Consumer Portfolio to Buy NAB Asset Stock
IRVINE — Consumer Portfolio Services Inc. said it has agreed to pay $4 million to acquire a roughly 38% stake in NAB Asset Corp.
Consumer Portfolio, which sells and services loans originated by automobile dealers for new and used cars, said it plans to buy 1.6 million NAB Asset common shares for $2.50 each.
At closing, which will occur in April, NAB Asset, a Houston-based financial concern, will have $7.5 million in cash, no other assets or liabilities, no operations and a tax loss to carry forward of about $174 million expiring in the years 2001 through 2009, Consumer Portfolio said.
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