October 30, 2007 / 11:14 PM / 12 years ago

Fremont General and Gerald J. Ford cease discussions

Co doing business primarily through its wholly-owned industrial bank, Fremont Investment & Loan (“FIL”), announced that it was unable to reach an agreement with Mr. Gerald J. Ford with respect to an investment by Mr. Ford in the Co and FIL, and that discussion with Mr. Ford have been terminated. As previously reported, on September 26, 2007, the Co announced that it has been advised by Mr. Ford that he was not prepared to consummate the transaction contemplated by the Investment Agreement entered into by the Co, FIL and an entity controlled by Ford in May 2007 on the terms set forth in that agreement, and that the Co was in discussion with Mr. Ford regarding the possibility of Mr. Ford proceeding with an investment on revised terms. The Co is continuing to explore strategic alternatives with the assistance of Credit Suisse Securities LLC. The Co cautioned that there can be no assurances as to whether or when it will be able to enter into an agreement with respect to or complete any such alternative. The Co also announced that it is in discussions with potential new management teams, and that once a team is appointed, Louis J. Rampino and Wayne R. Bailey, the Co’s current President and Chief Executive Officer, and Executive Vice President and Chief Operating Officer, respectively, will step down from their positions.

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