SOURCE: Official Equity Committee of Fremont General Corporation

February 17, 2010 12:43 ET

Official Equity Committee Press Release

FALLS CHURCH, VA--(Marketwire - February 17, 2010) - The Official Equity Committee of Fremont General Corporation ("OEC") has announced that it has reached an agreement with Ranch Capital whereby Ranch Capital will withdraw its Plan and support the OEC Reorganization Plan. The joint effort contemplates employing Ranch Capital management on an interim basis while long-term management arrangements are being worked out by the new Board of Directors and Ranch Capital. The OEC will name the majority of members to the interim Board of Directors, which will contain two members from Ranch Capital, if the TOPrS reject the OEC Plan. One member of the interim Board of Directors to be designated by the OEC will be from Ranch Capital if the TOPrS accept the OEC plan. These Board members will serve until a formal stockholders meeting can be conducted and a regularly constituted Board can be put in place. The formal stockholders meeting will be held as soon as the final details on the stock registration can be worked out with the SEC.

Frank E. Williams, Jr., Chairman of the OEC, said: "We have been impressed by the accomplishments and experience of the principals of Ranch Capital. We look forward to working with them through the remainder of the bankruptcy case and especially post-emergence as we build a valuable company for the benefit of Fremont's shareholders and creditors."

The OEC and Ranch Capital urge shareholders and creditors to vote to ACCEPT the OEC Plan and REJECT all other plans. Any shareholder or creditor that has already submitted his or her vote and wishes to change such vote should contact David Hartie at Kurtzman Carson Consultants LLC, (917) 639-4278 or dhartie@kccllc.com. Please note that votes must be received by KCC by March 5, 2010.

Contact Information

  • For Information Contact:
    Frank E. Williams Jr.
    (703) 641-4612