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Accredited Shares Have Some Bounce

Shares of Accredited Home Lenders Holding Co., a San Diego subprime lender, rebounded a bit by midday on Aug. 3 to $6.28, up 97 cents. The day before, its Nasdaq stock dropped 35 percent to close at $5.31 after the company released its 2006 annual report.

The overdue report revealed an opinion from its auditor that the company’s future is uncertain if a planned sale of the company to a Dallas hedge fund isn’t consummated.

Accredited announced in June that it agreed to sell to Lone Star Fund for $15.10 per share, or $400 million. Lone Star’s tender offer was extended twice, most recently on July 30 to Aug. 14. At the time, Lone Star said 33 percent of Accredited’s shares had been tendered; it needs half the shares to complete the sale.

In the annual report, Accredited reported a net loss of $205.6 million on net revenue of $440.9 million in 2006. That compared with a net profit of $155.4 million on net revenue of $568.6 million the prior year.

The company’s Nasdaq symbol is LEND.

, Mike Allen

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