Major Accredited Shareholder Cuts Stake
In a filing with the SEC this morning, Accredited Home Lenders Holding Co. disclosed that a key shareholder has cut bait on the company. Accredited's filing with regulators said that Silver Point Capital cut its passive stake in the subprime mortgage lender to 4.04 percent from 10.29 percent. Silver Point Capital now owns roughly 1.0 million shares, down from the 2.6 million disclosed in a filing dated June 22. Accredited has been embroiled in a heated battle with private equity investor Lone Star Funds, originally slated in February to purchase the troubled subprime lender for $400 million. Lone Star has said recently that it does not intend to complete the purchase, while Accredited is suing to force a completion of the deal. Lone Star most recently extended its tender offer for Accredited to August 28.