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  • C-BASS Lowers Fieldstone Purchase Price; Cites Liquidity Issues

    Disclosing a liquidity crisis at acquisition target Fieldstone Investment Corporation (NASDAQ:FICC), officials at Credit-Based Asset Servicing and Securitization (C-BASS) said Friday that the company has reduced its per-share buyout of the subprime lender to $4.00 per share. C-BASS had originally announced on February 16 that it would purchase Fieldstone for $5.53 per share, in a deal worth an estimated $260 million. Officials at C-BASS said the reduction in purchase price reflects costs it will incur to provide Fieldstone with needed additional liquidity ahead of the acquisition's completion, and that Fieldstone will sell securities and mortgage loans to C-BASS in order to generate liquidity.
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