C-BASS completes acquisition of Fieldstone Investment

By Lisa Kerner

Charlotte, N.C., July 17 - Credit-Based Asset Servicing and Securitization LLC (C-BASS) completed its acquisition of Fieldstone Investment Corp. first announced on Feb. 16.

Fieldstone will cease to be publicly traded and will no longer be listed on Nasdaq Global Market.

"We are pleased to welcome Fieldstone into the C-BASS family of companies and believe the acquisition will complement our existing business lines," C-BASS senior managing director Noelle Savarese said in a company news release. "We look forward to continuing to work with the team at Fieldstone to create a strategic profile that will support the combined companies in this changing market environment."

As previously reported, C-BASS amended its original agreement to acquire all of the outstanding shares of Fieldstone for $4.00, from $5.53, per share in cash. The reduction was intended to provide Fieldstone with needed additional liquidity pending the merger's close.

Fieldstone is a mortgage company based in Columbia, Md., and C-BASS is a mortgage company based in New York.

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