Bnc Mortgage Inc

The Irvine residential mortgage loan company posted a third-quarter net loss of $1.1 million, or 21 cents a share, including a write-off of $1.4 million related to Mortgage Logic.com Inc., a wholly owned subsidiary. BNC earned $642,000, or 12 cents a share, a year ago. Revenue for the quarter ended March 31 rose 27% to $13.1 million.

An investment group led by top management of BNC Mortgage Inc. has completed its acquisition of the Irvine residential lender for about $47 million, or $10 a share, the company said Wednesday. The stock last traded Tuesday, closing at $9.94, up 13 cents a share, on the Nasdaq market. Shareholders approved the deal Friday at a special meeting.

BNC Mortgage Inc. said it has completed the acquisition of some of the assets of America's Lender Inc., an Irvine mortgage company that makes loans over the Internet. BNC, which is based in Santa Ana, said it will retain all America's Lender employees. Terms of the deal weren't disclosed.

A group including New York-based investment management firm Greenlight Capital has withdrawn its $56.1-million offer to acquire residential lender BNC Mortgage Inc. in Irvine, according to a regulatory report filed Thursday. Greenlight had submitted its $11-a-share bid earlier this year after BNC had agreed to be acquired for $10 a share by a group led by some members of senior management, including President Kelly W. Monahan.

BNC Mortgage Inc., Irvine-based specialty finance company said net income for the third fiscal quarter slumped 25% while revenue climbed 21%. Net income for the three months ended March 31 totaled $1.5 million, or 33 cents a share, down from $2 million, or 49 cents a share, a year earlier. Revenue rose to $10.8 million from $8.9 million. For the nine-month period, net income increased 2% to $5.1 million, or $1.16 a share, from $5 million, or $1.

BNC Mortgage Inc., an Irvine residential lender, said Friday that two class-action lawsuits have been filed against it over the proposed $47-million sale of the company to a group consisting of managers and an investment company. Both suits, one in Orange County Superior Court and the other in a Delaware Chancery Court, were filed by stockholders who allege the company breached its fiduciary duties. The company said it and other defendants deny the allegations.

BNC Mortgage Inc., said Wednesday it expects third-quarter results to fall below analysts' estimates, mainly because the company's sub-prime loans to less-credit-worthy customers are commanding lower prices in the secondary market. The Irvine finance company indicated its earnings will range between 2 and 5 cents a share for the three months ending March 31. Analysts had estimated earnings of 21 cents a share, according to a survey by First Call/Thomson Financial.

BNC Mortgage Inc. The Irvine specialty finance company said net income for the second fiscal quarter rose 22% to $2.2 million, or 40 cents a share, from $1.8 million, or 45 cents a share, a year ago. For the quarter ended Dec. 31, revenue increased 41% to $14.7 million from $10.4 million.

BNC Mortgage Inc. said Thursday its warehouse credit and security agreement has been extended and modified with Residential Funding Corp., which boosted the company's borrowing limit to $100 million from $50 million. BNC Mortgage, a specialty finance company in Irvine, said the expiration date is July 31.

The Irvine residential mortgage loan company posted a third-quarter net loss of $1.1 million, or 21 cents a share, including a write-off of $1.4 million related to Mortgage Logic.com Inc., a wholly owned subsidiary. BNC earned $642,000, or 12 cents a share, a year ago. Revenue for the quarter ended March 31 rose 27% to $13.1 million.

BNC Mortgage Inc. said Thursday its warehouse credit and security agreement has been extended and modified with Residential Funding Corp., which boosted the company's borrowing limit to $100 million from $50 million. BNC Mortgage, a specialty finance company in Irvine, said the expiration date is July 31.

BNC Mortgage Inc., said Wednesday it expects third-quarter results to fall below analysts' estimates, mainly because the company's sub-prime loans to less-credit-worthy customers are commanding lower prices in the secondary market. The Irvine finance company indicated its earnings will range between 2 and 5 cents a share for the three months ending March 31. Analysts had estimated earnings of 21 cents a share, according to a survey by First Call/Thomson Financial.

BNC Mortgage Inc., an Irvine residential lender, said Friday that two class-action lawsuits have been filed against it over the proposed $47-million sale of the company to a group consisting of managers and an investment company. Both suits, one in Orange County Superior Court and the other in a Delaware Chancery Court, were filed by stockholders who allege the company breached its fiduciary duties. The company said it and other defendants deny the allegations.

An investor group on Friday offered $51.7 million for BNC Mortgage Inc., an Irvine residential mortgage lender that has an agreement pending to sell out to its managers for $47 million. The latest bid, amounting to $11 a share, is from a group led by Greenlight Capital LLC, a New York investment management firm.

Wall Street may not appreciate BNC Mortgage Corp., but its managers figure they know a good deal when they see it. An investment group led by top BNC managers is offering to pay about $47 million, or $10 a share, for the Irvine lender, which specializes in making residential loans to borrowers with poor credit. The price represents a 35% premium over the company's stock price before the deal was announced. But it's a bargain compared with the $9.