Fieldstone Investment shareholders approve merger with C-BASS

By Lisa Kerner

Charlotte, N.C., May 22 - Fieldstone Investment Corp. shareholders approved the proposed merger of the company with and into a subsidiary of Credit-Based Asset Servicing and Securitization LLC (C-BASS) during a special meeting on May 22.

A preliminary tally showed that 29.9 million shares, or approximately 64% of the total shares outstanding, were voted in favor of the merger. Of the votes presented in person or by proxy, over 97% of the shares voted in favor of the merger, according to a company news release.

The companies announced the proposed merger on Feb. 16, which was amended on March 19 to $4.00, from $5.53, per share in cash. Fieldstone said the reduction reflects the cost to provide it with needed additional liquidity pending the closing of the merger.

The transaction is expected to close by the end of the second quarter of 2007.

C-BASS, a New York-based affiliate of MGIC and Radian Group Inc., specializes in credit-sensitive residential mortgage assets.

Fieldstone Investment, located in Columbia, Md., owns and manages a portfolio of non-conforming mortgage loans originated primarily by its mortgage origination subsidiary, Fieldstone Mortgage Co.

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