaning that this deal didn’t deteriorate further from its announced pricing in March:

Under the terms of the agreement, Fieldstone shareholders will receive $4.00 per share in cash. As a result of the transaction, Fieldstone will cease to be publicly traded and, accordingly, will no longer be listed on The NASDAQ Global Market.

“We are pleased to welcome Fieldstone into the C-BASS family of companies and believe the acquisition will complement our existing business lines,” said Noelle Savarese, Senior Managing Director and Co-Head of Capital Markets at C- BASS. “We look forward to continuing to work with the team at Fieldstone to create a strategic profile that will support the combined companies in this changing market environment.”

C-BASS had originally pegged the purchase price at $5.53 per share when the deal was first announced in February; that price was dropped to $4.00 per share on March 18, with C-BASS citing liquidity problems at the lender as the primary driver behind the price decrease.

Fieldstone most recently laid off 25 percent of its workforce in April in response to market conditions.


Get your HW Fix

Join more than 3,000 bold subscribers who already get HW's daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.

Events

2008 Sep 10 -- 2008 Sep 12

USFN Fall Default Servicing Seminar

Well-attended twice-yearly event series for servicers; closed event for USFN members and invited servicers only.

2008 Sep 17 -- 2008 Sep 20

Five Star Conference

Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.

2008 Sep 23 -- 2008 Sep 24

Executive Summit on Mortgage Fraud

High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.

2008 Sep 23 -- 2008 Sep 24

NREDC's 10th Annual FHA Mortgagees Conference

NREDC brings together the best and the brightest speakers and participants for an exciting creative synergy independent of any trade association.

2008 Oct 19 -- 2008 Oct 22

MBA Annual Convention & Expo

The annual conference for MBA members and affiliates, and the largest industry event each year.