Santa Monica, California-based subprime lender Fremont Investment & Loan)—an affiliate of Fremont General Corp.—is not out of the woods just yet.

In a recent filing with the Securities and Exchange Commission, the company said Gerald J. Ford, the leader of an investment group that had plans to acquire $80 million in exchangeable non-cumulative preferred stock from Fremont, announced that he’s not prepared to move forward with the original transaction.
In response Fremont said, “While it does not necessarily agree with the factual positions taken by Mr. Ford, it is in discussions with Mr. Ford concerning revised terms under which an entity controlled by Mr. Ford would proceed with an $80-million investment in exchangeable preferred stock of FIL and receive warrants to acquire additional common stock of the company.”
Click here to read the full SEC filing.