C-BASSCredit-Based Asset Servicing and Securitization
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Because we want to observe at these longer wavelengths, the C-BASS telescope has to be much bigger than the telescope on Planck.
On July 30, 2007, after the market closed, MGIC issued a press release announcing that the value of its investment in C-BASS was "materially impaired.
As a result of the transaction, Fieldstone will cease to be publicly traded and, accordingly, will no longer be listed on the NASDAQ Global Market, according to Noelle Savarese, senior managing director and co-head of capital markets at C-BASS.
C-BASS is a mortgage credit joint venture between Defendant Radian and MGIC Investment Corporation ("MGIC").
MGIC's investment in C-BASS consists of approximately $466 million of equity as of June 30, 2007 and an additional $50 million drawn on July 20 and 23, 2007 under a $50 million unsecured credit facility that MGIC provided to C-BASS.
C-BASS CBO XV, Ltd is a cash collateralized debt obligation (CDO) that closed on Feb.
We are pleased to welcome Fieldstone into the C-BASS family of companies and believe the acquisition will complement our existing business lines," said Noelle Savarese, Senior Managing Director and Co-Head of Capital Markets at C- BASS.
C-BASS XIII is a structured finance collateralized debt obligation (SF CDO) that closed on March 17, 2005 and is monitored by C-BASS Investment Mangement LLC.
C-BASS VII is a structured finance collateralized debt obligation (SF CDO) that closed on Oct.
Sonnenfeld, Fieldstone's President and CEO, stated "The recent severe deterioration of the market for subprime loans has sharply reduced our liquidity and has required us to reduce our merger price in exchange for immediate added liquidity prior to completing our proposed merger with C-BASS.
C-BASS and Litton will manage the performance of Fieldstone's portfolio of over $5.