GreenPoint, GE Unit Seen in Bidding for United Cos

By Timmons, Heather | American Banker, August 28, 1998 | Go to article overview

GreenPoint, GE Unit Seen in Bidding for United Cos


Timmons, Heather, American Banker


GreenPoint Financial Corp. and GE Capital Corp. are among a handful of potential buyers sizing up subprime lender United Companies Financial Corp., sources close to the companies said.

United Companies announced July 21 that it would have disappointing second-quarter earnings and was looking for a "strategic partner."

Since then, about 10 companies have done due diligence on Baton Rouge, La.-based United, sources said, and about half are still interested, including GreenPoint and GE Capital.

Some observers said they expect a sale within three weeks, but others were skeptical that the company would be sold.

The market is unlikely to dictate the sort of rich premium that specialty finance companies commanded earlier this year when lenders like Money Store and Beneficial Corp. were bought, analysts said.

A recent downturn in financial stocks in general, and specialty finance in particular, may mean that companies for sale like United-including Aames Financial Corp., Los Angeles, and Southern Pacific Funding Corp., Lake Oswego, Ore.-will command lower multiples than they are willing to accept.

United Companies has been trading at around $16 a share this week and was expected to sell for $20 to $30 a share.

United is the most attractive of the three companies up for sale, said Stephen G. Moyer, an analyst at NationsBanc Montgomery Securities. The company has a strong retail presence, an established servicing platform, and a good mix of loan products, he said.

But United continues to be plagued by high delinquencies in some of its portfolios, Mr. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

GreenPoint, GE Unit Seen in Bidding for United Cos
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.