Origination/Lending

Lone Star Completes Merger with Accredited Home

By PAUL JACKSON
October 12, 2007 1:17 PM CST

Advertisements

An affiliate of private equity investor Lone Star Funds said this morning that it has successfully completed a tumultous merger with troubled subprime originator and servicer Accredited Home Lenders Holding Co.

Lone Star successfully pushed to have the purchase price dropped from $15.10 per share under terms of the original sale agreement announced in June, to a final purchase price of $11.75 per share, or roughly $296 million. The two companies agreed to an amended merger and revised purchase price in mid-September.

The purchase means that only two members of Accredited’s original Board of Directors are still active: CEO James Konrath and president Joseph J. Lydon. Lone Star appointed six of its own representatives to the Board.


Get your HW Fix

Join nearly 10,000 bold subscribers who already get our daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.

Events

2009 Jul 09 -- 2009 Jul 10

USFN Legal Issues in Mortgage Servicing Seminar

Geared towards in-house counsel, designed to discuss current legal issues in the mortgage servicing industry and real estate finance. Closed event in Chicago, Ill.; for more information, visit www.usfn.org.

2009 Oct 04 -- 2009 Oct 05

IMN's 15th Annual ABS East

Hosted at the Foutainebleau Resort Miami Beach in Miami, FL, the theme of this year's event is "Navigating a Path to Recovery" and alludes to decisive actions by the government and industry leaders to set a course that will hopefully lead to a revived and robust US securitization market. For more information, visit www.img.org.

2009 Oct 20 -- 2009 Oct 21

RMBS: Assessing Value and Risk

This two-day course in Washington, DC will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.