November 18, 1998
Los Angeles-based Aames Financial Corp. said it's discussing a proposed capital investment by an unidentified equity fund of up to $100 million. Aames, which specializes in lending to those with bad credit, said the investment would probably be made "well below the current trading price" of its common stock and would result in "substantial dilution" to stockholders. Aames shares fell $1.25 to close at $1.88 on the NYSE. Aames this week reported a 97% plunge in first-quarter results.
May 2, 1997 |
Los Angeles-based Aames Financial Corp.'s shares plunged 20% after the lender indicated it may reduce its bulk purchases of sub-prime mortgage loans from third-party originators, hurting earnings in the near term. Aames makes mortgage loans to people with bad credit. The company makes loans itself and also buys loans in bulk from other lenders. If Aames cuts back, "They'll be making fewer loans, but fewer of the less-profitable loans," said Michael Abrahams of Sutro & Co.
August 22, 1997 |
Shares of Aames Financial Corp. rose $1.63 to $23.25 on the New York Stock Exchange after a published report said that two savings and loans were planning separate efforts to acquire the Los Angeles-based sub-prime lender. American Banker, a financial trade publication, said that California Federal Savings Bank of San Francisco and Seattle-based Washington Mutual Inc.
September 4, 1997 |
Aames Financial Corp. shareholders filed a lawsuit claiming insiders sold $24.3 million of Aames shares before announcing changes that prompted the stock to fall. The suit, filed in Superior Court in Los Angeles, claims that four Aames executives--including Chairman Gary Judis--sold a combined 608,050 shares in the company earlier this year after making a major change in corporate policy but before making it public several months later.
May 9, 1997 |
Aames Financial Corp. said it promoted Chief Operating Officer Cary Thompson to chief executive and named Vice Chairman Neil Kornswiet president to replace Chairman Gary Judis in those posts. Judis, 58, has been chairman, chief executive and president of the Los Angeles-based mortgage lender and financial services company since 1982. Aames said the moves allow Judis to focus his attention on the broader strategic issues confronting the company.
May 1, 1998
* Hilton Hotels Corp. said its chairman, Barron Hilton, sold 24 million of the company's shares worth $773 million from a charitable trust he controls. Donaldson, Lufkin & Jenrette Securities Corp. paid about $32.21 a share for the stock, Hilton said in a Securities and Exchange Commission filing. * Corona-based Watson Pharmaceuticals Inc. reported record first-quarter net income, excluding charges, of $30.6 million, or 34 cents per diluted share, compared with $21.