American Savings announces termination of sale consideration announced last week.MIAMI--(BUSINESS WIRE)--Nov. 1, 1994--American Savings of Florida, F.S.B. (NASDAQ-NMS:ASFL ASFL Australian Secured Financial Limited (Queensland, Australia) ) announced Tuesday that it has determined not to pursue the sale transaction under consideration which was announced last week. As the company has previously reported, it has been reviewing its strategic alternatives. In view of the abandonment of the transaction, the company expects to conto consiappropriarategic anatives. The company said there can be no assurance that its continuing evaluation of strategic alternatives will result in a transaction, or that any such transaction will involve the sale of the Company. As previously reported, The Enstar Group, which currently owns approximately 48% of the issued and outstanding common stock of American Savings, is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to sell or distribute the American Savings common stock it owns before June 1, 1995, unless otherwise agreed by certain classes of creditors whose claims have not been satisfied. Enstar Group and American Savings are discussing alternatives which may impact the ownership or control of American Savings. The discussions have included, among other things, reorganization, recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. , consolidation or other corporate transactions or events involving Enstar Group and/or American Savings, including the potential repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. by American Savings of some or all Enstar Group's shares of American Savings common stock. American Savings, with approximately $3.5 billion in assets, operates a network of 30 retail offices in Dade, Broward and Palm Beach counties and has eight mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real offices in Florida and two in Chicago. American Savings is a member of the Federal Home Loan Bank System Noun 1. Federal Home Loan Bank System - the central credit system for thrift institutions financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and and its deposits are federally insured. CONTACT: American Savings of Florida, F.S.B., Miami Alan B. Goldstein, 305/770-2093 |
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