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| On June 18, 2008, Fremont General Corporation (OTC: FMNTQ) filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Central District of California, Santa Ana Division (the "Bankruptcy Court"). This bankruptcy case continues to be administered in the Bankruptcy Court under the caption “In re Fremont General Corporation, a Nevada corporation, Case No. 8:08-bk-13421." Fremont General Corporation continues to operate its business as "debtor-in-possession" under the jurisdiction of the U.S. Bankruptcy Code and orders of the Bankruptcy Court.
For information about Fremont General Corporation and the status of the bankruptcy case, see the information under the heading “Restructuring Information” on this website, as well as, the periodic reports that Fremont General Corporation files with the U.S. Securities and Exchange Commission (“SEC”), which can be viewed through this website and on the IDEA section of the SEC’s website at www.sec.gov.
Recent Developments
Summary
of Recent Developments
3 September 2008 - Fremont General Corporation announced today that the Boards of Directors of Fremont General and Fremont Reorganizing Corporation (formerly known as Fremont Investment & Loan) ("FRC") accepted the voluntary resignation of both Stephen H. Gordon and David S. DePillo, as Chief Executive Officer and President for both the Company and FRC, effective September 30, 2008. Additionally, the Company also announced that Richard A. Sanchez has been appointed Interim Chief Executive Officer for Fremont General and FRC, effective October 1, 2008.
25 July 2008 - Fremont General Corporation announced today that the Company completed the sale of a substantial portion of FIL's remaining assets, including all of its branches and 100% of its deposits, to CapitalSource Bank, a newly formed California industrial bank and indirect wholly-owned subsidiary of CapitalSource Inc.
17 July 2008 - Fremont General Corporation announced
today that the United States Bankruptcy Court for the Central District of California,
Santa Ana Division issued a court order granting the motion filed by the Company
on June 23, 2008, which sought approval to consummate the acquisition by CapitalSource
Inc., through its newly formed California industrial bank subsidiary, CapitalSource
Bank, of a substantial portion of Fremont Investment & Loan’s assets, including
all of FIL’s branches, and the assumption of all of FIL’s deposits pursuant to
the terms and conditions of the Purchase and Assumption Agreement, dated April
13, 2008.
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Important Notice: Fremont General Corporation filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code on June 18, 2008. Additional information about Fremont General’s Chapter 11 filing may be found at www.kccllc.net/fremontgeneral.
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| There are currently no events scheduled. |
The information posted is as of the date indicated and, to our knowledge, was timely and accurate when posted. We are under no obligation to update, supplement or remove outdated information other than as required by applicable law or regulation. News releases are posted immediately upon being released to the public. Information for the most recent quarter will generally be posted as soon as reasonably possible after completion of our filing with the Securities and Exchange Commission ("SEC") of the applicable periodic report on Form 10-K or Form 10-Q. You may sign up for e-mail alerts to be notified when Fremont has issued a news release or completes a filing with the SEC. |
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