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Accredited Mortgage Loan REIT Trust Message Board

  • roderickb99 roderickb99 Aug 12, 2008 12:02 PM Flag

    Quantum On Line and Schwab say we can Never get our stock. DTC only

    Notes: Oct. 19, 2007--Accredited Home Lenders Holding Co. ("Accredited" or the "Company") and its subsidiary, Accredited Mortgage Loan REIT Trust (NYSE: AHH-PrA) ("REIT"), announced today that REIT has provided written notice to the New York Stock Exchange (the "NYSE") of its intent to voluntarily delist its 9.75% Series A Perpetual Cumulative Preferred Shares (par value $1.00 per share, CUSIP 00438G 20 5) (the "Preferred Shares") from the NYSE and to deregister the Preferred Shares, and Accredited's guarantee with respect to the Preferred Shares (the "Guarantee"), under the Securities Exchange Act of 1934 (the "Exchange Act") by filing Forms 25 and 15 with the Securities and Exchange Commission (the "SEC"). REIT anticipates filing the Form 25 on or about October 29, 2007, and the Form 15 for each of the Preferred Shares and the Guarantee will be filed approximately ten days thereafter. REIT has not arranged for listing or registration on another national securities exchange or for quotation of its securities in a quotation medium. The plans to delist the Preferred Shares and deregister the Preferred Shares and Guarantee were made after careful consideration of the advantages and disadvantages of continuing registration and the costs and demands on management time arising from compliance with the public company requirements of the SEC, the Exchange Act, the Sarbanes-Oxley Act ("Sarbanes-Oxley") and the NYSE. The Preferred Shares and Guarantee are eligible for deregistration because the Preferred Share are currently held by fewer than 300 holders of record. The Board of Directors of Accredited (the "Accredited Board") and the Board of Trustees of REIT (the "REIT Board") believe that, while the liquidity for the Preferred Shares may be reduced, the substantial anticipated accounting, legal and administrative savings associated with delisting and deregistration, both in terms of cost and in time, are in the best interests of REIT and Accredited. Considering REIT's market capitalization and the thinly-traded nature of the Preferred Shares, the Accredited Board and the REIT Board believe the financial and strategic burdens are disproportionate to the benefits of maintaining the registered status of the Preferred Shares and the Guarantee. The Company estimates that it may save up to at least $2 million annually in light of current and expected future regulatory requirements, especially requirements resulting from Sarbanes-Oxley. REIT also expects that management will be able to better focus its attention and resources on continuing to improve operations and enhancing shareholder value. According to James A. Konrath, chairman and chief executive officer of Accredited and REIT, "Current market conditions do not warrant the significant annual costs associated with our being a reporting company. Our Board of Directors and Board of Trustees believe it is prudent to use these funds to enhance Accredited's and REIT's financial performance. As private, non-registered companies, Accredited and REIT will have more flexibility in pursuing strategic opportunities and focusing on and managing their core business."

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1.570.00(0.00%)Feb 2 11:55 AMEST