Fieldstone Investment stockholders to vote on C-BASS merger on May 22

By Lisa Kerner

Charlotte, N.C., April 17 - Fieldstone Investment Corp. shareholders of record as of April 16 can vote on the proposed merger of the company with and into a subsidiary of Credit-Based Asset Servicing and Securitization LLC (C-BASS) during a special meeting on May 22.

The companies announced the proposed merger on Feb. 16, which was amended on March 19 to $4.00, from $5.53, per share in cash.

Fieldstone said the reduction reflects the cost to provide it with needed additional liquidity pending the closing of the merger.

The transaction is expected to occur in the second quarter of 2007.

C-BASS, a New York-based affiliate of MGIC and Radian Group Inc., specializes in credit-sensitive residential mortgage assets.

Fieldstone Investment owns and manages a portfolio of non-conforming mortgage loans originated primarily by its mortgage origination subsidiary, Fieldstone Mortgage Co.

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