Meyerson leaves Accredited

Accredited Home Lenders, the troubled mortgage company with two former S&L regulators on its board, lost a key director this week.

A. Jay Meyerson, the former CEO of Aames Investment Corp., resigned effective immediately. Meyerson joined Accredited board’s last October, when Accredited acquired Aames.

Thursday, a day after Meyerson resigned, Lone Star Fund informed Accredited that it was lowering the price of its takeover offer to $8.50 a share. In June, Lone Star offered $15.10 a share.

After the subprime loan market collapse, however, Lone Star wanted to back out of the deal. The two firms are wrangling in court. Some analysts say Accredited faces bankruptcy if the deal doesn’t go through.

In announcing Meyerson’s decision, Accredited said he “did not identify any disagreement with the company on any matter relating to the company’s operations, policies or practices.”

Two of Accredited board members - Richard Pratt and Bowers Espy - were S&L regulators in the early 1980s, when that industry was on the brink of collapse.

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