Tuesday, August 07, 2007

An Accredited Gamble

Today I got long Accredited Home Lenders (LEND). Accredited is a subprime lender that actually has a bid from Lone Star V, a private equity fund. Lone Star bid $400M or $15.10 for Accredited on June 4th. LEND now trades under $7 a share. Technically there is 115% upside from the current price. The fact of the matter is that Lone Star is legally obligated to buy LEND and had all the necessary inside information before making its bid. The deal is expected to close by October but the market is pricing in some risk that the deal won't get done or will be repriced.

Note: I am long LEND


Blogger newequity said...

Did you gett out safely? I am still holding a few hundred shares and regretting my decision to not sell today before ah.

8/10/2007 3:36 PM  
Blogger 1planhost sucks said...

Anyone who thikn subprime doesnt have a LONG way to go yet is wishing! The CDO mess the markets have created over the last few months are unwinding fast, and unless you are using something like 's "grail" indicator, you will probably get taken several times as the dead cat bounces!

8/13/2007 3:38 AM  
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