Fremont Postpones Shareholders Meeting

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A bad week got worse for Fremont General Corp.

Shares in the beleaguered bank sank even further Thursday after the company postponed its 2007 annual shareholders meeting because it said it is in discussions with potential new management teams and expects to announce the team within the next week.


Fremont did not give a date for the new meeting, saying it would set a date after it finds its new management team. The meeting was originally scheduled for Dec. 13.


The meeting is of particular importance to shareholders because Fremont has been notoriously quiet about its financials, which it released two weeks ago. Fremont reported a loss of more than $856 million for the first six months of 2007 and reported a loss of $202 million for 2006. That was its first earning report since Sept. 2006.


Shares in Fremont dropped another 8 percent Thursday and have shed more than 15 percent so far this week. Shares hit a new 52-week low, which has been a weekly occurrence for Fremont recently, of $2.50 in afternoon trading Thursday on the New York Stock Exchange.

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