Lone Star Completes Merger with Accredited Home
by PAUL JACKSON
Friday, October 12th, 2007, 1:17 pm
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.
Origination/Lending

Integrated Asset Services’ (IAS) monthly IAS360 House Price Index declined 0.7% from November to December, the Denver-based default management and...
Secondary Markets/Investors

Second liens, commonly made in the form of home equity lines of credit (HELOCs), are so far a silent hazard...
Servicing/Default

Edolphus Towns (D-NY), chairman of the House Committee on Oversight and Government Reform, this month began an investigation of the...










