American Residential Concludes Arbitration With Long Beach Mortgage Company.Business Editors/Real Estate Writers SAN DIEGO--(BUSINESS WIRE)--May 9, 2002 American Residential Investment Trust, Inc. (NYSE NYSE See: New York Stock Exchange : INV INV abbr. in vitro fertilization ) announced that it had concluded its binding arbitration with Long Beach Mortgage Company ("LBMC LBMC Lattimore, Black, Morgan & Cain (professional services firm; Tennessee) "). The arbitrator's ruling stipulates that LBMC pay the Company $5 million as compensation and full settlement to resolve claims regarding loans purchased by the Company between December 1997 and March 1998. In its first quarter earnings release dated May 2, the Company also stated that it had received a litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement of $6.1 million (net of legal fees) in April. The LBMC arbitration proceeds and the aforementioned legal settlement will be recorded in the second quarter ended June 30, 2002 as income in the aggregate amount of approximately $10.3 million, or $1.31 per share, net of certain legal expenses. About American Residential Investment Trust American Residential Investment Trust, Inc. is a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) that has traditionally invested in subprime residential mortgage assets. For more information on American Residential, please visit the Company's web site at www.amerreit.com. About American Mortgage Network Headquartered in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , American Mortgage Network is a taxable REIT subsidiary of American Residential Investment Trust, Inc., a real estate investment trust (REIT). AmNet will originate loans for the national mortgage broker community through its network of regional centers and over the Internet. For more information, please visit AmNet's web site at www.amnetmortgage.com. Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding collection and accounting treatment of certain litigation settlements. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to failure of a counterparty to abide by To stand to; to adhere; to maintain. See also: Abide the arbitrator's decision or a change in accounting treatment. |
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