Amster Group Cuts Fremont General Stake To 4.98% >FMT

Mar.14, 2008 in Market Outlook

Last Update: 3/14/2008 9:20:14 AM

DOW JONES NEWSWIRES

A group including investor Howard Amster on Friday reported cutting its stake in
Fremont General Corp. (FMT) to 4.98% from 6.57%.

The Amster group beneficially owns about 3.97 million shares of the cash-strapped
mortgage lender, according to a filing with the Securities and Exchange
Commission.

The Amster group previously reported holding about 5.24 million shares on Feb. 8.

On Wednesday, Fremont General said Ronald J. Nicholas Jr., the company’s director
of corporate development and former chief financial offer, and Alan W. Faigin,
senior vice president and former chief executive of the company’s Fremont
Investment & Loan bank unit, left the company.

The Brea, Calif., financial services company also said it will delay the filing
off its annual report beyond the 15-day extension period and will postpone its
annual shareholders’ meeting.

Fremont General also said it got regulatory approval to appoint Mark E. Schaffer,
Robert J. Shackleton, John C. Loring, Richard A. Sanchez and Barney R. Northcote
to its board.

Fremont General’s shares closed Thursday at 61 cents.

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