Just saw a VERY interesting press release cross the wire — Accredited’s being bought out on the cheap. Some tidbits from the press release:

Under the terms of the agreement, Lone Star will acquire each outstanding share of Accredited common stock at a price of $15.10 per share, for a total consideration of approximately $400 million on a fully diluted basis. … James A. Konrath, chairman and chief executive officer of Accredited, said, “After a careful analysis, we believe this agreement is the best alternative available to protect shareholder value and provide the capital we need to support the Company’s business over the long-term. In Lone Star, we have found a partner who has a record of helping companies like ours successfully address financial and operational challenges. We look forward to working with Lone Star to create a stronger future for Accredited, our employees, and our customers.â€? … The acquisition price represents a premium of approximately 9.7% to Accredited’s closing share price of $13.76 on June 1, 2007, the last business day prior to Accredited’s announcement of this transaction, and a premium of approximately 13.3% versus Accredited’s 20-day volume weighted average share price ending on June 1, 2007.

Accredited can spin this as a “premium” purchase all they want — the buyout amount is mere pittance of the company’s former market capitalization. The company was trading in the $30-per-share range in February, before plunging in March. If the market stabilizes, Lone Star can double its money. Of course, that may be a big if.