Kelly Capital's ownership of Fremont General dips below 5%

By Lisa Kerner

Charlotte, N.C., March 12 - Investors led by Kelly Capital Investments, LLC sold 1,814,118 shares of Fremont General Corp.'s stock, reducing their stake in the company to 4.9%, from an initial 7.2%.

The shares were sold on Feb. 10 and Feb. 11 priced at $0.32 and $0.38, respectively, it was reported in a schedule 13D filing with the Securities and Exchange Commission.

According to a prior SEC filing, the investors planned to sell a sufficient number of shares of common stock to reduce their holdings below 5% in order to avoid being considered an "acquiring person" under Fremont General's Oct. 23 rights agreement.

Fremont General is a financial services holding company located in Santa Monica, Calif.

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