NEW YORK, Oct 28 (Reuters) - American Mortgage Acceptance
Co, a real estate investment trust specializing in securitized
loans, said on Tuesday it believes its common shares are
"worthless."
In a U.S. Securities and Exchange Commission filing, the
New York-based company said it was unable to obtain alternative
financing for its credit lines, forcing it to sell several
mortgage-backed securities to repay a credit facility.
Due to losses for the year, the company said its remaining
liabilities exceed the current value of its total remaining
assets, and that if it was liquidated, via bankruptcy, or
otherwise, common shareholders should not expect any recovery.
"Our board of trustees and management are considering all
of the options," a company spokeswoman said when asked to
comment beyond the filing.
The company, which originates and buys mortgage loans and
other debt instruments, said in December 2007 that it was
exploring strategic options after it liquidated certain
investments to meet margin calls and maintain liquidity.
Shares of the company closed at 50 cents on the NYSE
Alternext US on Tuesday.
(Reporting by Emily Chasan)
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